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About Xcel Energy
Xcel Energy (NASDAQ: XEL) is a company that delivers clean energy to millions of households and businesses in eight Western and it also supports Midwestern states. The firm, which is based in Minneapolis, is a market leader in lowering carbon emissions responsibly and generating and providing sustainable clean energy service from a range of renewable sources at reasonable costs.
DENVER, COLORADO–(BUSINESS WIRE)– Xcel Energy today announced the availability of a suite of electric vehicle charging services, making EV charging simple, quick, and inexpensive for Colorado residents. New EV programs supporting communal charging, companies, and multifamily buildings are provided to empower and help customers in their EV journey and enable them to drive an electric car that would save money and cut carbon emissions, furthermore the clients can get access to the company’s new residential services.
These initiatives are part of Xcel Energy’s Colorado Transportation Electrification Plan, which aims to put 1.5 million electric vehicles on the road in the states it serves by 2030. Customers are progressively charging with cleaner, more dependable, and more cheap electricity as Xcel Energy expands the amount of renewable and carbon-free energy on its grid, allowing consumers to charge EVs for even less than $1 per gallon of gasoline in gas stations. Over the course of three years, the initiatives will install about 20,000 charging outlets in Colorado homes, companies, workplaces, community charging hubs, and other public locations.
“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, 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.”
said Alice Jackson, president, Xcel Energy – Colorado
Xcel Energy’s electric car future vision is in line with Colorado’s objective of having 940,000 electric vehicles on the road by 2030, while also ensuring electric transportation accessible to consumers of all income benefits, whether they drive an EV, utilize public transportation, or use ridesharing. It also fits in with Xcel Energy’s goal of providing consumers with carbon-free power by 2050. The company’s move to more electric cars, trucks, and buses will assist all customers, even those who do not drive an EV, keep their costs low. Customer bills in Colorado are already 34% lower than the national average.
“This Xcel program is really one of the highest investments per customer that we’ve seen across the country, from any utility really outside California or New York, so it’s really significant,” said Matt Frommer, a senior transportation associate with Southwestern Energy Efficiency Project. “It’s comprehensive.”
Residential EV Programs from Xcel Energy in Colorado
In Colorado, the business introduced four new home electric vehicle (EV) programs, making it quicker and cheaper for all residential customers to drive electric cars. Clients who are eligible may now have access to a charger placed at their home for a low monthly cost, save money with a $50 yearly incentive, earn rebates for home wiring improvements, and receive rebates for new or pre-owned automobile purchases/lease for income-qualifying customers.
EV Accelerate at Home provides people with quicker Level 2 chargers that are built and maintained by Xcel Energy, allowing them to charge their electric vehicle more quickly than they could with a standard household outlet. Customers pay less than $15 per month for the charger rental, installation by a verified electrician, and charger maintenance for the duration of their participation in the program.
The state has entrusted Xcel and Black Hills Energy with assisting in the electrification buildout project, and regulators have agreed to let them recover some of the expenses by raising rates for all consumers. In December, Xcel’s earlier attempt at an EV incentive package was widely criticized, and the firm modified it in reaction to the backlash.
Every October, Optimize Your Charge awards EV owners who charge their vehicles during off-peak hours with a $50 credit on their bill to cover charging expenses. It also encourages charging during periods of plentiful renewable energy, such as nighttime, in order to decrease the amount of EV charging that happens during our electric system’s peak. Participants can pick one of three charging windows, with the option to change charging outside of the chosen window.
Customers that build a 240-volt powered circuit that is required to allow quicker in-home Level 2 charging are eligible for Home Wiring Rebates. Customers may be eligible for a $500 refund to help with the expenses of permits, materials, installation, and electrical work required to construct the circuit. Purchase costs for a level 2 charger that qualifies can also be included. Customers with a low income may be eligible for a $1,300 cost-cutting incentive.
Customers who meet the income requirements can qualify for a rebate of $5,500 on a new EV purchase or lease, or $3,000 on a pre-owned EV. A manufacturer’s recommended retail price of $50,000 has been set. This rebate lowers the cost of an electric vehicle by combining manufacturer incentives with government tax credits.
EV Programs for Commercial and Community Customers in Colorado
Customers in Colorado who want to go electric will be able to work with an EV concierge who will help them navigate the process while taking full advantage of EV infrastructure assistance and the opportunity of Xcel Energy-provided charging equipment. Additional charging equipment subsidies are available to businesses, municipalities, and nonprofits that serve higher-emissions or income-qualified populations.
Using their own fleet operating business and data goals, fleet EV solutions assist enterprises, organizations, communities, and governments in developing mobility electrification strategies. As a first step toward electrification, Xcel Energy offers a free compatibility assessment, analysis of data, and consulting services to qualified customers, saving them time and cost.
The next phases might involve infrastructure design and implementation (from standard distribution platforms to charging equipment), multiple pricing plans, and Xcel Energy-provided charging equipment choices. Charging material subsidies of up to $2,200 for each qualifying Level 2 charging port and up to $45,000 for each suitable direct current fast charging (DCFC) port is available to valid income-qualified consumers or EV projects in high emissions areas (HEC).
Workplace EV solutions provide companies and institutions with the EV infrastructure required for four or more charging ports, allowing them to deploy EV charging for employees or customers. Customers that qualify receive no- to low-cost infrastructure design and installation (usually from the user’s meter to the charging port), as well as full advising assistance and the ability to pay a monthly charge for Xcel Energy-provided charging equipment.
Eligible income qualifying consumers or EV projects in a HEC can get charging equipment refunds of 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, same like with Fleet EV Solutions.
EV solutions for public and community charging hubs enable EV drivers have more Level 2 and rapid charging choices away from the home. Businesses, municipalities, and community-focused groups can obtain no- to low-cost infrastructure design and installation, as well as comprehensive advising services, ranging from the customer’s meter to charging equipment. Clients who fulfill the requirements of our Community Charging Hub project can get refunds of 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 if they meet income-qualifying criteria or are situated inside a HEC.To be deemed a Community Charging Hub, you must have a minimum of four Level 2 ports.
Multifamily EV solutions give EV infrastructure and charging alternatives for multifamily buildings, both old and new. Infrastructure design and construction, advising services, and the opportunity to pay a monthly charge for Xcel Energy-provided charging equipment are all available options. For installing extra, qualified EV parking places to their sites during the design process, developers, building owners and managers can receive rebates of up to $2,000 per charging station. Installing Level 2 or DCFC EV chargers will be accessible for business customers in High Emission and Income Qualified areas.
