The power graph $\mathscr{P}(G)$ of a group $G$ is defined as the simple graph with vertex set $G$, and where two distinct vertices $x$ and $y$ are joined by an edge if and only if either $x= y^k$ or $y= x^k$, $k \in \mathbb{N}$. Here we determine the characteristic polynomial of $\mathscr{P}(\mathbb{Z}_m \times \mathbb{Z}_{n})$ for any positive integers $m$ and $n$. Additionally, for some particular values of $m$ and $n$, we simplify the above characteristic polynomials and provide the full spectrum in a few cases.