Electric vehicle popularity has been gaining ground with consumers for several years, but new federal initiatives will make the transition much smoother by paving the way with accessible EV infrastructure. Often the biggest hurdle to purchasing an EV is a concern that charging stations will not be available or that long trips are untenable due to charging constraints. However, with Biden's ambitious target of 50% of EV sale shares in the U.S. by 2030, several steps are already being taken to address the EV infrastructure limitations.
Late last year, Congress passed a $1 trillion bipartisan infrastructure law including $5 billion for states to build a national charging network and another $2.5 billion for grants to communities and corridors to support innovative approaches to charging needs. In addition to the funding, DOT and DOE advisory committees on EVs are being launched to address associated issues, such as equity and environmental justice, and to provide guidance and standards for states and cities in their EV infrastructure deployment.
The current network of over 100,000 public chargers will be expanded to 500,000 by 2030 if the goals of the initiative are met. Accessibility will not only influence consumer choices, but will also provide opportunities for companies to confidently implement policies requiring employees to utilize EV rentals or investing in EV fleets as part of a larger ESG strategy.