Solar panels are a renewable energy resource | American Public Power Association
Solar panels are a renewable energy resource | American Public Power Association
New Mexico electricity rates are projected to increase dramatically over the next 10 years as the result of a new state law requiring the use of more renewable energy sources.
The Energy Transition Act, adopted by New Mexico in 2019, forces utility companies to purchase more renewable energy by integrating sources such as solar, wind, water and geothermal power, according to the U.S. Dept. of Energy. This, in turn, will raise the cost for consumers.
Electricity in New Mexico is already more expensive than in most other states, ranked 34th most affordable by ChooseEnergy.com. Plus, state utilities are already required to follow a 20-percent renewable mandate.
The average electricity rate across the U.S. is 13.17 cents per kilowatt hour. While New Mexico’s rate is lower than this at 12.95 cents per kilowatt hour, it is higher than neighboring Colorado, Arizona, and Texas. States with renewable mandates in place will find their costs increasing in the years ahead.
Energy prices fluctuate throughout the year and across regions. A few factors that influence cost are time of day, season of the year and location.
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