Demand for EV Charging is Rising
When you picture cars on our roads today, you likely think of a gas-powered vehicle. But did you know that consumers will soon favor electric vehicles (EVs)? More than 70% of U.S. drivers say they would consider buying an EV in the future, and nearly one-third are interested in purchasing an EV for their next vehicle. In fact, the EV market is projected to grow to $137.43 billion by 2028, a huge jump from $24 billion in 2020. It’s a great time to enter the EV charging station solutions market as this industry ramps up.
EV sales are climbing due to a few factors: policy support, improvements in battery technology, more charging infrastructure, skyrocketing gas prices, and new models from automakers. To be sure, there is still a huge hurdle EV owners face: knowing where to find EV charging stations.
While EVs actually date back to the 1800s, most people are used to driving gas-powered vehicles, which has created a lack of charging stations throughout the U.S. However, the U.S. government recently passed legislation that makes installing EV charging stations all the more appealing. Let’s dive into the reasons why your business should consider installing a charging station and which model is the right choice for you.
Why Should Your Business Install an EV Charging Station Solution?
Your business has a fantastic opportunity to help clean up the environment by offering employees and customers a way to charge their EVs. One of the most cited reasons why people don’t buy EVs is the fear of not being able to find a charging station before the vehicle runs out of power. Your business could help provide a solution to that problem, ultimately resulting in cleaner vehicles on our roads.
An Easy Second Source of Income
People must pay to use your EV charging stations, which puts more money in your pocket. If you own a business, parking garage, or other places where people park for long periods of time, you could be easily generating more revenue.
You May Get a Tax Break
President Biden signed the Inflation Reduction Act into law on August 16, 2022, which offers major clean energy incentives. It offers tax credits for the purchase of new and used electric vehicles and revives tax credits for electric vehicle charging stations and equipment. For commercial use, this tax credit is 6% with a maximum credit of $100,000 per unit.
What EV Charging Station Solutions Can You Choose?
There are a few different levels of charging stations available on the market today. Ultimately, the EV charging station solution you choose will depend on how long your customers can wait to recharge their vehicles.
Level 1 Charging
Level 1 charging involves plugging the vehicle into a standard 120-volt outlet, which is what you typically find in an average household. All drivers can charge their EVs at Level 1, and it provides two to five miles of vehicle range per hour the vehicle is connected.
Because of the slower charging speed, Level 1 chargers are best suited for places where people park their vehicles for a long time, like a workplace or a home. These EV charging station solutions are best for drivers who drive 40-50 miles per day or less.
Level 2 Charging
Level 2 charging stations are faster than their Level 1 counterparts. These involve a 240-volt outlet, double the capacity of a Level 1 charging station. These 240-volt outlets are the same kind that power major appliances like dryers. Level 2 charging stations provide 10 to 50 miles of range per hour the vehicle is connected.
These charging stations are best for places where drivers will stay for an extended period of time. These locations may include workplaces, hotels, retail centers, major attractions, and public parking ramps. They are also optimal for single-family homes, apartment buildings, and condominiums. People who drive more than 40-50 miles a day will likely opt for a Level 2 charger.
Direct Current (DC) Fast Charging
DC fast charging stations are the fastest EV charging station solution. These can fully charge a vehicle in around 30 minutes or less, depending on a few factors. These factors may include how “empty” the vehicle battery is, battery capacity, and the charging station’s power output. Vehicles will also take longer to charge in cold weather. Depending on your needs, there are a few different charging capacities you can choose from.
- 50kW stations are the most common DC fast charging station, which provide 80-90 miles of range in 30 minutes.
- The 150kW option is becoming more common, and offers increased speeds for consumers, depending on the model.
- Tesla V3 Supercharging stations feature 250kW output and can charge a 2020 long-range Tesla Model 3 (322-mile range) about 23 percent in five minutes, 80 percent in 20 minutes, and 100 percent in less than 250 minutes.
- Charging stations with a 350kW output can charge vehicles with 100kWh+ batteries to 80 percent in about 15 minutes. Vehicles that can handle this power level are only beginning to enter the market.
Interested in Installing an EV Charging Station? Work with Stratus
When you’re ready to install an EV charging station solution, we’re ready to help. Stratus is the leading brand implementation and facility services company, completing tens of thousands of nationwide projects every year. We offer solutions for your signage, energy, facility maintenance, refresh and remodel, and brand environments needs.
With multiple locations throughout the U.S., more than 700 employees across 29 states, and 150 years of success, we’re your top choice for any brand implementation project. Our team is passionate about building your vision and we understand the complex challenges our customers face. When you work with Stratus, you’ll know all your bases are covered.
Get Started Today
Ready to learn more about how we can help implement your EV charging station solutions? Contact us today.