Electric Vehicle Trends
The development of, and transition to EVs continues to grow in both America and across the globe. With the tremendous growth in Europe, China, and the United States, let’s examine the big trend patterns.
Last year (2022), the numbe rof EVs sold in the U.S. rose to 807,000, comprising 5.8% of all new vehicles sold in the United States.-America Charged, January 2023.
With so many new EV models, a lot of undecided consumers are taking notice. Models from Hyundai, VW, Audi, General Motors, Fisker, and Volvo are joining best sellers from Ford, Tesla, Rivian, and Nissan.
Government incentives are making the cost of purchasing an EV and installing home chargers more affordable. Generous federal and state tax credits are inspiring many to purchase their first electric vehicle.
The national charging network is growing rapidly toward a federal goal of 500,000 EV chargers along major roads and highways. Recently, Tesla agreed to open 7500 of its fast chargers to other EV models. With over 17,700 fast chargers, these 250 kw chargers add up to 300 miles of range in as little as 15 minutes.
Installing Home EV Chargers
The cost to install an EV charger can vary depending on several factors such as the type of charger, the electrical capacity of your home, the location and accessibility of the installation site, and any necessary upgrades to your home’s electrical system.
On average, a basic Level 2 EV charger installation can cost between $500 and $1,500, including the cost of the charger itself. However, the cost can be significantly higher if additional electrical work or upgrades are needed, such as a new electrical panel or a dedicated circuit.
It’s always a good idea to get a few quotes from licensed electricians to get an accurate estimate for your specific situation. Additionally, some states and utility companies offer incentives and rebates to help offset the cost of EV charger installations.
5 Reasons People are Buying EVs
- Environmental Benefits: One of the main reasons people choose to buy an electric vehicle is because it is better for the environment. EVs produce zero emissions, meaning they do not contribute to air pollution, which can have harmful effects on human health and the environment.
- Lower operating costs: Electric vehicles can be cheaper to operate than traditional vehicles, as they require less maintenance, and fuel costs are generally lower. They also have fewer moving parts, meaning they can be more reliable and require fewer repairs.
- Tax incentives and rebates: In some countries, electric vehicle owners can qualify for tax incentives and rebates, which can help offset the higher initial cost of purchasing an electric vehicle.
- Performance benefits: Electric vehicles can offer quick acceleration and a quiet, smooth ride. They also have regenerative braking, which can help recharge the battery and improve overall efficiency.
- Energy sources: Electric vehicles are powered by electricity, which can be generated from a variety of sources, including renewable sources such as solar and wind power. Some are concerned about using fossil fuels and many Americans are concerned about energy independence.