How much can you save driving a new EV? Duke Energy helps you crunch the numbers.

Rhea-AI Summary

Duke Energy has launched an Electric Vehicle Savings Calculator to help drivers assess potential savings from switching to electric vehicles (EVs). This tool requires users to input their daily mileage, current vehicle fuel efficiency, and gasoline prices. There are currently over 1.7 million EVs on U.S. roads, with projections of 18 million by 2030. Duke Energy is actively expanding EV infrastructure, including a $25 million pilot in North Carolina for charging stations, and a program in South Carolina offering $1,000 incentives for residential EV charging installations.

Positive

• Launch of Electric Vehicle Savings Calculator to help consumers understand cost benefits of EVs.
• Significant expansion of EV infrastructure, including 570 public charging stations installed in Florida.
• Investment of $25 million for the installation of 200 charging stations in North Carolina.
• Incentive program in South Carolina offering $1,000 to residential customers for installing Level 2 chargers.

Negative

• None.

CHARLOTTE, N.C., April 13, 2021 /PRNewswire/ -- An electric vehicle (EV) will help you lower emissions released into the environment. But can it also save you money?

Duke Energy's Electric Vehicle Savings Calculator lets drivers make individual cost comparisons between driving their current vehicle and driving an all-electric vehicle.

"Drivers want specific information about the operational savings they can see if they switch to an electric vehicle," said Brita Formato, Duke Energy's managing director, Electrification Transportation. "We designed this online tool so drivers can make an apples-to-apples comparison with good information about the benefits of driving electric."

To use the tool, drivers need to:

1. Estimate the miles they drive on a typical day
2. Have a good idea about the miles per gallon their current vehicle gets
3. Know the average price they are paying for a gallon of gasoline

To provide an accurate savings figure, the tool will factor in the price of additional electricity drivers are using when charging at home – since 80% of EV charging takes place at home.

Today, there are more than 1.7 million EVs on U.S. roads. The Edison Electric Institute and the Institute for Electric Innovation estimate this number will grow to 18 million EVs by 2030.

Variety is picking up, too. According to Edmunds, the online resource for automotive information, 30 EVs from 21 brands will become available for sale this year – compared to 17 vehicles from 12 brands in 2020.

Supporting the transition to EVs

Duke Energy is a major supporter of electric vehicles. It has already launched ambitious programs to expand EV charging both internally at Duke Energy locations and externally through several utility pilot programs. An internal "Electrify By Example" initiative is starting with an effort to install workplace chargers at all work locations to enable employees to drive electric.

In Florida, the company's Park and Plug pilot has installed more than 570 EV public charging stations throughout the state. Fifty of the 570 are fast-charging stations connecting areas of Florida previously underserved by EV fast-charging infrastructure. To date, drivers have used the Park and Plug network for more than 65,000 charging sessions, displacing more than 100,000 gallons of gasoline.

Regulatory action in 2020 led to pilot programs being approved in both North Carolina and South Carolina. The pilot programs will lead to full fast charging for all types of EVs in about 20-30 minutes.

In North Carolina, a $25 million pilot program will lead to the installation of 200 public Level 2 and fast-charging stations, additional stations at multifamily buildings and a school bus electrification pilot that will allow school districts to change out diesel buses with electric ones.

In South Carolina, the company will provide up to a total of $1,000 for 400 residential Duke Energy Carolinas customers who install a Level 2 charging station, provide access to their charging data, and manage EV charging load to occur during off-peak periods. The company will also deploy 60 fast chargers there to expand access to fast-charging infrastructure in the state.

About Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Randy Wheeless
24-Hour: 800.559.3853
Twitter: @DE_RandyW

 

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SOURCE Duke Energy

FAQ

What is Duke Energy's Electric Vehicle Savings Calculator?

Duke Energy's Electric Vehicle Savings Calculator is an online tool that allows drivers to calculate potential savings from switching to electric vehicles by comparing their current vehicle's costs.

How many electric vehicles are currently on U.S. roads?

As of now, there are over 1.7 million electric vehicles on U.S. roads, with an expected growth to 18 million by 2030.

What initiatives has Duke Energy launched to support electric vehicles?

Duke Energy has launched several initiatives, including a $25 million pilot program in North Carolina for charging stations and a program providing $1,000 incentives for residential residents in South Carolina.

How many public charging stations has Duke Energy installed in Florida?

Duke Energy has installed over 570 public charging stations in Florida as part of its Park and Plug pilot program.

What are the benefits of using Duke Energy's Electric Vehicle Savings Calculator?

The calculator offers drivers an accurate assessment of savings by factoring in daily mileage, fuel efficiency, and electricity rates for EV charging at home.