The United States is making significant progress in expanding its electric vehicle (EV) charging infrastructure, making it easier for drivers to charge their electric cars on the go. In the second quarter of this year alone, 704 new public fast-charging stations were installed, representing a 9% increase in just three months. This brings the total number of public fast-charging sites in the US to almost 9,000. At this pace, experts predict that public fast-charging stations will outnumber gas stations in about eight years.
One of the driving factors behind this expansion is the increasing demand for fast charging. According to Sara Rafalson, Executive Vice President at EVgo Inc., there is a skyrocketing demand for fast charging, which requires bigger and more advanced charging stations to keep up with the demand. This trend is expected to continue as the number of EVs on the road is projected to rise significantly in the coming years.
Retailers, including gas station operators and convenience stores, are also recognizing the value proposition of adding EV chargers to their locations. In the second quarter, Shell, Enel, Pilot Travel Centers, and Flying J rest stops all added new charging stations to their facilities. Even unconventional businesses like U.S. Bank and Waffle House are joining in, installing chargers at their branches and restaurants, respectively. These retailers understand that offering EV charging can attract a growing number of EV drivers, who now make up around 10% of US car buyers.
The increasing adoption of EVs is another driving force behind the expansion of charging infrastructure. The International Energy Agency estimates that US sales of fully electric vehicles will reach 2.5 million by 2025, more than double the sales in 2020. As more drivers switch to electric cars, the need for accessible and convenient charging options becomes paramount.
Charging stations are not only becoming more abundant but also more profitable. According to Stable Auto, a charging network consultant, the average US fast-charging station was plugged into a car for nearly five hours a day in the first quarter, which is around 18% of the time. To turn a profit, a charging station needs to be utilized for charging around 15% of the time. This suggests that charging stations are now attracting enough customers to make them financially viable.
The demand for EV charging is driven by several factors. Firstly, EV owners are driving their cars for longer distances, which necessitates frequent charging along the way. Secondly, more EV owners are living in multi-unit developments where charging at home may not be possible, leading them to rely on public charging stations. Lastly, newer EV models can charge more quickly than older models, making it more convenient for drivers to top up their battery levels.
The recent expansion of charging infrastructure has been facilitated in part by the Biden administration’s National Electric Vehicle Infrastructure (NEVI) Formula program. This $5 billion initiative aims to fill in the gaps in the charging map across the country. While it is still in the early stages, the program has already received criticism from former President Donald Trump, who claimed that $8 billion was spent on just seven chargers. Nevertheless, the NEVI program is expected to bring significant growth to the charging infrastructure, with 23 states having awarded contracts or signed agreements for an additional 550 stations.
Despite these advancements, charging anxiety remains a top concern for potential EV buyers. This is partly due to a perception gap between the actual availability of charging stations and public awareness. Many drivers are unaware of the increasing number of charging cords around them. Sam Houston, a senior vehicles analyst at the Union of Concerned Scientists, emphasizes the importance of educating people about the rapid expansion of charging stations to alleviate this anxiety.
In conclusion, the US is rapidly expanding its EV charging infrastructure, with the number of public fast-charging stations steadily increasing. This growth is driven by the rising demand for fast charging, the recognition of the business value by retailers, and the increasing adoption of EVs. With the Biden administration’s NEVI program and investments from operators, charging stations are set to become even more prevalent across the country. However, addressing charging anxiety and raising public awareness about the availability of charging stations remain important challenges.
