The Colorado Public Utilities Commission has approved Xcel Energy’s $110 million project that will invest in infrastructure and offer rebates to increase the use of electric vehicles.

The investment supports Colorado Electric Vehicle Plan 2020, which was released earlier this year, and aims to have 940,000 electric vehicles on the Colorado roads by 2030 to reduce greenhouse gas pollutions and improve air quality. 

“Xcel filed a plan to accelerate Colorado’s transition to vehicle electrification,” said Will Toor, Director of the Colorado Energy Office.

“With today’s decision, the PUC tapped the accelerator. The decision clearly keeps Colorado moving forward toward vehicle electrification by providing important investment in EV infrastructure.” 

Members of the commission emphasized to Xcel the importance of having programs that will benefit lower-income residents and communities by implementing ideas such as a rebate for people to purchase an electric vehicle based on income, according to the release. 

A $5 million pilot program that will provide a rebate to income-qualified consumers will enable those within a lower-income to purchase an electric vehicle. 

Xcel Energy’s Transportation Electrification Plan also supports expanding access to public charging stations, charging stations at home and multi-family homes. The plan also backs fleet investments in vehicle electrification, according to the release. 

In order to help Coloradans understand the benefits that electrification can have financial and for the environment, Xcel will be offering education and outreach programs in the future.