Report: Monthly electric bills would increase $448 a month under Gov. Polis' energy plan

Colorado electricity customers could face a monthly cost increase of $448 by 2040 if the state's 100% renewable energy mandate is implemented, according to a report by free-market research groups. The report, titled "Colorado's Energy Future: The High Cost of 100% Renewable Electricity by 2040," projects that average monthly electric bills for residential, commercial, and industrial customers will rise to $628 in the next 17 years.

A 46-page analysis, conducted by the Independence Institute and the Center of the American Experiment, evaluates the financial and reliability impacts of Colorado’s climate policies. It is the first in a three-part series on renewable energy mandates.

The report estimates that Governor Jared Polis’s goal of transitioning the state to a fully renewable electric grid—powered by wind, solar, and batteries—by 2040 will cost $318.8 billion by 2050. It also warns of potential blackouts due to fluctuating energy generation from renewable sources.

Polis has made the transition to renewable energy a key policy focus and has signed over 55 climate-related bills into law. Recently, he enacted Senate Bill 23-285, renaming the Oil and Gas Conservation Commission to the Energy and Carbon Management Commission, and two other bills supporting clean hydrogen projects and carbon management grants.

The report suggests that Colorado could meet its decarbonization goals more affordably by transitioning to nuclear energy, which would cost an estimated $88.4 billion through 2050, compared to the $318.8 billion price tag of renewable energy. Under this nuclear scenario, the average monthly electricity bill would rise to $122 instead of $628.

Colorado’s electricity prices have already increased 70% over the last 19 years, making them the highest in the Mountain West. The state was the first to adopt a renewable portfolio standard when voters passed Amendment 37 in 2004.