Electric vehicles have long been touted as the future of automobiles, and 2022 proved that the trajectory for electric vehicle adoption is not slowing down anytime soon. A recent annual outlook by Bloomberg gathered experts from all areas of our economy’s transportation and fossil fuel sectors, using current data and projections to determine the long-term trends that electrical vehicle adoption is likely to follow. Today, we will talk about their forecasts, explain how this might impact you and your driving habits, and give our recommendations on whether or not to begin using an electric vehicle.
Electric Vehicle Adoption
Electric vehicles on the road are increasing rapidly, especially in a few key areas. While vans and trucks are still powered mainly by fossil fuels, passenger vehicles and buses are quickly having their market share taken over by electric versions. Some areas of the world, such as China, have mandates that are making this number increase faster, but American and European markets are also following the trend. Earlier this year, President Biden signed a bill into law allocating billions of dollars to create a connected interstate EV charging network, making adopting electric vehicles a tad easier for those states that were positively affected by the investment. At-home chargers for electric cars are also widely available and powerful enough for the average American household to rely solely on their own personal charger. So far, electric vehicle usage displaces over 1.5 million barrels of oil per day, equivalent to around 5% of the total road fuel demand. When large electric trucks and vans are brought to market in a consumer-friendly way, this number is sure to skyrocket.
Charging Electric Vehicles at Home
The increase in roadside electric vehicle chargers is helpful when taking your car on a long trip or vacation. However, for most Americans’ daily routines, an at-home charger is more than enough to keep their vehicle topped off with enough power to take them wherever they need to go. There are multiple ‘levels’ of chargers that provide varying amounts of mile range per hour, but the most common and recommended variation is a Level 2 charger. Level 2 chargers run off of a 240V circuit, which an electrician may need to be installed in your garage, but can provide up to 60 miles of vehicle range in just one hour of charging. Even if your specific car manufacturer or power limitations do not allow for this quick of charging, an overnight charge is guaranteed to charge your car to the max.
Charging an EV at your house may also come with tax benefits from your state or county, and this is in addition to the tax rebates that the federal government provides for purchasing an electric vehicle in the first place. The list of potential savings for Sarasota county residents can be found here, with more possible savings coming from your power provider.
So, do we recommend an electric vehicle for most drivers? Electric vehicles can lead to significant savings depending on the make and model you purchase. According to the US Department of Energy, drivers spend half as much on electric vehicles per mile driven. As more and more manufacturers release electric vehicle models and at-home charging becomes more standardized, consumers can start seeing their savings pile up.
If you are interested in swapping to an electric vehicle and installing an at-home electric vehicle charger, call Promise Electric. We are the area experts in EV home charging station installation.
