Xcel Energy-Colorado won approval from state regulators to move ahead with its plan to invest in equipment and offer rebates to increase the use of electric vehicles across the state.
The Colorado Public Utilities Commission voted to support Xcel Energy’s plan to spend $102 million over three years. The money will be used to build charging stations, incentivize homeowners to install charging equipment and provide support for converting school buses, government and business fleets to electric. The utility will recover the program’s costs through an extra charge on electric rates.
Talks between Xcel and the state’s Energy Office led to a proposal that would have added roughly $30 million to the utility’s plan by offering vehicle purchase rebates. Instead, regulators voted to limit the rebate program to $5 million to fund rebates for low-income EV buyers. The rebates would be offered on vehicles priced at $50,000 or less.
Xcel submitted its electric transportation plan after a 2019 law cleared the way for regulated utilities to invest in equipment and programs to boost EV use. The state has a goal to have 1 million electric vehicles on the roads by 2030.
In August, the parent company of the Colorado utility said it wanted to have 1.5 million electric vehicles in its service areas by 2030. The utility said it plans to electrify all off its fleet-owned sedans by 2023, electrify all light-duty vehicles by 2030 and have 30% of its medium- and heavy-duty vehicles electrified by 2030. The utility operates in eight Midwestern and Western states.
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