Love ‘em or hate ‘em (and the loudest voices really hate ‘em), electric vehicles are going to be a reality in Minnesota in the near future. In addition to federal plans, Xcel Energy just submitted a $300M plan to expand its EV presence in the state.
Here’s Five Fast Facts about Minnesota’s EV Future:
- ⚡Lightning Fast - The plan involves building and operating 730 new fast-charging stations across the state. By way of comparison, there are only about 55 other fast-charging stations and 20 supercharging stations in the entire state.
- 🚌Round and Round - Xcel is looking at school buses, too. Their proposal involves spending $30M on 32 electric school buses, along with 40 chargers and other equipment for them.
- 🪫Start Your Engines - Xcel is getting out of the gate first. The state wants EVs to account for 20% of all passenger vehicles by 2030, and Xcel feels they’ll help kickstart that growth with their investments. They also want to do everything they can to eliminate range anxiety.
- 🔌Utility Bill - The entire process will be funded by Xcel’s ratepayers in Minnesota, with the cost spread out through 2026. The largest expenses will hit in the final three years.
- 🔋Chain Lightning - Xcel does not have a monopoly. There are other “standard” chargers in the state, including 27 from two investor-owned utilities. The Minnesota Pollution Control Agency is using $7M from Volkswagen’s national legal settlement to build 60 of its own. We’re also getting $68M for chargers from last year’s infrastructure law.
🔥Bottom line: With EVs, you’re either going to embrace the change or dig in your heels and resist with every last breath. For those who do make the jump, Xcel has the foresight (and business sense) to make sure they can be a major provider and help the entire plan become a reality much faster.
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