The Future of Electric-Powered Cars Is Here
There’s a trend that is upon us and is growing at an exponential rate. That trend moves from fossil-fuel-dependent cars, trucks, and vehicles toward a more sustainable energy solution.
In other words, the movement toward all-electric cars is here.
In summer 2021, President Biden proposed a massive goal to make all domestic new car and vehicle sales achieve a market share of 50% for electric-powered new car sales starting in the year 2030.
The plan would include an investment nationwide of charging stations to facilitate the move from fossil fuel-dependent vehicles to more energy-friendly electric-powered cars.
What’s more, President Biden mandated that all federal vehicles move to electric power, which includes the entire U.S. fleet of mail delivery trucks, domestic military vehicles, and other federal programs. One super-futuristic feature we expect to see in the next few years are home EV charging stations. These are wall box chargers that connect either to your solar system or the grid so that you can charge your car from home. ”
One of the ways that the government is influencing these new goals is by raising fuel emission standards that were rolled back by the previous administration.
Electric vehicles have a much larger market share in the European and Chinese markets than in the U.S. According to President Biden, “…the U.S. market share of electric vehicle sales is only one-third that of the Chinese electric vehicle market.” But, he continued saying, “despite pioneering the technology, the U.S. is behind the race to manufacture these vehicles and the batteries that go in them.”
Public Incentives For Electric Vehicles
Heeding the call-to-action, local municipalities and states have joined in offering numerous incentives to help motivate the consumer.
States like California have massive incentives for car buyers, offering up to $7,000 in tax credits to purchase or lease a new, hybrid, or electric car. Additionally, a rebate of up to $1,500 is available for people to get rid of older vehicles that are inefficient and may provide more pollution.
Additionally, local tax credits and rebates are offered to buyers from local utilities to municipalities, making an electric car an excellent idea for your next purchase. These incentives have helped spike an already high demand for electric and hybrid technology.
Consumer Demand Driving Innovation And Job Growth
To meet the demand, automakers such as Ford provide the market with a fully electric version of their top-selling truck, the Ford F-150. Demand for the vehicles was overwhelming, pushing Ford to open two new manufacturing plants to keep up with the surge in demand and provide tens of thousands of manufacturing jobs.
Similarly, Tesla has expanded its manufacturing base for electric cars and batteries, opening mega-factories worldwide to keep up with their skyrocketing demand.
For example, the Tesla Gigafactory 3 in Shanghai projects to produce half a million cars per year at just this one plant.
Meanwhile, Tesla’s plant in Germany is such that it can provide manufacturing and research improvements to their Tesla 4680 battery, the Tesla Y, and Model 3 lines. The idea is to improve performance and power efficiency while matching the output of other factories such as the one in Shanghai.
In Austin, Texas, Tesla has begun producing their highly anticipated Cybertruck, a state-of-the-art truck with futuristic designs and features. Unfortunately, the interest in the Cybertruck has outstripped production projections, creating a backlog for the vehicle. In fact, demand for the yet-to-be-released Cybertruck has far exceeded expectations and production capabilities and is a trend that will continue in the near future.
With a combination of government incentives, tax breaks, and surging consumer demand, the wave of the electric vehicle is here. In addition, the need for public infrastructure and at-home conversions will provide opportunities for at-home solutions to charging needs.
The move to electricity-powered cars, trucks, and vehicles is creating a demand for various types of electric vehicle charging station solutions from public to in-home. It’s only a matter of time until the traditional gas-guzzling car is phased out of use, making it an anachronistic footnote in history.
With public pressure and assistance programs coupled with private innovation and consumer demand, the acceleration of transportation to a more sustainable, electric-centric business model could even exceed President Biden’s stated goal of 50% of all new car sales being of the electric variety.
One impressive area that is gaining huge traction in the electric car market is EV home chargers. These are impressive wall/box chargers that can connect to your switchboard allowing you access to charge your car from home. This is all well and good, but homeowners are now catching onto the ability to charge your electric car from your solar system using an EV solar charging station.
These work by connecting an inverter to your EV home charger and the power you generate from solar can be used to power you are home. This is a huge amount of savings you can generate because you are powering your car and home with free energy.
As the movement toward electric vehicles grows, the technology will become more efficient, increasing demand. Public infrastructure investment paired with at-home solutions will drive this growth trend more, and preparing yourself as a consumer is an excellent strategy.