Like most developed countries, the United States is looking to phase out traditional internal combustion (ICE) cars in favor of battery-powered electric cars. Electric vehicles are poised to play a major role in the switch to clean energy, with automakers and governments around the world pledging to invest billions of dollars in electrification over the next few decades.
The U.S., which is home to major electric vehicle makers such as Tesla and Ford, has already invested billions of dollars into the development of a nationwide charging network via the massive infrastructure network. With part of his campaign based on clean-energy transition and EVs, President Joe Biden has taken to electrification in a big way. Just a few months after he took office, he passed the infrastructure bill and allocated $7.5 billion to the development of America’s charging infrastructure.
Last week, the U.S. government increased federal funding for EV charging infrastructure projects, giving the push for electrification a much-needed boost. A bipartisan infrastructure bill increased funding for electric vehicle charging by an extra $5 billion, and states have already received approval to access $1.5 billion. Thanks to the extra infusion of cash, America will be able to build out its charging infrastructure to ensure it can support a mass shift to electric cars.
Range anxiety remains a significant barrier to EV adoption in America. The country’s public charging network is still woefully inefficient, and in many cases, chargers are faulty or don’t work at all. The funding will be especially crucial to installing chargers along major highways that typically have little or no charging infrastructure. According to estimates from the Department of Transportation, the approved $1.5 billion funding could install chargers along 75,000 miles of highway.
The Biden administration is looking to install one charger on every 50 miles of highway to expand access to public charging infrastructure. Although up to 80% of EV charging occurs at home, ensuring that there is a sufficient number of chargers along major highways will make drivers more comfortable with taking long trips in their EVs. Furthermore, an extensive public charging network will also expand charging access to the millions of Americans who don’t have dedicated parking.
States will be allowed to choose where to install public EV chargers. Additionally, they will be able to spend the funding on either building new charging stations or upgrading old ones, maintaining charging stations and covering other expenses directly related to EV charging.
As the charging network on highways improves, EV makers such as Fisker Inc. (NYSE: FSR) are likely to have a less difficult time convincing motorists to make the switch to electrified transport.
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