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The Biden administration is taking bold actions to tackle potentially large shortages of Electric Vehicle (EV) chargers publicly available throughout the United States as Electric Vehicle adoption is forecasted to rapidly accelerate in the coming years. Part of the new infrastructure bills allocates $7.5 billion toward a national network of EV charging stations. This bill is still under development but needless to say, it looks very promising for current and future EV owners who feel stuck when it comes to travelling large distances without access to reliable charging stations. Although details are scarce of what a national network of charging stations may look like or how these funds will be distributed, it serves as an exciting beacon of promise for present and future EV owners.
It’s all about public accessibility
Even as price parity for vehicles becomes equal or in some cases lower than traditional gasoline or diesel powered vehicles, I’m looking at you 2022 Nissan leaf at almost 20k after rebates, the largest hurdle to overcome in the acceleration to electrify our country’s vehicles now may no longer be price. Accessibility to charging stations may soon rank as the number one concern for new EV drivers. 51% of drivers charge their vehicles at least once per day. Thus, workplaces, grocery stores, and other points of interest that are commonly visited by normal commuters are the next big focus for EV charging stations. There are two main reasons why these common destination points are currently without stations: the high initial cost of purchasing and installing stations. Two, the statistically low overall EV ownership in the United States.
Of the vehicles on the road today, approximately 2.5% are EVs. In 2020, this number was around 1.8%. At this growth rate, we could see EV penetration at over 10% in as little as 5 years. Furthermore, As billions of dollars become available through federal programs for EV charging stations and as more automakers churn out new and inexpensive EVs, the public accessibility issue to charging stations will gradually disappear. At this point, we could and are planning to see a seismic shift of new vehicle sales being EVs.
What’s currently not being discussed in the new package
There was talk about increasing the $7,500 federal tax credit for new EV purchases to $12,500 but this is not included in the new spending bill. Currently a new EV owner may qualify for the maximum amount of $7,500 for a new purchase, however, this amount decreases and eventually will go down to 0 once an automaker sells 200,000 EVs. For example, the federal tax credit no longer applies to any new Tesla vehicles sold. On the other hand, it is still available for other automakers who have not reached this EV threshold of cars sold such as Mini and Kia.
How to be part of the movement
If your eyes are wide open to the opportunities that lie within this EV revolution, you’re not alone. There is a great way to be part of this electric economy and make a business out of it. Here at SuperGreen Solutions, we built a franchise system that trains entrepreneurs from all backgrounds on how to become a certified installer of EV charging stations. SuperGreen Solutions is a leading franchise brand offering Solar, EV Charging, and Air Purification solutions. If you are interested in learning more, please visit www.supergreensolutionsfranchise.com and book a meeting with us today.