Jumping on the EV Bandwagon? Here's How to Prepare for Rapid Adoption Growth
The EV adoption rate in the U.S. is happening much faster than anticipated, with estimates doubling from 2018. This rapid growth has raised concerns about whether the charging infrastructure will be able to keep up. Charging is already a limiting factor for many people who don’t have access to at-home charging, such as those living in apartments or condos.
The increased availability of EVs on the market, combined with fluctuations in gas prices and more people working remotely, has made EVs look attractive to many consumers. To ensure that EV adoption continues to grow, it is important to make sure that there are enough public chargers available.
Fortunately, the Build Back Better bill is set to add 500,000 public chargers across the country. Tesla, Electrify America, EVgo and other companies are also adding more chargers. Additionally, local governments can help by providing grants and waiving permit fees for businesses that install chargers.
For those without access to at-home charging, it is possible to own an EV without too much hassle. For example, one person ran a Tesla for two years without a home charger and was still able to save money due to lower per-mile costs compared to their previous car.
Overall, it is clear that EV adoption is growing rapidly and that charging infrastructure needs to keep up in order for this trend to continue. With the right policies and investments in place, we can ensure that everyone has access to the benefits of electric vehicles.
How has EV adoption been underestimated?
Estimates for EV adoption have doubled from 2018, outpacing the growth estimates substantially.
What could be the limiting factor in EV adoption?
Charging infrastructure could be the limiting factor in EV adoption if it is not able to keep up with the pace of growth.
Are there any solutions to the charging infrastructure issue?
Solutions include Federal grants to install chargers, loans and grants to local businesses, and waiving permit fees. Additionally, Tesla has opened up its charging network to other cars, increasing the number of available chargers.
Is it possible to own an EV without a home charger?
It is possible to own an EV without a home charger, though it may be more of a hassle and energy savings may be negligible if commercial charging rates are paid.
How many public chargers are being added?
The Build Back Better bill is adding 500,000 public chargers. Additionally, the Biden administration has allocated $2 billion to build 500,000 public chargers.
What other incentives are available for EV adoption?
Incentives include tax credits for purchasing an EV, as well as state and local incentives such as free parking or access to HOV lanes. Additionally, many states have adopted Zero Emission Vehicle (ZEV) mandates, which require automakers to sell a certain number of EVs each year.
Are there any other benefits to EV adoption?
Yes, in addition to the environmental benefits of reducing emissions, EV owners can save money on fuel costs and maintenance. Additionally, EVs are quieter than gasoline-powered cars and provide a smoother ride.
What is the outlook for EV adoption in the U.S.?
The outlook for EV adoption in the U.S. is very positive. According to a recent report from BloombergNEF, EV sales could reach 10 million by 2025 and 30 million by 2030. This would represent a significant increase from the current level of around 2 million EVs on the road today.