The accident caused power outages within the area for several hours after the balloon came into contact with an influence line.
"Unfortunately, 4 individuals died as a results of their wounds from the recent air balloon crash," Albuquerque police said on Twitter, adding that one person was taken to a hospital in critical condition.
Authorities said later Saturday that the man had died of his injuries.
"Our prayers leave to the buddies and family of all five people that tragically lost their lives," police said on Twitter.
Early Saturday morning, some 13,000 people were without power due to the accident, local utility PNM tweeted.
Power was later restored to all or any affected customers, it said.
