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Xcel Energy Drives Toward Electric Vehicle Future in Colorado
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Xcel Energy (XEL) has launched new electric vehicle (EV) charging programs in Colorado, enhancing accessibility and affordability for customers. The initiatives aim to support the state's goal of having 940,000 EVs on the road by 2030 and contribute to the company’s vision of powering 1.5 million EVs by the same year. The new residential programs offer low-cost charger installations, annual rewards, and rebates for home upgrades, while commercial solutions provide infrastructure support for businesses and communities. The plan includes deploying around 20,000 charging plugs over three years.
Positive
Launch of new EV programs in Colorado aimed at enhancing accessibility and affordability for customers.
Supports Colorado's goal of 940,000 EVs by 2030 and Xcel's vision of 1.5 million EVs.
Residential programs include low-cost charger installations and rebates, promoting customer engagement.
Deployment of approximately 20,000 charging plugs over three years, encouraging EV adoption.
Programs could help keep energy bills, already 34% below the national average, low for all customers.
Negative
None.
New programs make it easier for customers to drive electric and save money
DENVER--(BUSINESS WIRE)--
Xcel Energy announced today that a suite of electric vehicle charging programs is available, making EV charging easy, fast, and more affordable for Colorado customers. In addition to the company’s new residential offerings, new EV programs supporting community charging, businesses, and multifamily buildings are available to empower and assist customers in their EV journey and help them drive electric to save money and reduce carbon emissions.
These programs and offerings are part of the company’s Colorado Transportation Electrification Plan and Xcel Energy’s EV vision to power 1.5 million EVs on the road in the states we serve by 2030. As Xcel Energy increases the amount of renewable and carbon-free energy on its system, customers are increasingly charging with cleaner, reliable, and more affordable energy, allowing people to charge EVs for less than the equivalent of $1 per gallon of gas. In total, over a three-year period, the programs will provide about 20,000 charging plugs in homes, businesses, workplaces, community charging hubs and other public places in Colorado.
“We are absolutely committed to making electric transportation accessible to everyone, and our innovative programs will make it easier for all Colorado customers and communities to consider going electric,” said Alice Jackson, president, Xcel Energy – Colorado. “Our new EV programs can help our customers and communities go even further to reduce carbon emissions by tackling the largest source of carbon emissions in the country – the transportation sector – and at the same time help them save money and enjoy a cleaner environment.”
Xcel Energy’s EV vision aligns with Colorado’s goal to have 940,000 electric vehicles on the roads by 2030, while making electric transportation available to all customers at a range of income levels whether they drive an EV, take transit, or use ridesharing. It also complements Xcel Energy’s vision to deliver 100% carbon-free electricity to customers by 2050. The company’s transition to more electric cars, trucks and buses will help keep bills low for all customers, including those who don’t drive an EV. In Colorado, customer bills are already 34% below the national average.
EV Programs for Xcel Energy Colorado Residential Customers
The company launched four new residential EV programs in Colorado making it easier and less costly for all residential customers in Colorado to drive electric. Eligible customers can now have a charger installed at their house for a low monthly fee, save on energy with a $50 annual reward, get rebates for home wiring upgrades and, for income qualified customers, receive rebates for new or pre-owned car purchases/leases.
EV Accelerate at Home gives customers faster Level 2 chargers, installed and maintained by Xcel Energy, ensuring customers can charge their EV more swiftly than using a simple charger that plugs in to a typical household outlet. Customers pay under $15 per month for the charger rental, installation by a vetted electrician, and charger maintenance for as long as they are in the program.
Optimize Your Charge rewards EV drivers for charging vehicles during off-peak periods with $50 on their bill every October to offset charging costs. It also encourages charging when renewable energy is abundant, often overnight, to reduce the amount of EV charging that occurs during our electric system peak. Participants choose from among three charging windows with flexibility to adjust charging outside the selected charging window.
Home Wiring Rebates are for customers who install a 240-volt electrical circuit that’s necessary to support faster in-home Level 2 charging. Customers can receive a rebate of up to $500 to cover the costs of permitting, materials, installation, and electrical work needed to install the circuit. Costs for purchasing an eligible level 2 charger can also be included. Income qualified customers are eligible for an enhanced rebate of $1,300 to offset costs.
