Infrastructure Opportunities & Challenges: What is to Come & How to Prepare
While electric vehicle sales have risen an average of 40% each year since 2016, consumers still say that a lack of charging infrastructure is their primary concern. This opens the door for private enterprises to fill the gaps. Driven by their own goal of net-zero emissions by 2050, the US government has responded to consumer concerns by committing to install 500,000 EV charging stations across the country by 2030 with the recent Infrastructure Investment and Jobs Act and the Inflation Reduction Act. The Inflation Reduction Act extended the tax credit until December 31st, 2022 before requirements change, which is a 30% tax credit of the total cost of the purchase and installation of EV charging equipment up to $30,000 per site. Equipment must be installed by December 31, 2022.
The gas station concept of only being able to fuel up at a specific location will be a thing of the past. Consumers will be able to fuel a vehicle wherever you can access electricity without disrupting their day-to-day routine. This means any business that has public parking spaces can now enter the vehicle refueling market. Challenges with hosting EV charging stations include the space to host them, the upfront costs of installation, electricity, and a reliable Wi-Fi or data signal if you want to monetize them.
Working with a notable EV charging company will eliminate many of challenges. There are opportunities for businesses to host Level 2 chargers, where customers spend a significant amount of time and DC fast chargers for high traffic locations.
Hosting EV charging stations has many benefits that include:
- Generating charging revenue.
- Attracting new customers.
- Receiving tax breaks and funding opportunities.
- Getting LEED or other green energy certification.
- Allowing your business to be at the forefront of green energy technology.