A number of signs are pointing to the fact that we’re only at the tip of the iceberg with regards to EV deployment. Bloomberg New Energy Finance forecasts that the EV market is about to take off, with more than 20 million EV sales expected globally by 2030, and more than 60 million EV sales by 2040, equivalent to 55% of the global light-duty vehicle market.
The coming electric car boom is being driven by a number of related factors, including aggressive national and state policies on zero emission vehicle deployment goals and diesel bans, shifting consumer demands, increasing environmental awareness, and hundreds of billions of dollars in investment from auto manufacturers as they ramp up production on a variety of new electric car models to better compete with Tesla.
With the rise of EVs comes the need for EV charging. Below we will discuss your options for charging electric vehicles and want to expect out of a Commercial EV Charging Station Installation.
Right now, over 80% of all electric vehicle charging occurs at single-family homes via home EV charging stations, which makes sense as early EV adopters are more likely to own homes and have dedicated parking spaces. In order to move past this stage and bring range confidence to more people, more charging is needed outside of the home for renters as well as people that live in apartments and condos. As a result, billions of dollars of funding is being made available for EV charging infrastructure buildout at the workplace, commercial, and public locations through Utility “Make Ready” infrastructure programs, government-backed programs, and Electrify America.
Work place charging
Workplaces are an ideal charging location, as they are the second most frequent parking location behind homes. Workplace EV chargers can be the primary charging point for drivers without dedicated charging in their home garage. Additionally, workplace charging stations can provide flexibility and relieve range anxiety for other electric vehicle drivers. The expansion of workplace charging also has been shown to increase electric vehicle ownership. Below, we will discuss the EV charging station installation process and how states are incentivizing drivers to switch over to plug-in electric vehicles.
EV charging station installation at commercial properties
To start, there is a lot of regional funding available for electric car charging to accelerate electric vehicle adoption. Businesses can take advantage of thousands of dollars of incentive money while these funds are available to invest in EV charging at low or zero cost. A number of the local utility programs are quickly filling up, and it’s unclear if these incentives will come back. Overall, commercial properties of all types - whether it’s a retail space, multifamily building, office or workplace, university, hospital or public building - are looking to increase property value and improve employee and visitor satisfaction.
Installing EV charging stations offers property owners and managers an opportunity to cater to the needs of EV drivers, differentiate their property, and attract high-income renters in apartments and condos. For workplaces, EV charging helps to attract and retain top talent. Employees appreciate the added perk of being able to charge up at work, and happy employees are often more productive employees. The U.S. Department of Energy (DOE) recently surveyed employers offering workplace charging, and the findings showed their employees were six-times more likely to drive a plug-in EV, than employees that did not have access to charging at work. The survey also found 80 percent of the employers offering EV charging as a benefit, were able to attract and retain a more talented modern workforce. A nominal cost to appeal to the best and brightest.
Regulation and corporate sustainability programs also play a role. Businesses can contribute to their sustainability goals and receive LEED credits for EV infrastructure. Also, cities like Miami, Seattle and others are requiring future commercial developments, apartment buildings and condominiums to have the electrical infrastructure in place to enable easy EV charging installation. EV charging is a valuable amenity that makes your property more attractive and increases its value.
EV infrastructure incentives play a key role
Finding and utilizing incentives that can reduce or eliminate capital expenditures is key, as you embark on electric vehicle charging infrastructure projects. The good news is that more and more states, utilities and other stakeholders recognize the importance of commercial charging, and are offering incentives to install charging stations. Quite often businesses can combine multiple incentives for the same project, which can eliminate the cost of the equipment and installation. There are currently over 50 programs available in 25 states which incentivize the installation of charging stations. Below are just a few examples of current charging station incentive programs in California, Massachusetts and Hawaii.