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One of the biggest hindrances to the more widespread adoption of electric vehicles in the United States is the difficulties in locating charging stations. Tesla has spent a significant amount of time and effort as well as funds to create a private network of supercharging stations that will ultimately boost the sales of their vehicles due to their wide accessibility. Tesla has deployed fast charging technology methods which decreases the charging time for their vehicles (and others only if they have a specific adapter) significantly over what is expected at the current time. This hindrance to the remainder of the electric vehicle market has caused a slower adoption of these types of vehicles in the United States, and although there is a push from both environmentalists as well as government agencies to encourage the adoption of electric vehicles to reduce carbon emissions, we still face a profitability issue. For private industry to roll out expanded installations of electric vehicle charging stations, there needs to be more electric vehicles on the road.
The desire to get EV manufacturing and sales to over the current 2% of the market in the US is impacted by the lack of available charging stations. This vicious circle will need government intervention to move forward. That intervention is here in the form of the two trillion dollar infrastructure bill that is being pushed by President Joe Biden. It’s uncertain at this time the fate of this infrastructure bill, even though a majority of Americans would welcome it, congress will have to find a way to move forward. With the adoption of the EV part of this program, President Biden believes that there can be more than 500,000 fast-charging electric vehicle charging stations installed throughout the United States by 2030. This infrastructure will need significant cooperation from the private sector which can project profitability within the industry, as well as count on tax incentives and grants to help build out this charging infrastructure.
The cost of the level-three charging station can be between 120 and $260,000 to install, and even though it is projected that these fast chargers will be able to deliver an 80% capacity within 10 minutes, their high cost of both installation and operation and slower development of the technologies needed has created a slow rollout. If the Bill passes, through the public and private sector cooperation it is projected that the electric vehicle market will be able to significantly increase as well as provide profitability for the companies involved. There are currently around 41,400 charging stations in the United States, and fewer than 5000 of them are fast chargers. When compared to the 136,400 gas stations, the issue regarding private businesses expanding their footprints to include charging stations is clear. Until more electric vehicles are put on the road, the mainstream businesses involved in providing the charges will move forward very slowly.
Through the reduction of operating costs, the incentive of profitability is greater. It has been shown that the integration of technology such as the advanced surge protection devices offered by Raycap to the industry can significantly reduce operational costs over time through the avoidance of damage as a result of electrical surges and lightning strikes. Raycap is leading the charge to the adoption of more charging stations in the United States.
