FOR IMMEDIATE RELEASE
March 8, 2024

Contact:
Michael Kenney, Southwest Energy Efficiency Project (SWEEP)
mkenney@swenergy.org

[SANTA FE, NM] – The New Mexico Public Regulation Commission (PRC) approved the Public Service Company of New Mexico’s (PNM) 2024-26 energy efficiency and load management plan on March 7, 2024. With this plan, PNM proposed to continue moving forward cost-effective energy and demand saving programs for residential and business customers while also adding an all-electric new construction pilot. The latter effort is a step in the right direction for the utility, recognizing that to reach state climate goals more homes need to rely on clean electricity for heating and cooling. The programs will deliver many benefits to customers including lower utility bills, improved comfort, improved air quality, and fewer greenhouse gas emissions. PNM expects to spend roughly $35 million to deliver close to 100 gigawatt (GW) hours in electricity savings and 83 GW of demand reductions annually. 

The Southwest Energy Efficiency Project (SWEEP) presented expert testimony in support of the application at the Commission hearing, working closely with attorneys from the Coalition for Clean Affordable Energy (CCAE). As a result of SWEEP and CCAE’s work, PNM will offer greater incentives for heat pumps to encourage more uptake of the hugely efficient technology. PNM will also be seeking new demand response program opportunities to deliver customers more cost savings and reliable service. 

“New Mexico has positioned itself as a leader in the energy efficiency space having already submitted its application for Inflation Reduction Act rebates to the Department of Energy. Today, the Commission’s vote to approve PNM’s 2024-26 energy efficiency and load management application keeps the positive momentum going in New Mexico. It delivers a multitude of benefits to customers, especially low-income households and works to reduce greenhouse gas emissions contributing to climate change. As the federal rebates from the Inflation Reduction Act and the programs approved today get into place, PNM customers will be well positioned to receive thousands of dollars to help them adopt efficient heat pump technology.” – Michael Kenney, Senior Program Manager at SWEEP.

To learn more about the proceeding and to the decision see Case No. 23-00138-UT here: https://edocket.prc.nm.gov/Login.aspx?ReturnUrl=%2f.

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The Southwest Energy Efficiency Project (SWEEP) is a public interest organization promoting greater energy efficiency and clean transportation in Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming. swenergy.org