Environmental Leadership
August 10, 2020

The power to transform: Xcel Energy’s bold vision for electric transportation

Powering 1.5 million electric vehicles by 2030, delivering cleaner air and significant customer savi

In December 2018, Xcel Energy announced an industry-changing vision: Serve all customers with 100% carbon-free electricity by 2050. 

Since then, Xcel Energy has reduced carbon emissions by 44% from 2005 levels, added even more wind and solar power to the system, and explored emerging clean energy technologies. All moving toward our vision to deliver 100% carbon-free electricity by 2050.

Now, through new EV customer programs and an emphasis on expanding charging infrastructure, we’ll help build the future of clean, affordable electric transportation in this decade.

Our vision will drive toward powering 1.5 million EVs in the areas we serve by 2030. Achieving our vision is designed to:

  • Save customers $1 billion each year on fuel by 2030, since charging an EV equates to spending $1 per gallon, or even less when charging overnight. By 2030, an EV would cost $700 less per year to fuel than an internal combustion engine vehicle.
  • Cut carbon emissions from transportation by 5 million tons a year by 2030 while improving air quality in our communities.
  • Replace 20% of all vehicles in Xcel Energy service areas with electric vehicles, which is 30 times more EVs on the road than today.

To watch a short video announcement, click on the play button above.

Ensuring all customers benefit from electric transportation

By developing innovative partnerships with and programs for our low-income communities, communities of color, multi-unit dwellings and other underserved communities, we’re committed to ensuring that our clean transportation efforts focus on equity, accessibility and fairness.

The idea of the 2030 vision is to make sure everyone benefits from the growth of EVs, whether they own one, use car-sharing through providers like HOURCAR, take transit, or use ridesharing services such as Lyft and Uber. Also, community charging hubs and support for micro-mobility solutions that can include e-bikes and scooters are part of the equation.

This ambitious 2030 EV vision keeps bills low for all customers, even if they don’t drive an EV. That’s because as more cars are fueled by our clean, affordable energy, the fixed costs of providing electricity are further spread out while maximizing clean energy investments.

Answering a growing interest

More EV models are becoming available every year, with prices coming down. Driving an EV is no longer a wishful notion, but instead a practical reality. Plus, thanks to tax credits, state and local vehicle incentives, a growing inventory of used of electric vehicles along with Xcel Energy’s home charging programs – car shoppers have strong reasons to drive the electric lifestyle. 

We’re also working with companies, organizations and governments to help transition their vehicle fleets to electric. And the benefits are clear. An electric fleet can support an organization’s clean energy goals, save money and time by reducing fuel costs and maintenance, and cut carbon emissions in our communities. We’re leading the way with our own fleet: we plan to electrify all our sedans by 2023, electrify all light-duty vehicles by 2030, and have 30% of our medium- and heavy-duty vehicles electrified by 2030. 

The transformation – and collaboration – is just getting started

To achieve our bold 2030 EV vision, we will need partners of all types – customers, communities, policy makers and other key players in the industry. Together, we can deliver savings and cleaner air for everyone. We’ve already heard from organizations and communities across the country that they support our vision and are eager to help.

We are implementing or have proposed 50 customer programs across four states, and we’ve proposed investing $300 million to reduce barriers and accelerate EV adoption. Learn more about our vision at xcelenergy.com/ElectricVehicles.