Xcel Energy introduces new incentive programs for EV drivers in Colorado

Xcel Energy has introduced a suite of electric vehicle (EV) charging programs for its customers in Colorado.

These new programs 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 it serves by 2030. The Minneapolis-based company provides energy to eight states including Minnesota, Colorado, Michigan, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin.

In total, 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,” Alice Jackson, president of Xcel Energy – Colorado, said. “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.”

Among the new programs is one for residential customers in Colorado where they can have a Level 2 charger installed at their house for a monthly fee. The chargers would be installed and maintained by Xcel Energy. And an Optimize Your Charge program 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 peak times.

In addition, there are Home Wiring Rebates 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. There is also an enhanced rebate of $1,300 for those who qualify. Further, some customers can get a $5,500 rebate on a new EV purchase or lease, and $3,000 on a pre-owned EV.

The company is also offering various programs and initiatives for businesses, multifamily housing and communities.