The Bigger Electric Picture: How Level 3 Charging Stations Can Enhance the Economy

Every year, as people get more conscious about their carbon footprint and the environment, we move one step forward towards a sustainable and emission-free future. Even though the change is slow, it is steady. The adoption rate of electric vehicles (EVs) is on the rise, and so is the need for a well-established charging infrastructure that can support a clean commuting network.

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Level 3 charging stations are the answer to that question. Not only do they reduce the cost of transportation and benefit our environment, but they also have the potential to impact our economy positively. Here we dive deep into the economic benefits of installing level 3 charging stations in public spaces.

What are Level 3 Charging Stations and How They Work

To realize the benefits of level 3 charging stations, it's essential to understand what they are and how they work. Level 3 charging stations, also known as DC fast charging, deliver high voltage and high current to your electric vehicle, which means that your car battery can charge from 0% to 80% capacity in approximately 30 minutes. Level 3 chargers have two kinds of connectors. The Combined Charging System (CCS) is widely used in North America, while the CHAdeMO (Charge de Move) connector is popular in Europe and Japan. Both systems are compatible with most electric models.

Level 1 chargers, which are standard household outlets and level 2 chargers, provide up to 120 V and 240 V, respectively, and can take up to several hours to recharge a depleted EV battery. In contrast, level 3 charging stations, with their high power output, allow drivers to use their electric cars for long distances without worrying about charging time or range anxiety.

How Level 3 Charging Stations are Beneficial for the Economy

Installing level 3 charging stations can benefit both consumers, businesses, and the economy as a whole.

• Level 3 Charging Stations Encourage More Electric Vehicle Adoption: Expanding level 3 charging station infrastructure will encourage more EV adoption and increase the overall market share of the EV market. Consumers are more likely to choose an electric vehicle if they see that the charging infrastructure is well-established and readily available, leading to better EV sales.
• Level 3 Charging Stations Reduce Fossil Fuel Dependency: While the environment is the biggest beneficiary of EV growth, reducing fossil fuel dependency also has a positive economic impact on countries. Lowering imported oil, developing electric power grid infrastructure, and investing in renewable energy projects all help balance a country's books.
• Level 3 Charging Stations Improve Local Business Profits: Installation of level 3 charging stations will boost local business profits, ultimately. People will have longer waiting times, which means they will have more time to shop or eat, leading to increased revenue for local businesses.
• Level 3 Charging Stations Attract Tourists: By installing level 3 charging stations, tourist destinations have the potential to attract visitors who are driving electric vehicles from out of town. This could lead to a boost in tourism revenue, increased lodging sales, and more money being pumped into local economies.
• Level 3 Charging Stations Create Jobs: With an increase in EV sales, there will be a surge in demand for level 3 charging stations, which means businesses will require more skilled workers to keep up with installations, maintenance, and repairs. A new industry has the potential to create well-paying jobs for a variety of professions.

The Key Takeaways

In conclusion, investing in level 3 charging stations is a wise economic move that not only benefits the environment but also helps further the economic progress of any region. The benefits of these fast-charging stations go beyond their environmentally favorable qualities. By encouraging EV adoption, reducing fossil fuel dependency, boosting local businesses, and creating new job opportunities, the greater economy will see positive impacts.

Statistics

• According to a report by J.D. Power, 29% of customers stated that the unavailability of charging stations prevented them from purchasing an electric vehicle in the US.
• The EV sales volume has increased by 81% from 2017 to 2018, with global sales reaching 2.1 million units worldwide.
• The Department of Energy states that ""every billion dollars spent on electric vehicles creates 16,000 jobs,"" which includes positions in manufacturing, services, and infrastructure maintenance.

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