As MLG mandates EVs, NM’s ‘incentives’ pale in comparison to other states
New Mexico offers various taxpayer-funded incentives to push expensive electric vehicles (EVs) and benefit the wealthy who can afford them, but how do these programs compare to those in other states? While New Mexico’s incentives are appealing, they thankfully lag behind more aggressive measures in other regions.
New Mexico’s Powering New Mexico initiative provides a $500 credit for installing Level 2 EV charging stations and up to $1,500 in installation assistance. For income-eligible residents, the state also offers an additional $750 rebate for purchasing a charger and up to $3,500 to help offset installation costs. Utility companies like Xcel Energy and El Paso Electric sweeten the deal with rebates for dedicated circuits and discounts for charging during off-peak hours.
The average cost of a traditional electric vehicle is $56,648, while the average electric truck costs around $74,868.
While these taxpayer-funded subsidies minimally reduce the cost of the expensive EV, which costs more to maintain, they pale in comparison to more aggressive programs in states like California and Colorado. California, for example, offers up to $7,500 in rebates through the Clean Vehicle Rebate Project (CVRP), and low-income residents can stack federal and state rebates to receive over $30,000 in total incentives. California also provides significant rebates for installing home chargers, with some local programs offering up to $2,000 for EV charging equipment.
Colorado’s rebate program is also particularly generous, offering up to $5,000 for the purchase or lease of an EV and up to $12,000 for heavy-duty electric trucks. Colorado also offers additional support for low-income residents, providing up to $6,000 toward the purchase of a new EV through its Vehicle Exchange Colorado program, along with rebates for installing home charging stations.
New Mexico’s incentives do not reach the levels seen in these states. In comparison, the Land of Enchantment’s rebate caps are relatively low.
Another key issue is the impact on taxpayers. In states like California and Colorado, EV incentives are designed to target a wide range of residents, from low-income to high-earning households. However, New Mexico’s programs seem to disproportionately benefit those who can already afford high-priced electric vehicles while leaving lower-income residents with fewer options. EVs remain expensive, and without substantial rebates, they are out of reach for many New Mexicans — but most consumers, regardless of income, are not interested in EVs despite mandates by Democrat Gov. Michelle Lujan Grisham to push them on the populous.
Additionally, New Mexico’s incentives for home charging infrastructure are smaller than those in other states, which means residents may still face significant out-of-pocket costs to install charging stations. In contrast, California’s robust local programs often cover much of the cost for home charging stations, particularly for low-income households.
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