If you’re wondering if the electrification of the automotive industry is really, truly a thing, here is your answer: YES.
In some regions, important strides are being made to re-engineer today’s gas-powered vehicles to run on electricity and to implement the infrastructure needed to power them. There are multiple reasons.
Prices Are Dropping
Advances in battery energy storage and other technologies are making electric vehicles (EV) a practical possibility. The falling cost of electrification already makes it economically viable for public transportation; it will soon reach its tipping point for the trucking industry, which tracks its costs down to fractions of a penny per mile.
The consumer market is not far behind. Car and pickup truck manufacturers are introducing a variety of hybrid and all-electric models that deliver clean power at a cost that early-adopters are willing to pay.
Policymakers Are Encouraging It
Roughly half of all EVs on the road today are found in California. Why? Because transit and transportation agencies in that state are pushing to eliminate emissions from their bus fleets by 2030, a benefit EVs can deliver. The Los Angeles Metropolitan Transportation Authority, which operates all public transportation for the County of Los Angeles, is leading the way with a plan to purchase more than 2,300 buses that run on electric batteries or other forms of zero-emission power.
California is not alone. Policymakers in New York, New Jersey and Florida are implementing EV programs that will not only reduce air pollution and reinforce a green-friendly image but also save on diesel bus repairs and other costs.
Utilities Are Eager to Support It
Thanks to everything from LED lighting to better insulation, we live in a world that is growing more energy efficient by the day. With residential and industrial users consuming less and self-producing more energy than they once did, utilities are left with excess capacity on the grid.
These investments in making the grid smarter, more efficient and more dependent on power from wind, solar and other distributed energy resources (DERs) give these consumers the ability to support electrification. They will play a key role in building out the infrastructure needed for large-scale adoption.
No matter which way you slice it, the electrification of the automotive industry is coming, and it’s bringing big change with it. Stay ahead of the curve and look for ways to prepare for the arrival of this technology.