EVs are the way of the future! Everyone can see that the price of gasoline and diesel is rising rather than falling, which encourages the use of electric vehicles as a viable alternative and the construction of additional EV charging stations. Manufacturer after a manufacturer has debuted new electric cars (EVs) or made plans to do so. And there are still plenty more coming. According to a number of automakers, by 2030, electric vehicles will make up half or more of the cars, trucks, and SUVs they sell.
The majority of people claim that EVs are easy to drive, quiet, and dependable. Drivers can simply find an EV charging station and charge their vehicles. In today’s blog, we are going to talk all about setting up EV charging stations.
The market is being driven largely by rising petroleum product prices. The rising price of petroleum goods is already having an impact on a significant number of customers in developing nations. The cost of operating these vehicles will go down with the use of electric automobiles.
Manufacturers are expected to create EVs with higher battery life and longer usage times. Additionally, as battery costs fall, the price of EVs stimulates demand for charging stations and EVs.
Governments supporting electric vehicles and their charging infrastructure through preferential policies, subsidies, and tax breaks are the causes that have led to an increase in demand for the sector of electric vehicles. The growing desire for energy-efficient commuting is another factor.
Additionally, a lot of countries have stated that they intend to banish fossil fuel automobiles from the market within the next 20 years.
For an electric vehicle to travel 100 miles, between 24 and 50kWh of grid-supplied electricity is required. By 2050, increased electrification will increase national consumption by up to 38%.
Essentially, EVs can never be a genuinely green alternative unless the electricity they run on is clean. The cost of EV charging can be greatly decreased thanks to renewable energy charging infrastructures. EVs may hold the key to bridging the low-carbon transportation and renewable energy industries for everyone’s benefit.
Government expenditures in building charging infrastructure around the world and consumer incentives will give OEMs chances to improve their revenue streams and broaden their geographic reach.
The Asia Pacific region will experience the highest growth in the market for electric car charging stations due to the aggressive reforms being implemented by governments in nations like China, Japan, South Korea, and India. In order to make EV charging more convenient than it is now, several nations are working to prioritize the development of EV Charging infrastructure.
In the modern business world, social responsibility is a core value, and promoting greener transportation is a crucial component of that. Hosting EV charging stations demonstrate the company’s commitment to minimizing the environmental effect of its operations and personnel.
The best course of action is to incorporate EV charging stations into the company’s sustainability policy. By putting in charging stations, it can be demonstrated to the staff and clients that the company cares about the environment and is doing its part to lower carbon footprints. Along with the extra benefits described in this blog, it improves the image of the company.
Electric charging stations at the workplace may simplify life for employees by decreasing time spent, for example, looking for a place to charge. There is potential to reduce fuel and maintenance costs for businesses that rely on vehicle fleets.
Following the notification from the Ministry of Finance, the GST rate for electric vehicles has been lowered to 5%. The government also provides an additional income tax deduction for interest paid on loans used to purchase electric automobiles.
The council also decided to lower the GST rate on EV chargers and charging stations to 5% in order to make EV infrastructure more widely available.
A working professional spends a significant portion of his or her day at work. Installing electric vehicle charging stations in business locations can aid in luring talent with a similar passion for sustainability and technical growth.
Because of the ease provided, it essentially adds more stars to the company and encourages the employees to stay with them longer. They don’t have an EV charging station at home, so it saves them time going there and back.
The vendor of EV charging stations also enables cloud-based app connectivity so that EV users can find nearby charging stations for convenience. These charging station businesses benefit as a result since they may attract local EV drivers to their locations. Additionally, it advances the goal of establishing a vast EV charging infrastructure.
As a result, it increases the motivation and profitability of EV charging enterprises. Last but not least, EV charging producers offer continuing assistance for the installation and upkeep of charging stations so the company can keep leveraging business revenues without any difficulties.
Installing EV charging stations forces customers to stay longer, which enables the company to sell more in the cases of malls, brick auto stores, or highway snack stations. Sales and business profitability may increase as a result of EV installation in certain locations.
