EV vs Gas in New Mexico: Yearly Cost (2026)

An electric car in New Mexico costs about $789 a year to run (no state EV fee), compared with $1,514 of gas for a 30 mpg car – the EV saves about $724 a year (22 of 51 for EV savings).

12,000 mi/yr, 3.5 mi/kWh, 85% home charging at 16.09¢/kWh, gas $3.78/gal (Gulf Coast (PADD 3) average). Change any number below.

Miles driven per yearmiHome electricity rate$/kWhShare charged at home%Public fast-charging price$/kWhEV efficiencymi/kWhYearly EV registration fee$State EV surcharge on top of normal registrationGas price$/galGas car fuel economympg

EV per year (charging + EV fee)$789

Gas car fuel per year$1,514

EV saves per year$724

EV charging only$789

EV cost per mile$0.066

Gas cost per mile$0.126

New Mexico EV registration fee

Battery-electric (BEV)	None
Plug-in hybrid (PHEV)	None

No fee in 2026. A new fee starts January 1, 2027: $70 EV / $35 PHEV, rising to $90/$45 by 2029.

Source: www.ncsl.org, checked October 24, 2026.

Charging at home vs public chargers

Charging only at home, the EV would cost about $613 a year in New Mexico. Every 10% of miles moved to public fast chargers (about $0.48/kWh) adds roughly $118 a year. See the cost per charge for popular models in EV charging cost in New Mexico.

Nearby states

Arizona: EV $766 vs gas $2,003 a year
Colorado: EV $908 vs gas $1,710 a year
Idaho: EV $853 vs gas $1,787 a year
Montana: EV $884 vs gas $1,787 a year
Nevada: EV $682 vs gas $2,003 a year
Utah: EV $873 vs gas $1,787 a year
Wyoming: EV $833 vs gas $1,787 a year

EV vs gas in every state

Frequently asked questions

Is an EV cheaper than gas in New Mexico?

Yes. Driving 12,000 miles a year, an EV costs about $789 ($789 of electricity) versus $1,514 of gas for a 30 mpg car – a difference of $724 a year.

How much is the EV registration fee in New Mexico?

New Mexico has no extra EV registration fee in 2026. No fee in 2026. A new fee starts January 1, 2027: $70 EV / $35 PHEV, rising to $90/$45 by 2029.

What gas price makes an EV and a gas car cost the same in New Mexico?

About $1.97 a gallon for a 30 mpg car, counting charging and the EV fee. Gas is currently $3.78 (Gulf Coast (PADD 3) average).

Electricity: EIA Electric Power Monthly (July 2026). Gasoline: EIA weekly retail prices, week of 2026-10-19. Estimates only; excludes purchase price, insurance and maintenance.