One of President Biden’s goals for his term is to make half of all vehicles on the road electric by 2030. The main issue holding him back on this goal of a greener future is the lack of EV chargers that are available to the public. In 2020, EV’s and hybrids accounted for 2% of the vehicle population in the U.S. and there are approximately only 45,000 public EV chargers available. This causes an issue for people traveling long distances, they don’t have enough places to stop and refuel.
To reach to goal of 500,000 public EV chargers, the Biden administration plans to offer $7.5 billion in funding to go towards the infrastructures to charge electric vehicles. This funding is expected to stimulate more businesses, state and local governments into investing in EV charging stations in their towns and facilities. $5 billion has been issued to states over a five-year period to go towards EV charging networks. Proposed tax credits for businesses that purchase electric vehicles are still pending approval from Congress.
Each state will have the ultimate deciding factor as to where the charging stations will be installed and what type of chargers will be used. If the state installs fast chargers, they will be more expensive to install. Businesses such as gas stations can be slow to keep up with the need of EV chargers due to the cost of the chargers and the fact that most people with an electric vehicle have a charger at home to use but can be a challenge for those living in a multifamily dwelling such as an apartment or condominium complex.