On August 12, 2020, Xcel Energy announced a vision to serve 1.5 million electric vehicles (EVs) by 2030, which is a 30-fold increase in EVs across the utility’s eight-state service territory.[1] Xcel energy is planning to deliver 100% carbon-free electricity by 2050. According to the utility, the cleaner mix of generation paired with expanded EV adoption will result in significant customer savings and carbon reductions. If the new vision is realized, Xcel Energy expects 20% of all vehicles in its territories to be replaced by EVs by 2030. These EVs will operate at the equivalent of $1/gallon of gasoline when charged with the utility’s low, off-peak electricity prices. In total, customers will pay $700 less per year to drive an EV than to fuel a gas-powered car, resulting in $1 billion in savings overall. The increase in EVs will reduce carbon emissions by nearly 5 million tons annually by 2030.

The utility has already proposed $300 million in investments in smart charging pilot, fleet infrastructure programs, initiatives to boost public charging and residential subscription plans across Colorado, Minnesota, New Mexico and Wisconsin. However, Xcel Energy has said that it will need the support of policymakers and other stakeholders to make its vision real.

[1] https://www.xcelenergy.com/staticfiles/xe-responsive/Marketing/EV%20Vision%20Brochure.pdf