The car of the future is already here. In 2022, U.S. battery electric vehicle (BEV) sales increase 65% compared to 2021. In the fourth quarter of 2022 alone, BEV sales were 72% higher than in the fourth quarter of 2021. This rate is projected to grow 25% annually over the next five years.
Minnesota had 28,784 BEVs at the end of 2022. This is a 311% increase from 2018 when there were 7,000 EVs in the state. Additionally, the State of Minnesota has a goal to grow the number of EVs to 200,000 by 2030.
This growth in EV sales has led to an increased need for electric vehicle charging stations, which can now be found in a variety of locations, including convenience stores, truck travel centers, retail centers, restaurants, mixed-use developments, workplaces, hotels and multifamily dwellings. Minnesota currently has 3,212 public charging stations.
Increasing demand for EV charging stations
Most EV owners — 80% — charge their vehicles at home. Of those, 40% live in multifamily properties. It has become a necessity for multifamily communities to provide EV charging stations as EV owners check on the availability of charging stations before selecting a property. If a multifamily property does not provide them, EV owners are compelled to search for one that does – a lost opportunity.
Multifamily properties need to provide EV chargers to attract and retain residents. In fact, 58% of renters are willing to pay more to live in a community offering EV charging. EV chargers help set the property apart from multifamily communities that don’t offer this amenity and can also be an incremental revenue stream.
Tom Halek is EV charging business development leader for Rogers, Minnesota-based J. Becher & Associates.
EV charging stations can be a revenue generator for retail establishments. Studies show that when drivers charge their cars in a retail setting, 89% will make a purchase.
Publicly available EV chargers appear on a national map so commuters can locate them easily. Stores and restaurants that offer EV charging stations may attract new customers who want to charge their cars. Additionally, multifamily residents may choose to remain in their current apartment for a greater period if this amenity is available.
Companies that get ahead of the demand for EV charging stations will add value to their property and gain an edge over their competition.
Achieving sustainability goals
EV charging stations help property owners achieve their sustainability goals for carbon reductions, which is an important consideration for customers and residents. Most EV charging stations are connected to a network that provides a reporting dashboard, which calculates the amount of CO2 reductions generated during charging. These stats can be used in the reporting required for a business’s sustainability goals and for future cap-and-trade carbon credit capture and further monetization.
Choosing the right EV charging station
There are four types of EV charging stations — AC Level 1, which takes 12-40 hours for a full charge; AC Level 2, 3-10 hours; and DC Fast Charger, 15-45 to charge.
The DC Fast charging stations are most likely to be found along transportation corridors, such as at rest stations or truck stops. The most common charging station for commercial properties are AC Level 2 chargers. In multifamily communities, AC Level 2 chargers allow residents to get a full charge overnight.
J. Becher & Associates, a locally owned and operated electrical contractor, installs EV chargers at a variety of properties. The company has installed Level 2 and DC Fast Charging stations, which require experience and training. They hold the premiere Electric Vehicle Infrastructure Training Program (EVITP) certification, and they are certified installers for many of the charging station manufacturers.
J. Becher & Associates takes clients through a seven-part engagement process that includes initial discovery, identifying the availability of government or utility incentives, site consultation, identifying a product and network service partner, proposal development, construction and finally, close out activities.
J. Becher & Associates has reseller agreements with some of the top EV charger manufacturers and supports clients’ warranty and maintenance needs after installation.
It’s important for commercial and multifamily properties to find an EV partner who will invest time in their business and ask questions to be able to match a solution to their true business needs today, while building a roadmap for the client that supports their future EV charging investments.
To learn more, contact Tom Halek at thalek@jbecher.com or call him at 763-232-2388.
Tom Halek is EV charging business development leader for Rogers, Minnesota-based J. Becher & Associates.