All of us are sure that 2021 is going to be the year of EV Chargers. If you are still unsure about making the most out of this booming trajectory in EV Adoption, this blog explains why EV charging should make it onto your 2021 "To-Do List."
Well, Americans are more familiar with Electric Cars and EV Charging systems for a while now. Recent Google trends data show that searches related to EV Chargers have risen exponentially for the last few months, also states like Massachusetts, California, Maryland, New Hampshire, and Washington have topped the list when it comes to EV searches.
What individuals and businesses think about EVs?
But before diving further, it’s crucial to know how individuals and businesses are thinking about electric vehicles?
Electric vehicles have been celebrated by conservationists as the cleanest means to do transportation, which is factual and undeniable. But there is a lot more to EVs than meets the eye. Very often we fail to notice the remarkable fact that EVs are not only a greener option but they also offer a noteworthy financial gain. To be even more specific, the total cost of owning an electric vehicle is considerably lower than that of owning gas engines! Sounds economically viable, isn’t it? That’s remarkably true when it comes to a commercial environment. On the whole, environmental boons are always a key factor. But there’s a lot more to appreciate if we know about the financial and economic boons that electric vehicles provide.
Now we know the question that ponders in your mind! How affordable and accessible are EVs to mainstream consumers?
The spike in production of EVs in recent years has, in turn, dwindled the costs of battery significantly, a trend that will only continue to gain speed moving forward. The majority of electric vehicles that are planned for launch between 2021 and 2022 fall under the price range of $35k and $40k, with most of the latest models priced under $37,000.
While you might think the standard $35,000 pricing is higher compared to economy vehicles, with the steady decrease in prices and rapid production, EVs will become more affordable in the coming years. Many auto manufacturers are keen on funding the development of commercial EVs. Moreover, EVs are introduced to the market to serve multi-purposes. Don’t you think this is a welcome sign for the future of EVs?
So, now you know, electric vehicles are not meant to be in super cities like San Francisco and New York. They’re all over the globe!
Know about Utility rebates, Tax credits, and new funding opportunities for EVs.
It is highly important to find what new funding opportunities are on the table, apart from readily available utility rebates and tax credits while discussing EVs.
We are aware that President Joe has campaigned on a $5 billion scheme to install half a million new EV charging stations by 2030. While this is an indication of the bright future of EV infrastructure, we hope many new public charging stations arrive to combat the increasing demand from EV drivers.
At present, charging infrastructure is widely based on the parking lots of stores and restaurants. To meet the rising demands, we should reach a stage where charging can be done anywhere a car usually sits for a few good hours of time. One solution would be to equip street lamps and parking meters with EV chargers.
Now, let’s have a look at states where funding for EVs is already approved or on the verge of being approved. The states that should immediately strike our mind for the biggest subsidies are California, New Jersey, and New York. New York, to its credit, stands as an example for investing billions in EV infrastructure. New Jersey too is all set to follow the same.
When you talk about the super combo of these three states, you’re also talking about a humongous number of drivers across the US. Also, by now you should be aware that California and New Jersey have already agreed on banning the new sales of gas-powered cars after 2035. Usually, when a state like California does something like this, neighbouring states also follow suit. Hence, it won’t be long before we see states like Oregon and Washington subscribing to such a model.
Note that this also applies to New York! When New York does something like this, Massachusetts does it too. So, what we’re about to witness is a state-wide push from larger states that acknowledge the environmental and societal benefit of such an investment.
Finally - Why should EV charging make their to-do lists for 2021?
Recovering from COVID, the second-order of any business is to look for future revenue potential. Businesses that already have an aspiration for electric vehicles are the ones that are going to make the best out of this boom in EV sales in the United States that we are witnessing.
Now we don’t say,” You have to buy many chargers now”. It is not practical and advisory for a commercial setup to do so.
All we have to do is to sketch out a plan. For instance, let’s imagine that you own an ‘n’ number of parking lots. You are most probably going to get a very few of them covered by, say, an ‘X charging station immediately. Now analyzing the business funnel, you should note the response of your customers and then draft a long-term strategy that will multiply the number of charging stations.
If you are not sure still and you want to wait until 2022 to think about how you’re going to do this, you’ll still be searching where to put your first station while your competitors are aggressively expanding. This EV foundation is something that we have all to build.
Remember, Rome was not built in a day. We’re in such a scenario, heading into 2021. Yes, there is definitely an urgency to get started; but there is no urgency to get it completed immediately.
There is always a path forward, and all we need is to start heading in that direction today.