2017 saw a 54% increase in EV (Electric Vehicle) sales over the previous year and continued growth is expected year over year. The IEA, expects electric vehicle sales to grow from 3 million to 125 million by 2030. Some countries have even went as far as to implement bans on producing combustible engine vehicles within the next couple decades. Electric vehicles have finally reached a maturity and price point that makes them competitive with traditional vehicles. It is safe to say that the age of electric vehicles is here.
Battery Cost & range
Companies like Tesla have shown us that electric vehicles can exceed the abilities of similarly priced gasoline powered vehicles by leaps-and-bounds. One of the major obstacles that have plagued electric vehicles has been the cost and range of batteries. Over the past couple years we have seen a significant drop in the cost of batteries and vehicles are starting to get between 150 - 300 miles per charge, which is comparable with a gasoline powered vehicle.
The Availability Of EV Chargers
Another hurdle in the adoption of electric vehicles has been the availability of charging stations for EV drivers. Thanks to incentive programs like AEP's Ohio EV Charging Program - municipalities, multi-tenant property owners, business & restaurant owners have been able to save thousands off the cost of an EV station & installation. This program and others like it, have led to a wider availability of EV charging stations.
Charging an electric vehicle takes longer than filling up a tank of gas. A level 2 charger which is often found in business parking lots will typically take around 4 hours to fully charge. Level 3 chargers, sometimes referred to as rapid or superchargers, typically take 30 - 60 minutes for a full charge.
You can think of electric vehicles like a cell phone, you may top it off during the day as needed but typically you will let it charge at home overnight. Due to these longer charge times, EV owners prefer to charge partially while doing activities they would typical do: grocery shopping, eating a restaurant, visiting shops, etc. As EV's become more common you will start to see a shift away from traditional gas stations and start seeing people charging at a wide-range of establishments.
As a business, shop, grocery store, restaurant, etc. owner providing electric vehicle charging is a great way to attract electric vehicle owners to your establishment. While EV owners are charging their vehicle they will spend time at your business. For multi-tenant property or hotel/motel owners, adding EV charging as an amenity will be big draw for tenants and guests.
While more charging stations are beginning to pop up, there is still a huge demand for more. With all of the major auto manufacturers beginning to offer electric vehicles, the demand is going to continue to rise. As more stations become available more people will feel comfortable buying an electric vehicle knowing they will have somewhere to charge when needed. This will snowball into a demand for more and more chargers.
Is it really time to install an Ev Charger at my facility?
You may ask " Why should I buy an electric vehicle charging station now?" There has never been a better time for AEP customers. The AEP Ohio EV Charging Program provides an opportunity for major discounts as high as 80% of installation & station costs for some businesses and multi-tenant properties. There is limited funding for this program and there may never be another opportunity for a rebate program like this.
Even if you aren't an AEP customer, now is the time to install EV Charging. In a few years, EV chargers will be everywhere and expected by clients & residents but right now EV chargers are scarce. Providing one at your business or multi-tenant building can draw clients & residents while also demonstrating your commitment to green energy.
If you are an existing AEP customer and would like to see how you can get an amazing discount on a charging station for your business or property, or if you are not an AEP customer but would like to know about other rebate programs as they come available - click/tap the button below.