# Is a heat pump worth it in New Mexico? Compare by electric utility

> As of November 2026: of 14 New Mexico electric utilities, a heat pump comes out ahead at any quote for 0,
> it depends on quotes for 14, and like-for-like comes out ahead for 0
> (typical 1,800 sq ft home replacing both furnace and AC).

- New Mexico average residential electricity: 15.2¢/kWh (EIA, last 12 months)
- Winter gas: $1.01/therm (EIA, Nov–Mar)
- Interactive page: https://meterwise.app/nm/

## What to know about the New Mexico numbers

- **Rebates not checked yet**: We haven't checked heat pump rebates in New Mexico yet, so the numbers here leave them out. Utility and state programs can take thousands off a heat pump, so ask your utility and your contractor what's available.
- **Mostly average prices**: Only 25% of New Mexico ZIP codes here are priced on a current utility tariff. The rest use the utility's average price from the U.S. Energy Information Administration, which is about two years old and doesn't show tiers, so the winter price of extra kWh is estimated. Enter the rate from a recent bill for a closer answer.
- **Time-of-use rates**: 2 utilities' tariffs here charge different prices by time of day. We assume heating and cooling use is spread evenly across the day, which can be off if most of yours falls in peak hours.
- **Regional fuel prices**: EIA doesn't publish a New Mexico price for every fuel: propane uses the regional average and heating oil uses the national average. Enter your own price if you heat with it.

## Utilities

"Heat pump vs. furnace + AC" is the heat pump's yearly running cost difference (− = cheaper to run).

| Utility | Price/kWh | vs. state | Default fuel | Heat pump vs. furnace + AC | Verdict |
|---|---|---|---|---|---|
| [Public Service Co of NM](https://meterwise.app/nm/public-service-co-of-nm/heat-pump-vs-furnace/index.md) | 17.7¢ | +16% | gas | +$70 | depends on quotes |
| [Jemez Mountains Elec Coop, Inc](https://meterwise.app/nm/jemez-mountains-elec-coop-inc/heat-pump-vs-furnace/index.md) | 15.4¢ | +1% | gas | +$160 | depends on quotes |
| [Continental Divide El Coop Inc](https://meterwise.app/nm/continental-divide-el-coop-inc/heat-pump-vs-furnace/index.md) | 16.0¢ | +5% | gas | +$40 | depends on quotes |
| [Otero County Electric Coop Inc](https://meterwise.app/nm/otero-county-electric-coop-inc/heat-pump-vs-furnace/index.md) | 17.6¢ | +16% | gas | +$130 | depends on quotes |
| [Kit Carson Electric Coop, Inc](https://meterwise.app/nm/kit-carson-electric-coop-inc/heat-pump-vs-furnace/index.md) | 18.2¢ | +20% | gas | +$90 | depends on quotes |
| [Navajo Tribal Utility Authority](https://meterwise.app/nm/navajo-tribal-utility-authority/heat-pump-vs-furnace/index.md) | 16.5¢ | +9% | gas | +$130 | depends on quotes |
| [El Paso Electric Co](https://meterwise.app/nm/el-paso-electric-co/heat-pump-vs-furnace/index.md) | 10.2¢ | -33% | gas | −$120 | depends on quotes |
| [Central New Mexico El Coop, Inc](https://meterwise.app/nm/central-new-mexico-el-coop-inc/heat-pump-vs-furnace/index.md) | 17.2¢ | +13% | gas | +$70 | depends on quotes |
| [Springer Electric Coop, Inc](https://meterwise.app/nm/springer-electric-coop-inc/heat-pump-vs-furnace/index.md) | 19.0¢ | +25% | gas | +$130 | depends on quotes |
| [Farmers Electric Coop, Inc](https://meterwise.app/nm/farmers-electric-coop-inc/heat-pump-vs-furnace/index.md) | 12.9¢ | -15% | gas | −$70 | depends on quotes |
| [Xcel Energy (Southwestern Public Service)](https://meterwise.app/nm/xcel-energy-southwestern-public-service/heat-pump-vs-furnace/index.md) | 11.5¢ | -24% | gas | −$120 | depends on quotes |
| [Central Valley Elec Coop, Inc](https://meterwise.app/nm/central-valley-elec-coop-inc/heat-pump-vs-furnace/index.md) | 8.9¢ | -41% | gas | −$170 | depends on quotes |
| [Southwestern Electric Coop Inc](https://meterwise.app/nm/southwestern-electric-coop-inc/heat-pump-vs-furnace/index.md) | 24.1¢ | +58% | gas | +$70 | depends on quotes |
| [Lea County Electric Coop, Inc](https://meterwise.app/nm/lea-county-electric-coop-inc/heat-pump-vs-furnace/index.md) | 10.1¢ | -34% | gas | −$150 | depends on quotes |

Data: https://meterwise.app/data/v1/utilities.json · Method: https://meterwise.app/about/index.md