Electricity Rates in Hobbs, NM
Residents of Hobbs, NM benefit from relatively low electricity rates, averaging 10.0¢/kWh — 43.8% below the national average. The city is served by 3 electricity providers, with Central Valley Elec Coop, Inc being the largest.
Electricity Providers in Hobbs
| Utility | Residential Rate | Commercial Rate | Type |
|---|---|---|---|
| Central Valley Elec Coop, Inc | 9.0¢/kWh | 13.0¢/kWh | Cooperative |
| Lea County Electric Coop, Inc - (NM) | 10.0¢/kWh | 8.0¢/kWh | Cooperative |
| Southwestern Public Service Co | 12.0¢/kWh | 8.0¢/kWh | Investor Owned |
Estimated Monthly Electric Bill
Based on the average residential rate of 10.0¢/kWh and typical US household usage of 886 kWh/month:
Solar Savings in Hobbs
At 10.0¢/kWh, a typical Hobbs household spends approximately $1063.20/year on electricity. Solar panels could reduce this by 50–90%.
The federal solar tax credit covers 30% of installation costs through 2032.
EV Charging Costs in Hobbs
Charging an electric vehicle at home in Hobbs costs approximately $90.00/month at current rates, based on average driving habits (about 30 kWh per charge, charged daily). Compare to public charging prices at ChargeBuddy.ai.
Nearby Cities in New Mexico
Frequently Asked Questions
What is the average electricity rate in Hobbs, NM?
The average residential electricity rate in Hobbs, NM is 10.0¢ per kilowatt-hour (kWh) based on 2024 data. This translates to an estimated monthly bill of $88.60 for a typical household.
Who provides electricity in Hobbs?
Hobbs is served by 3 electricity providers. Central Valley Elec Coop, Inc is the largest provider in the area, though rates and availability vary by specific address.
How do Hobbs electricity rates compare to the rest of New Mexico?
Hobbs's average rate of 10.0¢/kWh is 37.5% below the New Mexico state average of 16.0¢/kWh. Residents enjoy some of the lower rates in the state.