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As electronic vehicle prices decrease and energy efficient appliances increase, power companies will have to keep up with the demand for electricity. People will be using less fossil fuels in their everyday lives, increasing their relationship with their local power company as they use electricity instead.

According to NRECA, some experts believe electricity will play an expanding role in our lives due to innovations like smart home technology, consumer-owned energy storage and renewable energy generation. Residential battery systems for consumer-owned wind and solar are a growing portion of demand.

Widespread electrification of transportation and residential and commercial energy efficient electronics are expected to increase overall demand for electricity while reducing emissions. Learn about NRECA’s communication efforts and how some co-ops are evolving to meet new consumer-member needs on their blog.

Our local power companies are also beginning to plan for this trend as well, according to our Rates Consultant Seth Daniels.

“At the May 2018 TVA Board meeting, TVA approved a new optional pilot retail Electric Vehicle (EV) rate. The sole purpose of this rate schedule will be for charging individual-owned electric vehicles and is available for residential and commercial use,” he said.

While this may not affect rates tomorrow, it’s exciting to see the strategic planning in play as these technologies become more prevalent in daily life.

Here are some predictions we found about the rising number of electric vehicles in the next decade. As EV sales continue to soar with charging stations keeping up with the growth, this could be closer than you think.