It was announced in February 2022 that the federal administration is making $5 billion available to states over a five-year period to help build a nationwide electrical vehicle charging network, the LA Times reports. The funding comes as part of the Biden administration’s infrastructure act in support of a plan to move the country to zero emissions by the year 2050.
Under the new bill, states are to help build new or upgraded existing charging stations every 50 miles along interstate highways. The new infrastructure will allow EV cars to travel across the country easily. The bill also includes an extra $2.5 billion in funding in order to ensure that rural and lower-income areas aren’t neglected as part of the new charging infrastructure plan.
Currently, there are more than 50,000 charging stations in the U.S. as well as more than 100,000 charging outlets. The target is to reach 500,000 charging stations by 2030. Biden’s bill originally proposed $15 billion, but the amount was cut in half. The hope is that private investors will help make up the difference.
States are required by the Transportation Department to focus first on building out stations for major highways in order to allow for seamless long-distance travel. Each station must have a minimum of four fast-charging ports, which take approximately one hour to recharge.
Biden’s stated goals are for EV vehicles to make up 50% of automotive sales by 2030 and to be at zero emissions by the year 2050. In 2021, EVs made up 3% of car sales for a total number of 400,000 vehicles.
Research suggests that two of the highest-ranking barriers that inhibit consumers from buying EVs are the limited availability of charging stations and the limited driving range of EVs. By building a national infrastructure for drivers in communities of all sizes, the BIden administration hopes to increase EV sales as a result.
As the L.A. Times reports, “Currently, electric vehicle owners charge their vehicles at home 80% of the time, making the need for EV charging stations at colleges, apartment building parking lots or even public streets less urgent. But that is likely to change as more people who don’t have a garage to house a charging station buy EVs.”
As a result of this construction project, exciting changes are in store for the automotive industry, in particular for EV vehicle brands. We’ll continue to keep you updated on this project, so keep checking back with us in the future for developments.