PNM piles on more EV subsidies

Fresh off the Legislature adding $50 million in annual EV subsidies to the already long list of state and federal EV subsidies and mandates, PNM (the State’s largest utility) has added its own incentives to the long list of EV subsidies. 

According to the Albuquerque Journal, the utility has received approval from New Mexico Public Regulation Commission voted for PNM’s “Transportation Electrification Program for 2024 to 2026.”

As with ANY government subsidy, the costs will be borne by rate payers. According to the article, PNM’s plan will “cost New Mexicans a few dollars more per month on their electric bills.”

Furthermore, The total cost of the Transportation Electrification Program added up to $37 million in PNM’s original application. The final total program cost will likely adjust slightly with commissioners’ modifications.

Where will the subsidy push end? And will all of these subsidies and mandates help to achieve the Gov.’s 43% EV mandate by 2026 or 82% by 2032? 

In other news Mercedes Benz just backed away from plans to phase out gas-powered cars by 2030 and instead stated they will, “make petrol cars well into the 2030’s.”