The U.S. Departments of Transportation and Energy announced a $5 billion investment to build EV charging stations and ease dependence on gasoline-powered cars. The program will provide money to states over the next five years to create a network of charging stations mostly along interstate highways.
About 489,000 electric vehicles were purchased in the U.S. last year, according to J.D. Power, slightly more than three percent of all cars sold. Kelly Blue Book says the average price of an electric vehicle is currently $56,437. The sticker shock and a lack of charging stations leading to ‘range anxiety’ are primary factors holding back more electric vehicle sales, according to most analysts.
There are currently 47,142 publicly accessible EV charging stations across America, according to the Department of Energy, and the Biden administration’s goal is to develop a network of 500,000 chargers. In the meantime, savvy real estate owners see EV charging stations as an investment opportunity. Installing chargers is a great way to boost retail foot traffic or provide an amenity for tenants. For some office buildings, EV charging stations have become a new standard that helps a property establish premium positioning.
The Biden administration’s continued investment in EVs and charging stations should spur more growth in the industry. Property owners who install chargers now, and deal with the challenges of adding them, may get a leg up on their competition. The future of electric vehicles looks bright and, even with this new infrastructure bill, the need to charge this emerging class of transportation will provide many buildings with a lucrative opportunity to provide power.