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Electric vehicles (EVs) are quickly gaining popularity as a more sustainable and environmentally-friendly mode of transportation. As more people switch to EVs, the need for convenient and accessible EV charging stations also increases. In this blog post, we’ll explore the basics of EV charging, the different types of chargers, and the importance of having a robust charging infrastructure.

According to report from Grand View Research, the global EV charging infrastructure is expected to grow to $121.09 billion by 2030.

Growth in the segment is being driven heavily by government subsidies, new EPA emission standards, EV adoption by consumers looking to lower cost of ownership and increasing fuel costs to name a few. All of this is driving growth in the EV charging infrastructure segment. 

Alliance Residential had 13,480 units in 2022 which unseated Greystar to take the top multi-residential firm in the United States. Greystar performed well but not well enough in 2022 with 3,000 less units, coming in at 11,351 unit starts.

Overall, 2022 was a an exceptional year for multi-residential developers with 533,200 units starting construction. According to the the US Census Bureau, this is a 15.4% increase over 2021. Greystar was one of the few multi-residential developers to actually show a decrease in units overall, 

A new round of funding and rules around EV was signed into law last week. Biden set a goal of having 500,000 EV chargers in all 50 states by 2030. This is critical since it aligns with another goal that calls for 50% of all car sales to be EV by 2030. 

Chipotle is hoping to reduce direct and indirect greenhouse gases by half by in 2030. To accomplish this, the chain is rolling out a new restaurant design that incorporates a design using 100% renewable energy. 

As everyone knows, electricity is not free, or at least not usually but there are alternative options for EV charging that make a lot of sense and one of those is solar. Automotive dealerships are beginning to discover that this is indeed an option. 

There is a long list of retailers, restaurants, automotive companies, and service stations joining the EV charging revolution.

Taco Bell, Subway, 7-Eleven, Buck-ee's, Shell, BP, TravelCenters of America, Porsche, BMW, Mercedes Benz, Volkswagen, and Ford, just to name a few. 

Shell is the latest petroleum company to jump in the EV charging game. Earlier this year, BP announced currently has around 22,000 EV-charging points globally, and hopes to have more than 100,000 by 2030.

BP (BP - NYSE) has been heavily investing in the EV charging space. In February, BP announced that it had purchased TravelCenters of America for $1.3 Billion in cash for approximately 280 fuel, convenience, and restaurant centers in the United States. 

While single family residential permits have softened  in the last year and we are hearing from from contractors that construction in Chicago is trending downward, there are still some bright spots.