With many markets on the brink of mass adoption of electric vehicles, having an EV charger on site will soon be a requirement to remain competitive.
We are now living in the electric vehicle (EV) revolution! Looking at sources such as It May Be Difficult to Avoid Driving an Electric Car in 2022, it’s clear that due to the boom of EV’s in 2021, it is time for all businesses to consider installing EV charging infrastructure for customers. More and more popular car and truck manufacturers are coming out with their own electric vehicle options. Currently in 2022, there are now 20 different electric car manufacturers, including popular brands such as Tesla, Audi, Ford, GMC, Toyota, and more. As the desire for EV’s increases, this brings up the question of whether or not businesses should be required to provide charging stations and chargers on company property.
Bankrate cites Bloomberg’s New Energy Finance Study, which states zero-emissions vehicles will account for about 70% of New Passenger vehicles by 2040. With EV’s continuing on an upwards trend, it makes sense for businesses to add charging infrastructure for customers and employees to utilize. There are currently 46,000 public charging stations in the U.S. states Bankrate, with around 120,000 EV charging stations total in the United States. Although Tesla dominates the electric vehicle market, overall worldwide E.V. purchases have surpassed 2 million, and are set to rapidly increase in the coming years.
Why is 2022 the year to buy an electric vehicle? Available options across different price points are expanding quickly, with many other manufacturers such as Ford putting out new models, like F150 Lightning (the electric version of America’s long time best selling vehicle) or GMC’s Electric Hummer. We will soon see an even larger portfolio of EV’s from popular car manufacturers. Electric Vehicle purchases were up an astonishing 98% in the year of 2020 in the United States. And at the end of 2021, EV numbers were up to 16 million worldwide, and ⅔ of those vehicles were all electric. With these kinds of numbers, charging ports at businesses are essential, and should be required on business property.
Electric vehicles produce fewer planet-warming emissions than gas-powered vehicles, and in the long run can be more affordable to run and maintain since they have fewer moving parts, and because electricity is more affordable than gas. On average, the cost of electricity is about 10.42 cents per 1 kilowatt-hour in the United States. Paying $0.10 per kW is the equivalent of driving on gasoline that costs less than $1 per gallon. Some more pros of driving an electric vehicle include technological advances, like “Alexa”, and the “Tesla-Bot”, a robot designed in Teslas to help the driver perform tasks while driving, as well as the driver assistance functions in Teslas and other models.
EV chargers are generally described as Level 1, 2, or 3, with each increase in number denoting an increase in charging speed. EV charging ports are generally pretty affordable, although the cost can vary based on location, charging speed, and the existing electrical infrastructure. Level 2 charging stations cost anywhere between $300-$700 to purchase, and Level 1 may cost between $180-$300. Level 2 charging stations are generally the most commonly found public charging stations, and are relatively very affordable because the lower voltage chargers don’t necessarily require huge changes in existing electrical infrastructure. Due to the rising demand for electric vehicles, and the growing number of the population who own them already, businesses should consider providing charging stations for use by employees and customers.
Businesses who make it a point to install EV charging stations may benefit for several reasons. Installing charging stations have the potential to attract a new range of potential customers, who are in need of a charger yet did not know of your business beforehand. People need things to do to pass the time while they wait for their vehicle to charge, so they might spend more time in your business. Customers may see providing charging stations at your business as inclusive and environmentally friendly. The federal 2020 30C tax credit is the largest incentive available to businesses for installing EV charging stations. Covering installations all the way back to January 2017, this tax credit covers 30% of the cost of equipment and installation for businesses who installed EV charging stations, up to $30,000. Plus, if you have more than 1 business location, you can apply it to installation at each location. In the year of 2022, it’s time to make electric vehicle chargers a necessity at all business locations.