Convenience is one of the most significant criteria that clients consider when choosing which businesses to collaborate with. Customers will find EV charging facilities on the property appealing because they can easily recharge while attending a conference or site visit.
The minimum specifications for a Public Charging Infrastructure (PCI) set forth by the Ministry of Power (MoP) in 2018 include “an exclusive transformer with all related substation equipment,” which includes plug-in nozzles, 33/11 KV cables (for metering and termination purposes), and circuit breakers as safety gear.
Each public charging station must feature at least one electric kiosk with numerous charging stations. The installation of many kiosks and charging stations is an option in addition to the absolute minimum need.
Fast charging stations for heavy-duty EVs, such as buses, or long-range EVs require two chargers of 100 kW each, each with just one connection gun attached. It must be made clear that heavy-duty EV charging stations should be placed close to bus terminals.
Private bus fleet and auto fleet owners are free to install a charging station as needed, so long as it isn’t accessible to the general public. In actuality, none of the private charging stations for individual EV owners are subject to minimal infrastructure standards.
To charge fluid-cooled batteries when using a fast charger, the PCS must also have liquid-cooled wires. Although “enough room for charging and entry/exit of vehicles” is mentioned in the rules, the precise concept of adequate in terms of space is not stated. Regular maintenance of EV charging stations should be done.
Anyone would undoubtedly want to know how much it will cost to build an EV charging station if they are thinking about buying an EV. The response, like with so many other aspects of EVs, is “It depends.”
It might not cost anything if they are okay with prolonged Level 1 charging. The vehicle’s battery can be charged by simply plugging the charging cord into a socket in the garage or even outside the home. A Level 1 charging cord for the home’s electrical outlets is already included with new EVs. However, people may purchase a Level 1 charger for between $180 to $300, depending on its sophistication and complexity, if they would prefer not to deal with it every time they need to charge their vehicle. They plug into an existing outlet and attach it to the wall.
The cost of level 2 charging stations is higher. A complex, hard-wired, wall-mounted unit can easily cost more than $1,000 and starts at around $300. The user will most likely need to engage an electrician to install a Level 2 charger, and they may also need to upgrade their home’s electrical system, depending on the age of the house and the load on the current electrical panel. Additionally, it’s likely that they’ll need a locality permit to authorize the job. Costs can easily range from $1,000 to $2,000 in total.
As we have stated, installing a Level 3 charging station at home is too expensive. An apartment building won’t typically have access to the high-power electrical network required to support such equipment.
Today, several states provide tax incentives and rebates for the construction of infrastructure for charging. Additionally, local cities may offer these incentives, as well as utility providers.
The increasing demand for electric vehicles around the globe is the main reason driving the growth of the global market for electric vehicle charging stations.
Electric car charging stations are anticipated to grow from 2,115 thousand units in 2020 to 30,758 thousand units by 2027 at a CAGR of 46%. Industry predictions predict that the global market would increase from the US $5.03 billion in 2020 to the US $ 36.87 billion by 2026. According to a study by Acumen Research, the market for electric car charging stations would expand at a CAGR of roughly 40% between 2019 and 2026.
Many countries will see a gradual increase in the number of electric vehicle charging stations as well as more support from the government. To reduce the rising pollution from autos, many nations are switching to electric vehicles, with the US and China currently preparing to do so. Large nations including the US, China, and several European nations have undertaken numerous projects to improve the charging infrastructure to make the transition to EVs easier. These nations have also encouraged this industry through subsidies, tax refunds, preferential laws, and other means.
EV vehicles are the green transportation of the future. By lowering pollutants and fuel consumption, the charging station has the potential to benefit the environment. Consequently, creating charging businesses is advantageous for the economy and the sustainability of emerging trends. Electric vehicle adoption is accelerating, which reinforces the necessity for reliable EV charging infrastructure.
With more than 30 years of expertise, BENY Electric is a reputable manufacturer of PV goods and EV chargers. All of our EV chargers will perform and last longer than you think thanks to our experience manufacturing PV components. You can contact Beny for more information on this subject.