As the world shifts towards a more sustainable future, the demand for electric vehicles has been soaring and that it’s estimated that the US electric vehicle charging market could grow nearly tenfold by 2030. This seismic shift presents an exciting opportunity for businesses and property owners to not only embrace green technology but also to capitalize on the growing market.
According to McKinsey, there will be 48 million EVs on US roads by 2030. Many of these drivers will look for businesses where they can charge their vehicles, especially when they are parked for an extended period of time.
So, why invest in EV charging stations at your facility?
Support Green Transportation: One of the most compelling reasons to install an EV charging station is the positive impact it can have on the environment. Electric vehicles produce zero tailpipe emissions, helping to reduce air pollution and improve air quality in your community. You’ll also be facilitating the transition to cleaner transportation options and encouraging sustainable commuting practices among environmentally conscious tenants and visitors.
Boost Property Value: Investing in EV charging stations can increase property values by up to 10% according to Urban Land Institute. With the rising popularity of electric vehicles, properties equipped with charging infrastructure are becoming increasingly desirable to prospective buyers and tenants. PwC estimates that by 2030, 17% of all charging points will be at workplaces. In fact, in a Department of Energy report, 80% of workplaces surveyed said on-site EV charging can be a key factor in attracting and retaining top talent. Moreover, a well-maintained and functional charging station can serve as a testament to your commitment to sustainability and innovation, further boosting your reputation and property value.
Leverage Government Grants and Incentives: The transition to EV implementation is being supported by governments worldwide through various grants and incentives. For example, the US government offers tax credits of up to $100,000 for commercial properties that install EV charging stations. Many states and local governments and departments also offer additional incentives and rebates for charging station installations. In New England, Grants are available for workplace and fleets to encourage installation of charging stations and EVs across Massachusetts. Finally, National Grid and Eversource also cover up to 100% of infrastructure upgrades for Level 2 charging.
Conclusion: The electrification of transportation is not just a trend. It’s a revolution that is reshaping the way we think about mobility and sustainability. So why not embrace this transformative change?
Let us help you power the future.
XXX
Adam Fest is director of sales at Medford Wellington.