How much does an electric water heater cost per month in New Mexico?

About $48.15 a month, assuming 3,500 kWh a year at 16.51¢/kWh.

How many kilowatt-hours does an electric water heater use?

Roughly 3,500 kWh a year under these assumptions.

Is that expensive compared with other states?

New Mexico has the 25th most expensive average residential rate in the country, so this appliance costs less here than the U.S. average of $636 a year.

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Cost to run an electric water heater in New Mexico (August 2026 rates)

At 16.51¢ per kilowatt-hour — New Mexico's average residential price in August 2026 — running an electric water heater costs $578 a year. That is 9% less than the national average of $636. New Mexico's residential rate is up 3.3% from August 2025, which moves this appliance from $559 to $578 a year.

Per day: $1.58
Per month: $48.15
Per year: $578

Assumption: 3,500 kWh a year. A 50-gallon resistance tank for a household of three or four. This is typically the largest or second-largest electric load in a home without electric heat. Use the calculator to swap in the numbers from your own model.

Related calculators: work out whether a heat-pump water heater pays back.

How New Mexico compares

New Mexico pays 16.51¢/kWh, the 25th most expensive residential electricity of the 51 U.S. jurisdictions EIA reports. For this appliance that works out to $57.75 less a year than the typical U.S. household pays for the same use. Running the same electric water heater costs $445 a year in Nevada and $1,651 in Hawaii, so where you live changes this bill by $1,206 a year.

State	Rate	Per month	Per year
West Virginia	16.31¢	$47.57	$571
Alabama	16.33¢	$47.63	$572
New Mexico	16.51¢	$48.15	$578
Indiana	17.02¢	$49.64	$596
Iowa	17.06¢	$49.76	$597

States ranked by average residential price, cheapest first. See all 51 states for an electric water heater.

What else costs about the same in New Mexico

Electric car$627 a year in NM Hot tub$413 a year in NM Central air conditioner$388 a year in NM

Cutting the number down

A heat-pump water heater does the same job for roughly a third of the electricity, which is why it usually pays back faster than any other upgrade in the house.
Dropping the setpoint from 140 F to 120 F cuts standby losses and scalding risk at once.
An insulating blanket on an older tank pays for itself in a season; check the manufacturer's guidance first.

Questions

How much does an electric water heater cost per month in New Mexico?: About $48.15 a month, assuming 3,500 kWh a year at 16.51¢/kWh.
How many kilowatt-hours does an electric water heater use?: Roughly 3,500 kWh a year under these assumptions.
Is that expensive compared with other states?: New Mexico has the 25th most expensive average residential rate in the country, so this appliance costs less here than the U.S. average of $636 a year.