PNM wins approval for its transportation electrification plan

Photo: Business Wire

Coming on the heels of its announcement that it has added EVs to its fleet, Public Service Company of New Mexico (PNM) said that its Transportation Electrification Program (TEP) has been approved by state utility regulators.

The program is designed to help PNM customers adopt Electric Vehicles (EVs) by providing incentives for charging infrastructure, and by offering EV-specific electricity rates, customer outreach on the benefits of EVs, and creating jobs to help administer the program. 

The program is expected to begin in this spring and will continue through the end of 2023. More than 25% of the program’s total budget will be targeted at low- and moderate-income customers. 

Alaric Babej, manager of Customer Program Marketing and Development for PNM said the program will allow customers to become more knowledgeable, and therefore more comfortable adopting EVs.  

Some features of the program include: 

Charging Infrastructure Incentives

PNM is offering a $500 incentive for a networked Level II residential charger for up to 3,900 customers. Low- to moderate-income customers will be eligible to receive additional funding to cover installation costs up to $2,000. In addition, the utility will provide:

  • Incentives of up to $25,000 per station for the installation of around 70 public DC Fast Chargers.
  • Incentives for the installation of 180 public, 180 workplace/fleet, and 80 multifamily housing Level 2 charging ports. The incentive amounts are up to $2,500 per port for most stations, and up to $5,000 per port for low- to moderate-income multifamily housing. 
  • Incentives for installing mass transit charging infrastructure to serve low- and moderate- income customers and communities.

EV Specific Rates – Whole-Home EV Rate

PNM is piloting a whole-home EV Rate for up to 3,900 customers who receive the residential charger rebates as well as up to 1,000 customers who qualify without taking the charger incentive. Enrolled Rate 1A residential customers will receive an electricity rate for their entire home between the hours of 10:00 PM – 5:00 AM of roughly $0.03 per kWh.

The utility will also pilot a non-residential time-of-use (TOU) rate specifically for charging stations. This non-residential rate will not have demand charges and will be based solely on energy sales. The TOU rate has on-peak and off-peak periods to incentivize charging during off-peak periods.  

In addition, PNM will begin an education and outreach program to inform more New Mexicans about the benefits of EVs and on ways to participate in the EV program offerings, and to partner with stakeholders to engage interested customers.

EV Program Administration 

PNM said it plans to hire a program manager and a specialist who will be dedicated the program administration. PNM said it also will work with third parties to assist in the administration and reporting on program metrics. 

PNM said it will file, by June 2023, a subsequent Transportation Electrification Program plan to continue these efforts for 2024 and beyond.  

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