Last reviewed October 2026
New Mexico pays a refundable $3,000 new / $2,500 used EV tax credit at full value through 2026, then it shrinks. Utilities pay for chargers. EV fee starts 2027.
The $7,500 federal new-EV credit and $4,000 used-EV credit ended September 30, 2025, and the federal home-charger credit (30C) followed on June 30, 2026. If anyone tells you otherwise, they're reading an old script. (Charger installed on or before June 30, 2026? That one's still claimable on that year's return. IRS Form 8911.)
New: base MSRP up to $55k. Used: up to $25k, at least 2 model years old, with a 1-year+ dealer warranty. Bought or leased (3+ year lease) from a NM-licensed dealer, registered in NM. No income cap, REFUNDABLE. Steps down to $2,200 new / $1,850 used in 2027, then $1,470/$1,225 in 2028 and $960/$800 in 2029, ending after Dec 31, 2029.
State tax credit for a home Level 1 or Level 2 charger bought by Dec 31, 2029.
Charger rebate up to $500 ($750 income-qualified, max 2 per address) plus up to $1,500 install help through a program contractor ($3,500 income-qualified), and a Whole Home EV rate of about 3 cents/kWh from 10pm to 5am.
Level 2 charger rebate up to $500 ($600 income-qualified), home wiring rebate up to $1,300 ($1,800 income-qualified), plus up to $2,500 more if a panel upgrade is needed (never more than your cost).
Shopping used? New Mexico has money for used EVs too. See used EV prices by model and what to check.
A fee arrives in 2027: $70/yr BEV ($35 PHEV), rising to $80/$40 in 2028 and $90/$45 from 2029. One more reason the 2026 window is the moment.
See what it costs to charge instead of fill up: New Mexico EV vs gas costs.
Programs change monthly and run out of money mid-year. Everything above was last reviewed October 2026; confirm at the official links before signing. Got a dealer quote? Run it through the free Deal-Checker.