EV purchase/lease rebateallows income qualified customers to apply for a rebate of $5,500 on a new EV purchase or lease, and $3,000 on a pre-owned EV. There is a manufacturer's suggested retail price limit of $50,000. Combining manufacturer incentives and federal tax credits, this rebate helps bring down the price of an EV.
EV Programs for Colorado Commercial and Community Customers
For businesses, multifamily housing and communities looking to go electric, Colorado customers will have an EV concierge guide them on the journey of electrification while taking advantage of EV infrastructure support and the option of Xcel Energy-provided charging equipment. Businesses, governments, and organizations serving higher emissions or income-qualified communities can also benefit from additional charging equipment rebates.
Fleet EV solutionssupport businesses, organizations, communities, and governments with building transportation electrification plans, using their own fleet operation data and business goals. For eligible customers, Xcel Energy provides a free suitability assessment, data analysis and advisory services as the first step to electrification, saving customers significant amounts of time and money.
Possible next steps include design and construction of infrastructure (from traditional distribution services up to the charging equipment), various rate plans, and options for Xcel Energy provided charging equipment. For eligible income qualified customers or EV projects in high emissions communities (HEC), charging equipment rebates are an option and include up to $2,200 for each eligible Level 2 charging port and up to $45,000 for each eligible direct current fast charging (DCFC) port.
Workplace EV solutionsenable businesses and organizations looking to install EV charging for employee or customer use with the EV infrastructure needed for four or more charging ports. Qualifying customers receive no- to low-cost design and construction of infrastructure—typically, from the customer’s meter to the charging port—plus, comprehensive advisory services, and the option to pay a monthly fee for Xcel Energy provided charging equipment. As with Fleet EV Solutions, eligible income qualified customers or EV projects in an HEC can qualify for charging equipment rebates including up to $2,200 for each eligible Level 2 charging port and up to $45,000 for each eligible direct current fast charging (DCFC) port.
Public and community charging hub EV solutionshelp expand Level 2 and fast charging options for EV drivers away from home. Businesses, municipalities, and community-focused organizations can receive no- to low-cost design and construction of infrastructure—typically, from the customer’s meter to charging equipment—and comprehensive advisory services. Customers that meet our Community Charging Hub program qualifications can earn rebates if they meet income-qualified criteria or are located within an HEC including up to $2,200 for each eligible Level 2 charging port and up to $31,200 for each eligible direct current fast charging (DCFC) port. Note that a minimum of four Level 2 ports are required to be considered as a Community Charging Hub.
Multifamily EV solutionsprovide EV infrastructure and charging options for existing and new construction multifamily buildings. Services include design and construction of infrastructure, advisory services, and the option to pay a monthly fee for Xcel Energy-provided charging equipment. Developers or building owners and managers can earn rebates equaling $2,000 per charging port for adding extra, qualifying EV parking spots to their sites during the design phase. Business customers in High Emission and Income Qualified communities will find it affordable to install Level 2 or DCFC EV chargers with Xcel Energy’s charger rebate programs.
More information about electric vehicles, and these new programs are available on the Xcel Energy website.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
What new programs has Xcel Energy (XEL) launched for electric vehicles in Colorado?
Xcel Energy has launched a suite of electric vehicle charging programs in Colorado that aim to make EV charging more accessible and affordable for customers.
How many charging plugs is Xcel Energy (XEL) planning to deploy in Colorado?
Xcel Energy plans to deploy approximately 20,000 charging plugs over a three-year period as part of its new EV programs.
What is the goal for electric vehicle adoption in Colorado by 2030 according to Xcel Energy (XEL)?
The goal is to have 940,000 electric vehicles on the roads in Colorado by 2030.
How does Xcel Energy (XEL) plan to support community and business EV charging?
Xcel Energy provides infrastructure support and guidance through its EV programs for businesses, multifamily housing, and communities to electrify their transportation.
What incentives are available for residential customers under Xcel Energy's (XEL) EV programs?
Residential customers can benefit from low-cost charger installations, $50 annual rewards, and various rebates for home wiring upgrades and EV purchases.
