Electric vehicle adoption is growing rapidly and that growth is accelerating. In California, 7.8% of new car sales were electric in 2019. The state has set a goal of 5 million plug-in vehicles on the road by 2030. In other states the EV share of new sales lags a bit, with sales volumes between 2%-5%. More states are poised to adopt Zero Emission Vehicle (ZEV) mandates so the rate of adoption is certain to increase. Bloomberg New Energy Finance (BNEF) forecasts that electric vehicles will make up 35% of total new car sales by 2040.
For workplace, retail and multi-tenant dwellings, a place to plug in is increasingly becoming a requirement. Building owners and managers can not ignore the need for employees, customers and tenants to plug in any more than they can ignore the need for parking or bathrooms. It’s an essential service.
In a recent survey of 84,000 renters by Multifamily Executive Magazine, 15% said they planned on buying an EV within the next five years. Of the 15% of renters who plan to buy an EV in the next five years, 58% expressed a willingness to pay for the amenity. In fact, 40% of those who said yes would pay at least $10 more per month to have charging stations on site.
EV Charging will attract tech-savvy tenants, workers and retail customers.
Hotels are installing EV stations on their properties to attract customers. The ability to accommodate a traveler who needs to charge overnight is a significant competitive advantage. Drivers will go out of their way to patronize a hotel with a slow charge while they are sleeping instead of having to wait for 30-60 minutes at a fast charger enroute.
For retailers, the installation of chargers earns the property a pin drop on the map in the dash navigation or mobile app that EV drivers use to determine where to shop and charge. When a charge session can be used to accomplish other tasks, like having a meal or shopping, the wait is no inconvenience. Retailers that provide charging stations find that customers spend an additional 30 minutes in the store.
In most apps, medium-speed Level 2 are depicted with a green pin. Fast chargers are shown with an orange pin. The presence of a pin on the map is like a beacon for travelers. EV drivers establish routines and establish loyalty to locations that facilitate their transportation fuel requirements. A mall or retail store with a charger quickly becomes a preferred destination.
In the workplace, charging is a perk that can help attract talented employees who value cost savings, technical innovation and sustainability. Since workplace charging is likely to involve long dwell times, these cars can be charged at relatively low speeds and still satisfy the charge requirement.
In applications where a large number of cars need to be charged at the same time, chargers capable of load management can ensure that the maximum number of circuits can be provided without requiring expensive panel or electrical service upgrades.
EV charging might best be thought of as an amenity similar to the now-ubiquitous WiFi internet access. It’s a service that is simply de rigeuer for workplaces, multi-tenant dwellings and consumer goods and services.