Fri. Sep 18th, 2020

Xcel Energy’s new electric vehicle vision

MINNEAPOLIS (KSMX) – Xcel Energy announced its vision to drive toward powering 1.5 million electric vehicles in its service areas by 2030.

According to the press release, the company’s vision involves EVs making up 20% of all vehicles on the road in those areas, more
than 30 times the number today, helping save customers billions of dollars in fuel costs, while significantly cutting carbon emissions from transportation. By making it easy for more people to use EVs through new charging infrastructure and customer programs, the company’s vision will build the future of clean, affordable transportation in the eight states it serves. As drivers, ride-share companies, public transit and other fleet operators replace vehicles with EVs, they will see substantial savings on fuel, because driving electric is equal to spending about $1 per gallon of gas and can be significantly less when charging overnight.

By 2030, an EV would cost $700 less per year to fuel than a gas-powered car, saving customers $1 billion annually. To make the company’s vision a reality, it will need the support of policymakers, manufacturers and other stakeholders.

Building on the company’s vision to provide 100% carbon-free electricity by 2050, powering 1.5 million EVs would reduce carbon emissions by nearly 5 million tons annually by 2030, or about three tons of carbon reduction per vehicle. Electric vehicles charged on the increasingly clean Xcel Energy system will
have about 80% 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 Ben Fowke, chairman and CEO, Xcel Energy. “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. We have substantial plans in place in the states we serve, and we can expand on this with partnership and support from policymakers, regulators, customers, automakers and our communities.”

Plans and programs will drive toward 1.5 million EVs Xcel Energy is already launching and developing partnerships, programs and services to reduce barriers to EV adoption while making EV charging easier and more affordable. The major plans the company has proposed in Colorado, Minnesota, New Mexico and Wisconsin aim to support residential charging, increase access to electric transportation for all customers, speed fleet electrification, and expand public charging options. Through its plans so far, Xcel Energy has proposed investing $300 million to accelerate
adoption of EVs in its communities.

From working with states and communities in their efforts to transform mobility and increase access to electric transportation, to launching residential programs that save customers money on charging, the company is already making progress in its drive toward a cleaner transportation future.