· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:
🗞️ Driving the news: Electric vehicle (EV) charging stations, while often unprofitable on their own, can boost nearby businesses, offering a model similar to gas stations: sell fuel at a loss to attract customers who spend money on snacks and other goods
• A recent MIT-led study found that shops, restaurants, and hotels within 300 feet of a charging station saw sales increase by 3%
• This sales bump could help cover a portion of the construction costs of charging stations
🔭 The context: Although only 1.2% of U.S. cars are electric, the need for more public charging stations is growing as the country pushes for cleaner transportation
• Charging stations alone don’t generate significant profits, but businesses can benefit from increased foot traffic, encouraging more investment in EV infrastructure
🌍 Why it matters for the planet: Expanding EV charging infrastructure is essential for the U.S. to meet its emissions reduction targets
• Making charging stations financially viable through boosted sales for nearby businesses could accelerate their growth
⏭️ What's next: As EV adoption rises, especially in states like California, more businesses may invest in or install their own charging stations, following the parking model—offering free or cheap charging to draw in customers
💬 One quote: "You can’t survive on just selling electrons" – Alan Jenn, assistant professor at UC Davis
📈 One stat: A 3% increase in sales at businesses near EV charging stations was found in the MIT study
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