How Electrical Contractors Can Turn EV Market Growth into Profit
How Electrical Contractors Can Turn EV Market Growth into Profit
Electric vehicles (EVs) are gaining popularity and automotive manufacturers are keeping pace, offering a variety of vehicle types to consumers who want to ditch the gas station. With every new EV sale, electrical contractors are discovering a new opportunity for growth and profitability: installing EV charging stations to serve electric vehicle owners.
The Need for EV Charging
In 2020, nearly 1.8 million EVs were registered in the U.S., an increase of more than three times from 2016. There are no signs that EV market growth will slow down. While EVs have five percent of the U.S. market, it is expected they will capture nearly 29 percent of the total vehicle market in 2030.
While more consumers want to buy an electric vehicle, the infrastructure isn’t quite ready. In fact, only 41,000 public EV charging stations are available in the U.S. and experts estimate more than 100,000 EV fast-charging ports are needed. With fuel prices rising, this presents a major opportunity for electrical contractors—especially those living in a crowded, metropolitan area.
Capitalize on EV Rebates
The market is ripe for growth, with more major metro areas and states in the U.S. beginning to change building codes to include EV-ready or EV-capable provisions. The leaders in the EV market include California, Washington, Boulder, Denver and other Colorado cities, New York City, and others.
In addition, electric utilities and state and federal governments are providing incentives to expand the network of EV charging options. These subsidies and tax credits can help offset a portion of the cost of installing EV charging stations in homes, condos, and businesses.
Check for state, federal, and utility company EV related incentives at the following websites:
U.S. Department of Energy Incentives List
2021 Alternative Fuel Vehicle Tax Credit
Take Advantage of EV Market Growth Today
EV charging unit installation is a growth market. If you are looking for greater income potential, electric vehicle supply equipment should be on your list to explore for residential, commercial and public parking area customers.
Crescent Electric offers products from leading manufacturers and we are happy to provide objective advice to help you choose the right charging station for your customers. Manufacturers including Eaton, Hubbell Wiring Device-Kellems, Leviton, and SemaConnect offer EV Charging stations and accessories especially for specific applications. For you, that means there’s an easy to install EV Charger that’s right for the job, which makes both you and your customer happy.
Applications: Commercial and public parking decks, shopping malls, hospitals, municipalities, colleges and universities, multi-family condos, and residential customers.
Flexibility: Space-saving wall-mounted chargers or single or dual pedestal mounts.
Easy-to-use: Status indicator lights, easy-to-read LED screens, and Industry-standard SAE J1772 plug configurations help EV drivers easily and quickly charge.
Shop our selection of EV chargers and accessories online today, and register an account to stay up-to-date on your orders, get exclusive online deals, and more!