Shifting away from fossil fuels to a clean energy future
- Jul 1, 2022 2:06 pm GMT
Americans have been hit with unprecedented prices at the pump recently. With gas prices soaring to over $6 a gallon in parts of the country, it’s no surprise that Americans’ interest in electric vehicles (EVs) is at an all-time high. As gas prices started to climb in March of this year, Google Trends reported that search interest in EVs reached a record high, and web searches for the phrase “how much does it cost to charge an electric car” were up more than 400 percent.
But in addition to rising gas prices, our changing climate demands a shift away from fossil fuels to renewables and clean energy sources—now more than ever.
Exelon committed to electrifying half our own vehicle fleet by 2030 and has joined initiatives such as the National Electric Highway Coalition to help create a seamless network of rapid EV charging stations connecting major highway systems. We are committed to helping our communities transition to transportation electrification by expanding local charging infrastructure; offering rebates, incentives, and innovative rates; and electrifying public transportation.
Widespread adoption of EVs has incredible potential to combat climate change and will save our customers money. Using the Department of Energy’s eGallon calculation, the yearly cost of owning an EV is approximately $1.30 per gallon, compared to the price of gasoline at $4.30 per gallon. On average, customers in Exelon’s service areas could save more than $1,000 per year in fuel costs by switching to an EV. Utilizing Exelon’s EV time-of-use rates could offer additional percent savings per year.
But this all requires robust investments in the electric grid. Modernizing the electric grid will ensure it is more resilient and can meet the increased demand for electricity associated with not only transportation electrification, but also climate resilience and adaptation of the energy ecosystem.
That’s one reason why we were a proud sponsor of the EPRI Electrification 2022 International Conference & Exposition that just wrapped up this week in Charlotte, NC. And why we recently joined Climate READi, an initiative launched by the Electric Power Research Institute. Climate READi is a three-year initiative focused on developing resilient energy systems against the effects of climate change. The partnership will bring together energy companies, leading scientists, regulators and other stakeholders to analyze and plan our resilient and efficient energy systems of the future.
We also remain committed to our “Path to Clean” initiative, which will reduce our emissions from operations by 50% by the year 2030 and achieve net-zero operations by the year 2050. As we pursue this goal, we have focused on maintaining our utilities’ track record of dependable and affordable energy for customers while supporting our communities in their own clean energy transitions.
Additionally, Exelon is prioritizing affordability as we continue our efforts to modernize the electric grid, reduce emissions and transition to cleaner energy sources. Affordability isn’t just important to our customers’ and communities' wallets right now, it’s an essential part of long-term and sustainable investments in tackling climate change.
Electrification and a transition to clean energy solutions are core to who we are at Exelon. We are committed to delivering convenient, affordable and equally accessible clean transportation options for the communities we serve that will lead us all to a cleaner, brighter future.
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