Xcel Energy has announced its vision to power 1.5 million electric vehicles (EVs) in its service areas by 2030. As a result, EVs would make up 20 percent of all vehicles in those areas, saving customers billions of dollars in fuel costs while cutting carbon emissions from transportation.

The electric company is developing and launching partnerships, programs, and services to make EV charging easier and more affordable. The plans that Xcel Energy has proposed in Colorado, Minnesota, New Mexico, and Wisconsin aim to support residential charging, increase access to electric transportation for all customers, accelerate fleet electrification, and expand public charging options with new charging infrastructure.

Through these plans, Xcel Energy has proposed investing $300 million to accelerate adoption of EVs in its communities.

"Investing in electric vehicle charging infrastructure and accelerating electric transportation benefits customers, the environment, and the energy grid,” said EEI President Tom Kuhn. “As an industry, we have a tremendous opportunity in front of us to electrify the transportation sector to further leverage our industry’s impressive emissions reductions. Xcel Energy continues to lead by example with its bold vision.”

Drivers, ride-share companies, public transit, and other fleet operators that replace their gas-powered vehicles with EVs will save money on fuel – Xcel Energy estimates that it will cost $700 less per year to power an EV than a gas-powered car by 2030. EVs charged on the Xcel Energy system also will have about 80 percent lower carbon emissions than gas-powered cars by 2030.

“Electric vehicles are the next frontier in the clean energy transition, and we are committed to making charging EVs easy, convenient, and affordable for customers,” said Xcel Energy Chairman and CEO Ben Fowke. “By accelerating EV adoption in the coming years, we can drive major reductions in carbon emissions while helping our customers save money and making the most of our clean energy investments.”

Xcel Energy will lead the way through its own operations, with plans to electrify all sedans by 2023, all light-duty vehicles by 2030, and 30 percent of its medium- and heavy-duty vehicles by 2030. To learn more, visit the company’s website.

Tags : Clean Energy, Innovative Partnerships, Game Changers, All