The Electric Vehicle market is growing quickly due to consumers’ strong interest in new technology, in minimizing travel costs in an era of sky-high fuel prices, and in reducing their carbon footprint. Last year, electric vehicle sales surpassed 10 million globally and are expected to grow by 35% this year.
As a hotel, multi-family, or mixed-use property owner, it's important to prepare for this surge in demand from customers by installing EV charging stations. However, with many EV charging solutions available, it can be challenging to determine the right type of station to install. This blog post will explore why Fast Charging stations are a better choice for these properties compared to Level 2 stations.
DC Fast Charging and Level 2 EV Charging
Level 2 charging uses a 240-volt AC electric source, which is the same as what is used for a clothes dryer or electric stove, to charge an electric vehicle. They can charge an EV from empty to up to 80% of capacity in 4 to 10 hours. Fast charging uses a higher voltage DC electric source to charge an electric vehicle's battery and can charge an EV up to 80% of capacity in just 20 to 60 minutes.
A property owner should choose a charging station based on the type of property. Single family homes, for example, require less power and chargers compared to larger properties. Charging an EV overnight with a Level 2 unit may be enough in this scenario. But when you consider a larger property, how do you pick a charging station that future proofs the property for increased capacity as well as leaves the property owners and the customers/residents feeling satisfied?
We believe that Fast charging is a better option as compared to Level 2 Charging in this scenario and here are some reasons that will convince you to.
Advantages of DC Fast Charging over Level 2 EV Charging Stations
1. Ability to Charge More Cars Per Day: By 2030, EVs will represent more than 60% of vehicles sold globally, resulting in a surge in EV charging capacity required at properties. Fast charging makes more sense to accommodate this growing demand in high traffic areas or where multiple EV owners need to charge their vehicles like hotels, multi-family, or mixed-use properties than Level 2 charging because it allows for a higher charging capacity without requiring extensive infrastructure upgrades like trenching and cabling or the consumption of additional parking spots. Fast Charging can charge electric vehicles in as little as 20-30 minutes, allowing for a higher volume of vehicles to be charged in the same amount of time.
2. No Restriping Parking Lots or ADA Compliance Issues: Fast charging stations are smaller in size compared to Level 2 charging stations, which means they take up less space. This is especially beneficial for businesses as they do not need to restripe their parking lots to accommodate them. This can save them both time and money. Moreover, businesses can avoid any potential ADA compliance issues that may arise with Level 2 charging stations. Installing Level 2 charging stations can sometimes require significant modifications to the parking lot, which can be both inconvenient and costly. On the other hand, fast charging stations can be installed without such modifications, making it a more convenient and cost-effective option for businesses.
3. Takes Up Fewer Parking Spaces: Fast charging stations require less space, and the same charger can in some cases service more than one charging spot. A higher throughput of EVs at each spot minimizes the number of spots consumed for a given population of EVs. This also reduces the stress between residents/customers who otherwise may have to compete to get access to an EV charging spot. Fast charging stations maximize EV charging in limited parking spaces, making them a more space-efficient option for properties. This also helps prevent internal combustion engine vehicles taking up and thus blocking EV charging spots because non-charging spots are in short supply, a practice referred to as IC-ing.
4. Fast Charging as a premium amenity: According to many studies, range anxiety is still a top concern for prospective EV buyers. Fast charging is a more convenient option compared to Level 2 charging since it reduces range anxiety and wait times for EV owners. Fast charging stations can charge EVs significantly faster, thus making it easier for EV owners to travel longer distances without worrying about running out of charge. This in turn will help maximize EV adoption rates and attract more customers to properties which provide fast charging facilities.
5. Lower Cost Per Charge: Fast charging can come with a lower cost per charge compared to Level 2 charging stations in solutions where the cost is based on time as it can provide a significant amount of charge to an electric vehicle in a shorter amount of time. Fast charging stations also allow EV owners to spend less time charging and more time on the road, making fast charging stations a more attractive option for those who are looking to minimize their charging time.
In conclusion, fast charging is the ideal solution for larger properties like hotels, multi-family, and mixed-use properties to get ahead of the curve and prepare for the future demand for EVs. With the ever-increasing adoption of EVs, providing fast charging stations can help these properties attract and retain tenants or customers who own electric vehicles. Fast charging stations attract EV owners because of their speed, and convenience. This creates an opportunity for properties to generate additional revenue as customers patronize businesses while waiting for their vehicles to charge or prefer to stay at multifamily properties that offer quick charging. Strategic placement of fast charging stations in high-traffic areas can increase visibility and exposure for the property, leading to increased foot traffic. Fast chargers maximize available charging spaces and can minimize the requirement for additional infrastructure. Investing in fast charging infrastructure now can set these properties up for long-term success and contribute to a sustainable future.