When it comes to electric vehicles (EV), what usually garners headlines are consumer cars, like the Toyota Prius, Nissan LEAF and the eye-catching Tesla Model S sport sedan. But the future expansion of the EV market will likely be driven by commercial fleets, including electric utility companies, which are stepping up investments in all-electric and hybrid-electric vehicles.
In November 2014, the White House and Edison Electric Institute, which represents investor-owned utilities, announced that more than 70 electric utility companies have committed at least 5 percent of their annual fleet acquisition budgets to purchasing plug-in EVs and technologies. This adds up to total investments of approximately $50 million per year, or $250 million over five years, starting in 2015.