Electric vehicles are taking over the streets, and that means drivers are looking for more places to charge. The rapid rise in EVs is creating an opportunity for those willing to learn the tricks of the trade. See how you can invest in EV charging stations and play a role in the future of transportation.
Why Invest in EV charging stations
If you are noticing more electric vehicles on your daily commute, it’s not just you. Battery electric vehicle sales hit another record in the second quarter of 2022, rising to 196,788 as overall new vehicle sales slumped 20%.
The electric vehicle share in the US rose to 5.6% compared to 2.7% in the second quarter of 2021. Automakers are introducing new EVs to the market with more range, superior technology, and zero emissions giving drivers a reason to make the switch.
According to information from the PEW Research Center, 42% of Americans say they would consider purchasing an electric vehicle. The survey was taken before the historic climate bill passed, giving new incentives to buy an EV. What’s more interesting is the breakdown by age group.
18-29: 55%
30-49: 47%
50-64: 34%
65+: 31%
Moreover, over half of them live in urban areas. Although it is true most EV owners charge at night, a growing number of people living in cities rent. A new study from Harvard shows overall rental vacancy is at its lowest since the mid-1980s.
Younger generations are those more likely to be renters, and many apartment complexes don’t have EV charging stations installed yet. Nearly 50% of people under the age of 30 rent, while 10% of those ages 65+ do.
Where EV charging stations are located now
Electric vehicles are expected to account for the majority of vehicles on the road by 2030. However, the most common reason Americans (58%) say they would not purchase an EV is because they fear it will not give them enough range.
Although much is being done to alleviate this fear, there is an opportunity for businesses to participate while contributing to the future of transportation (and earning an extra profit).
The Biden Administration has rolled $5 billion in funding over the next five years through the NEVI program to build a national network of EV charging stations.
Electrify America, a subsidiary of Volkswagen, is working to build a fast charging network across North America.
Automakers like Tesla are also building their own Supercharging network to enable their drivers the freedom to go anywhere. Meanwhile, many of the people in the category above (younger drivers looking to purchase EVs) are looking for more convenient options on their daily routes.
For business owners, this presents an opportunity. And for those that don’t own a business but still want to get involved, there are ways for you to invest in EV charging stations.
How to invest in EV charging stations
To give EV drivers more options, you can install chargers at your business. In particular, if customers stay for more extended periods of time, it may be worth considering. For example, a quick stop (under five minutes) may not be worth it, but it’s a different story for restaurants, entertainment venues, bars, clubs, malls, small businesses, and even workplaces.
Installing EV charging stations is an investment in your business. As electric vehicles continue gaining market share, having convenient charging options can help drive traffic with increased visibility.
Many popular digital map services (like Google Maps) now offer solutions to find charging stations, while others like Plugshare are specifically designed to locate them.
That being said, having electric vehicle charging options available can drive business. There are over $2 billion in utility-provided rebates and $60 million in government grants to help you get started (see what incentives are in your state here). Companies like ChargePoint make it easy with different charging options and valuable tools to help you manage data.
What about those that don’t own a business
If you don’t own a business and still want to invest in EV charging stations, you can always opt to own a piece of one of the companies listed above. For example, buying stock in companies like Tesla (TSLA) or ChargePoint (CHPT) can give you exposure to the expected massive growth in electric vehicles and its supporting factors over the next several years.
To gain exposure to the entire electric vehicle market, an ETF like KraneShares Electric Vehicles & Future Mobility ETF (KARS) has holdings in companies like Tesla, ChargePoint, Nio (NIO), Albemarle (ALB), BYD, Rivian (RIVN), Lucid (LCID), Aptiv (APTV) and more.
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The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.
“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”
President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.
Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”
He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.”He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.
“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”
Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
Jeep Wagoneer S vs Tesla Model Y
Starting Price
Range
Lease Price
Jeep Wagoneer S Launch Edition
$71,995
+300 miles
$599/mo
Tesla Model Y RWD
$44,990
320 miles
$299/mo
Tesla Model Y AWD
$47,990
308 miles
$399/mo
Tesla Model Y AWD Performance
$51,490
279 miles
$599/mo
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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