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Electric vehicle drivers saving Americans billions
Recent studies have shown that electric vehicle drivers in the U.S. have contributed $3.12 billion more than their associated costs for electricity between 2011 and 2021. This has resulted in lower monthly rates for all customers, according to a report commissioned by the Natural Resources Defense Council (NRDC). Additionally, after accounting for utility costs spent on EV programs, there was a net revenue gain of $2.44 billion.
Impact of EVs on the U.S. electric grid
The majority of revenue generated by EV charging comes from drivers in the western U.S., particularly in California where 1.1 million EVs account for 37% of all Electric cars in the country. Time-of-use rates, which charge customers different amounts for electricity based on the time of day, are designed to encourage charging at off-peak times to manage total electricity demand.
Benefits of EV efficiency improvements
A joint report by the Electric Power Research Institute and the NRDC found that advancements in EV technology could reduce consumer costs by over $200 billion annually by 2050. This would be achieved through improvements in EV efficiency, which could also lower electricity demand by hundreds of terawatt-hours. More efficient battery technology could also reduce the strain on supply chains by minimizing the amount of raw materials needed for production.
Meeting clean air and climate goals
According to NRDC transportation strategist Luke Tonachel, vehicle electrification is a critical strategy for achieving clean air and climate goals. By minimizing power demand from Electric vehicles, right sizing the electrical grid and charging infrastructure, and reducing the reliance on battery materials, the environmental benefits of EV adoption can be maximized.
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