With the rise in gas prices coupled with the Biden administrations $5 Billion budget to support State EV charging station infrastructure, it is highly likely we will be seeing an even greater increase in demand for Electric Vehicles. From 2016 to 2020, the increase in number of electric vehicles has tripled to a total of 1.8 million registered in the U.S.
For building owners, especially residential, it is critical that they begin investing in the infrastructure of adding more EV stations, otherwise residents are going to start seeking other places to live. It is not that difficult to install, and property owners can pass the cost on to the tenant by either increasing their rent or raising association fees. The same will be true with office and industrial spaces, people are going to need a place to charge their vehicles.
One of the top three reasons people have not switched to EV’s is mainly due to the lack of charging stations. It will be interesting to see in the years to come how the record gas prices impact the demand for electric vehicles and if the consumers truly are switching to electric.
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