No, EVs will not drive up electricity prices. In fact, EVs can potentially drive down electricity costs if they are intentionally integrated with the electricity grid. Like highways, the electricity grid is built for rush hour, but most of the day, there is plenty of electricity available on the grid. Since EVs generally charge only a few hours a day at most, they can charge during off-peak times and during times of low electricity demand. A recent study found that EVs are actually driving rates down for America’s utilities by contributing approximately $3 billion more in revenues than in costs. Since EVs can be charged at different times, they can result in additional electricity sales and revenue without requiring costly upgrades, making the grid more efficient.
Will more EVs on the grid drive up electricity prices?
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