Xcel Energy Unveils Plan to Power 1.5 Million Electric Vehicles by 2030

Xcel Energy Inc. announced a plan to power 1.5 million electric vehicles in the eight states it serves by 2030, according to an Aug. 12 press release. The company expects 20 percent of the vehicles in its service territory to be replaced by electric vehicles, over the next decade, a 30-fold increase from current levels. The transition would also reduce carbon emissions by nearly 5 million tons annually by 2030 and save customers billions in fuel costs.

EVs are expected to cost $700 less per year than a gas-powered vehicle, saving customers $1 billion per year, according to Xcel. The company has proposed to invest $300 million to accelerate electric vehicles’ adoption in communities by creating new charging options for various customers including residential, commercial, and government agencies with large vehicle fleets. The major plans will start in Colorado, Minnesota, New Mexico, and Wisconsin.

The company calls for partnerships and support from policymakers, manufacturers, tech and charging companies, as well as other private and public stakeholders to create an equitable and accessible electric vehicle future, allowing everyone to benefit from the transition. For example, the company will work with transit agencies and car sharing companies to serve vulnerable communities and let them have access to electric transportation as well.

Xcel’s initiative currently underway include:

• A charging subscription pilot in Minnesota to allow customers to charge vehicles under a low and flat monthly price;
• A new residential charging pilot in Colorado, as well as residential and business charging pilots in Wisconsin, to encourage customers to optimize the charging time and use more renewable energy;
• Fleet infrastructure to increase access to public charging in Colorado and Minnesota to reduce the upfront costs; and
• Conversations and education programs with the public and partners to help achieve the vision of electrifying all light-duty vehicles and 30 percent of medium- and heavy-duty vehicles by 2030.

The company has already developed partnerships with the U.S. National Renewable Energy Laboratory and Amazon Web Services to advance the clean transportation transition plans.

Xcel Energy serves eight Western and Midwestern states.