by Christian Riepe, SVP of Insights and Analytics
In an era where time seems to be in short supply, it was only a matter of time before “time saving” developed into a profitable market. As technology evolves, so do the ideas designed to support it. Electric vehicles (EV) are one such example that continues to undergo enhancements to serve as an efficient mode of transportation. But a five-minute charge for an EV?
That’s a potential game changer for the future of the EV market as two Chinese manufacturers have launched the technology in China promising they can charge an EV for a 250-mile range in the time it takes to fill a traditional gas tank. Although this technology has not yet reached the United States, it's only a matter of time before it does. When it arrives, it will fundamentally change how Americans view EV ownership—and utilities must be ready.
The Future of EV is Here
Technological advances are moving at a rapid pace, so it’s imperative that utilities not only keep up with the trends but get ahead of them. It won’t be long before this technology makes its way to the United States, possibly sooner than some may be ready for. Beginning the planning process now is crucial to adequately prepare, particularly when considering that the charging infrastructure be adaptable to the incoming technology.
One factor that can sometimes put consumers off is the distance between charging stations. Range anxiety is a genuine obstacle for prospective EV consumers. Our team at ReconMR regularly conducts surveys on this topic and two concerns that remain at the top of the list are how far an EV can travel before the need to recharge and how long it will take to fully charge the EV.
And it’s not just electric vehicles for personal use. Commercial EV vehicles are coming too, and fleet owners are hesitant to convert to electric vehicles because of concerns about the charging infrastructure.
Balancing Now and Tomorrow
Investing in an adaptable charging infrastructure can help utilities stay ahead of the curve, but it’s also important to tailor those investments to have some flexibility. This attention will ensure the infrastructure can be retooled for future advancements as well as prevent costly retrofits and underused assets.
One of the best ways to properly assess this upgrade and ultimate necessity is for utilities to survey residential and business customers in their service territories to keep up with potential demand for EVs and ways to help meet that demand.
To learn more about how your energy company can prepare for the future of EV, contact ReconMR for an in-depth discussion on how we can help you better serve your utility company and customer needs.
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