Electric cars are big moneymakers for utilities. And since utilities can't reap unlimited profits, they need to pass the extra cash to customers.
Researchers at Synapse Energy Economics zeroed in on three California utilities that serve lots of households with electric cars . They compared the costs of providing energy to those EVs with the revenue customers generated and found that from 2012 to 2021, EV owners netted utilities $1.7 billion in pure profit.
"Because electric vehicles don't add a lot of additional capacity costs, because they're primarily charging off-peak, what they're doing is they're more efficiently using the electric grid infrastructure," Melissa Whited, one of the study's authors, told Insider. In an alternate reality where EV owners consumed most of their electricity during times of peak demand, they'd necessitate costly investments in power transmission and the use of expensive-to-runTo arrive at the $1.7 billion figure, researchers assumed that EV owners were billed a higher rate than other customers, in accordance with California's tiered-rate system that hikes prices for bigger energy consumers. The results could be different in other regions, Whited said.
Other studies have reached similar conclusions. A 2021 report from MJ Bradley & Associates, a consulting firm focused on environmental issues, found that more EVs charging in Nevada could
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