Florida Power & Light (FPL) wanted to explore the potential economic impact of widespread adoption of electric vehicles (EVs) in the state. Owners of these vehicles will switch their fuel spending from gasoline to electricity, and will spend less on fueling overall, leaving the balance to be spent elsewhere in the economy. FPL contracted with AECOM, and Quercus served as a sub-consultant, to conduct an economic impact study specifically examining this spending shift. FPL requested an analysis of the state as a whole and a parallel examination of the Tri-County region of Broward, Miami-Dade, and Palm Beach counties.
The study has not been made public and exact figures cannot be shared. However, the study did find that widespread adoption of electric vehicles will have a positive impact on Florida’s economy. Households that own an EV will spend less of their disposable income on gasoline and routine maintenance, making those funds available to be spent in other sectors such as groceries, dining out, retail shopping, and entertainment. A larger share of dollars spent in these categories stay in the local economy creating a larger economic impact than dollars spent on gasoline.