Half of all new vehicles sold in 2030, according to President Biden’s plan of a green future, will be electric. But there’s one major stumbling block to that plan: there aren’t enough channels to plug in those vehicles and trucks.
With around 110,000 chargers, the country boasts thousands of charging points – the electric vehicle equivalent of gas pumps. However, energy and car experts say the figure needs to be a minimum of five to ten times higher to meet the president’s target. It will take billions of dollars to build all of them, significantly over $7.5 billion sets allocated by lawmakers in the infrastructure plan.
Millions of dollars are being invested in the development of chargers by private investors. Still, the industry has a chicken-and-egg problem: Electric vehicle sales are not increasing quickly enough to enable charging profitable. Most charging companies will take years to break even, let alone make large profits like Chevron and Exxon Mobil.
Fast chargers, which can fully charge an electric car’s battery in 20 to 40 minutes, can cost thousands of dollars, but they’re rarely utilized. Nonetheless, the auto and energy sectors must construct them in order to reassure consumers that they will not be stuck in an electric vehicle with no charging station in sight.
According to Asad Hussain, who works at PitchBook as a senior analyst, “EV charging facilities is the single biggest hurdle to E.V. adoption.” “When you talk to people who are debating whether or not to acquire an E.V., the number one problem they have is range anxiety.”
Last year, the European Union, which is further ahead in the electrification of vehicles, had approximately 200,000 public charging stations. In China, where electric vehicles are even more prevalent than in Europe, there will be over 800,000 by 2020.
Because they aim to win a worldwide competition to produce the automobiles and trucks of the future, European and Chinese policymakers have provided better incentives and enforced stricter rules. Since some Democrats and most Republicans reject the regulation and funding required to phase out fossil fuels quickly, US measures, including the infrastructure package, have been more limited.
In the near future, even $7.5 billion won’t be enough to establish the basis for the electric age, according to Nick Nigro, who is the founder of Atlas Public Policy, which is a consulting and research organization based in Washington.
“Does it suffice? “No,” he stated emphatically. “However, it gets things moving.” Most drivers today charge their electric vehicles at home and only utilize public charging stations on rare occasions. Those stations, however, will be critical, particularly for those who reside in apartments and drive great distances.