Is electricity expensive in New Mexico?

New Mexico's residential average of 15.2¢/kWh is 20% below the U.S. average of 18.8¢/kWh, ranking 17 of 51 jurisdictions (1 = cheapest).

What's the cheapest electric water heater to run in New Mexico?

Among currently certified models, the Friedrich PROH40 T2 FD400-15 costs the least at about $97 a year at New Mexico rates (643 kWh/yr).

How does New Mexico compare with other states?

The same median electric water heater costs $134 a year in North Dakota (the cheapest state) and $504 in Hawaii (the priciest). New Mexico sits at $164.

Data through April 2026

Cost to run · New Mexico · 15.2¢/kWh residential average

How much does it cost to run an electric water heater in New Mexico?

$164/yr · median certified model

New Mexico's 15.2¢/kWh rate undercuts the national average by 20%, so the typical certified electric water heater costs roughly $164 a year here instead of $204.

New Mexico ranks 17 of 51 jurisdictions for electric water heater running costs — solidly mid-table. Model choice matters as much as geography: at New Mexico rates the most efficient certified model (Friedrich PROH40 T2 FD400-15) costs $97 a year while the most power-hungry (Smart Solar SSG2-ES 120) costs $264 — a spread of $166 every year. For reference, the national extremes are North Dakota (12.3¢/kWh) and Hawaii (46.6¢/kWh); the same median electric water heater would cost $134 and $504 a year there.

New Mexico

$164

US average

$204

North Dakota

$134

Hawaii

$504

Median certified electric water heater (1,082 kWh/yr) per year, at each rate

The cheapest water heaters (electric) to run at New Mexico rates

Top 10 by certified kWh, priced at 15.2¢/kWh
#	Model	kWh/yr	$/yr in NM
1	Friedrich PROH40 T2 FD400-15	643	$97
2	Rheem PROPH40 T2 RH375-15	643	$97
3	Rheem PROPH40 T2 RH400-15	643	$97
4	Rheem XE40T10H22U0	643	$97
5	Rheem XE40T10H22U1	643	$97
6	Richmond 10E40-HP515	643	$97
7	Richmond 10E40-HP5U15	643	$97
8	Ruud PROUH40 T2 RU375-15	643	$97
9	Ruud PROUH40 T2 RU400-15	643	$97
10	Eco-Logical OMNI-50HP1-1A	681	$103

Price any model at New Mexico rates

Your rate, your numbers

Annual use (kWh)

Electricity rate

Per day: 45¢
Per month: $13.66
Per year: $164

1,082 kWh/yr × 15.2¢/kWh = $164/yr

Prefilled with the median certified electric water heater (1,082 kWh/yr). Every model page on this site carries its exact certified figure.

Questions, answered with the data

How much does it cost to run an electric water heater in New Mexico?: About $164 a year for the median ENERGY STAR certified electric water heater, at New Mexico's average residential rate of 15.2¢/kWh — that's $13.66 a month.
Is electricity expensive in New Mexico?: New Mexico's residential average of 15.2¢/kWh is 20% below the U.S. average of 18.8¢/kWh, ranking 17 of 51 jurisdictions (1 = cheapest).
What's the cheapest electric water heater to run in New Mexico?: Among currently certified models, the Friedrich PROH40 T2 FD400-15 costs the least at about $97 a year at New Mexico rates (643 kWh/yr).
How does New Mexico compare with other states?: The same median electric water heater costs $134 a year in North Dakota (the cheapest state) and $504 in Hawaii (the priciest). New Mexico sits at $164.

Keep digging

Rate source: US EIA, average residential price of electricity, see methodology.