Electric vehicle sales are expected to explode in the next decade. According to analysts at Morgan Stanley, global EV sales are expected to grow 50% or more this year. The incoming Biden Administration has pledged to install 500,000 new electric car charging stations by 2030, which, according to BloombergNEF, could “spark the sale of some 25 million electric cars and trucks.” That’s why commercial property managers and sustainability managers are starting 2021 by researching EV charging companies and all the requirements for installing car charging stations at their properties. Here are three questions to help you start your project.
1. How Big is the Demand?
The highest concentrations of electric cars are in metropolitan regions. But with increases in battery range technology and growth in commercial charging stations, it’s now easier for EV drivers in suburbs and rural areas to buy electric. When considering the EV demand, it’s important to consider current and future EV drivers. How many tenants or customers currently drive an EV? How many have said that they will buy one after you install a station? And, most importantly, how many new clients will you gain because they needed to charge, and they discovered your property?
In cities, EV drivers are beginning to expect charging stations at their workplaces and apartments. Last year, as many EV drivers started to work from home during COVID-19, their multifamily property managers and HOA boards were suddenly inundated with requests to install charging stations for overnight charging. Electric cars charge where they are parked, and EV drivers want charging amenities that easily fit into daily/weekly routines.
2. Is There Local Entertainment?
Most EV drivers charge overnight, at work, or while running errands. Level 2 stations, which deliver about 25 miles of charge per hour, are designed for daily charging. While it depends on your battery capacity and usage, electric car charging typically takes a few hours. That’s why retail, public parking, and tourism boards like networked charging stations. An EV charging network puts your property on the map and encourages drivers to plug in and explore the local attractions. Local business and tourism were specific reasons cited by the City of Snohomish and the City of Sunnyside, Washington when buying SemaConnect charging stations last year. Rather than bypassing these cities on the way to Seattle, now EV drivers have a reason to stop, plug-in, and shop for a few hours.
3. Do Local Codes Require Charging Stations?
In many cities, new construction is now required to include EV charging stations. There are even grants available in many states and cities for new smart charging stations! If code requires junction boxes or EV infrastructure, your only decision is, “Which type of charging station should I buy?” Charging stations with smart load management capabilities can help reduce the cost of electricity and the cost of installation by power sharing between stations. These features are especially helpful to managers at older buildings with limited power capacity and developers with a limited budget for EV Ready codes. Learn more about electrical requirements for smart EV charging.
There are already over 1.6 million electric cars in the United States, and that number will increase exponentially in the next decade. That’s why EV charging is one of the most important upgrades for commercial properties in 2021. Ready to get started? Request your quote for smart charging stations today!