Understanding the EV Landscape
If you’re like most developers and building owners, you’re wondering what the auto industry’s transition to electric vehicles means for you? Should you add EV charging to the designs of new projects? Should you retrofit existing properties to add EV charging? How quickly will the US vehicle landscape become predominantly electric, and how quickly must you act? What will your tenants expect of you?
These are all challenging questions. You want to provide for your tenants, and you certainly want to make your properties more attractive to new tenants. EV charging is going to be an enormously important—and popular—amenity in the very near future.
But how immediate is the need?
There’s no doubt that the transition to electric vehicles is well underway. The president has called for half of all auto sales to be electric by 2030, and the auto industry is responding with aggressive EV goals.
American car owners are responding in kind. While EV vehicles still make up a relatively small share of new car purchases, the EV market is growing 25 times faster than the auto market as a whole. What does this mean? Drivers are excited about electric vehicles, and they are ready to buy them. And with legacy auto companies switching over to electric and new EV companies entering the fray, there will soon be no shortage of EV options.
The momentum generated by the auto industry is being matched by state governments and industry groups. Most states are looking at requirements for offering EV charging in new development, and California has already begun to set requirements. Additionally, The Parking Consultants Council is coming up with its own recommendation, which is likely to be picked up by zoning ordinances, recommending 25% of static capacity for level 2 charging.
What does this mean? Offering EV isn’t solely a matter of attracting tenants and improving customer service to existing tenants. It will soon be a regulatory requirement. Don’t wait until you are forced to act; prepare for the EV future now.
Let the EV experts at WGI help you identify your EV needs and create a plan for meeting them. For more information, contact Marc Remmert at Marc.Remmert@wginc.com.