PredictEV Will Help Make Charging More Accessible
In January, there were around 46,290 EV charging stations with 113,558 charging outlets in the United States. While many EV owners charge their vehicles at home or work, building a network of electric vehicle (EV) charging stations is critical to increasing mass adoption in the U.S.
More Americans are either purchasing EVs or considering purchasing them. However, it’s understandable that prospective buyers would feel less inclined to buy an EV if there are limited or no public charging stations available in their areas. What needs to happen to make EV charging more accessible?
One EV industry leader, Volta Charging, recently launched a program to improve the nation’s charging infrastructure.
Growing Demand for Accessible EV Infrastructure
The federal government’s Bipartisan Infrastructure Law will help meet the growing demand for EV charging stations. According to the U.S. Secretary of Energy, Jennifer M. Granholm, the goal of the infrastructure plan is to make EV charging accessible, so American drivers can save money and travel long distances.
The Biden Administration and the U.S. Departments of Transportation (DOT) and Energy (DOE) announced five billion in funding over the next five years for developing a nationwide EV charging network. With this funding, it’s expected that charging stations will be placed along the Interstate Highway System to modernize transportation for citizens in urban, suburban and rural areas.
Individual states are also taking their own strides towards eliminating the barriers currently hindering mass EV adoption. New York, for example, authorized more than $700 million in funding to implement incentives in the EV market in 2020, and California introduced submetering technology protocols in August 2022 that would allow EV owners to more easily measure their vehicle’s energy consumption.
The ultimate goal is to build a charging infrastructure that makes driving and charging an EV as easy as driving and fueling a gasoline-powered vehicle. However, the International Energy Agency (IEA) reported in 2021 that the U.S. stock of slow chargers only increased by 12%, the slowest among major markets. To put this figure in perspective, installed slow chargers in China increased by 35%.
In other words, this data shows that the U.S. is lagging in EV charging support compared to other countries. Is it possible that the EV charging situation could improve?
Volta’s Charging for All Initiative and the PredictEV Software
Volta is one company in the EV industry trying to solve the issues with EV charging infrastructure.
Last month, San Francisco-based EV charging company, Volta, announced its Charging for All program, which sets out to improve EV charging accessibility and equity. One reason Volta took on this initiative is to help EV owners in dense communities, apartment complexes or those without home or work charging stations access affordable and convenient charging.
While many regions lack sufficient charging stations, disadvantaged, underserved or low-income communities see far fewer EV charging stations. This discrepancy could lead to a more significant EV adoption divide.
A major part of Volta’s initiative is expanding the company’s PredictEV planning platform. PredictEV is a software product that uses machine learning (ML) and artificial intelligence (AI) to predict EV adoption and potential charging demand in one area.
PredictEV could make EV charging more accessible, equitable and affordable for communities across the country. Suppose there’s no solution to the issue of limited charging stations. In that case, the stress on existing charging stations could get significantly worse, which could deter potential EV buyers.
The Future of EV Charging Infrastructure
EV technology is expected to advance, but recent volatility in EV stocks could have a negative impact on the EV market as a whole. In the longer term, the EV market may see a strong mean reversion, meaning stocks will return to a reasonable level.
While the number of EV charging stations is expected to exceed the number of gas stations in the U.S., even more are needed to support widespread EV adoption. In addition, a statement from the White House suggests that modern charging stations must follow strong standards, including convenient payment methods, universal charging systems to accommodate the various types of EVs and equitable access across different states.
With more funding in the EV technology sector, government intervention and support and companies like Volta, EV charging infrastructure in the U.S. could eventually meet rising EV adoption and charging demand.
Meeting EV Charging Station Demand in the U.S.
By launching its Charging for All initiative and improving an advanced version of PredictEV, Volta Charging will likely become a more prominent player in the EV charging market.
The country must take various steps, such as offering incentives to potential EV buyers and implementing a sufficient number of charging stations nationwide to support widespread adoption. Without taking these measures, EVs may not catch on like they have in other countries.