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So, how much does it cost to charge an EV?

Never mind the sky-high gas prices, Americans are buying electric vehicles at an accelerating rate. 2021 saw a near 70% increase in EV sales in the U.S., where these less-impactful vehicles now account for nearly 5% of all cars on the road (McDonald, 2020).

With the new EV tax credit incentives of $7,500 on new EV purchases and $4,000 on used EVs, in the Inflation Reduction Act which passed Congress last week, this should only go even faster. Besides having great features like extra storage space where an internal combustion engine would be, instant power and acceleration, and loads of new features, EV’s have another competitive edge over conventional gas powered vehicles. And no, we’re not talking about reduced lifecycle emissions (even though that is one of the most compelling reasons to buy an EV).

The cost of charging an electric vehicle is much, much cheaper than running a gas powered car. The average American drives just about 14,200 miles in any given year (Covington, 2022). With new standards pushing the average miles per gallon to 36, you can expect to use roughly 400 gallons of gas per year (Isidore, 2022). And with the way that gas prices are currently ($4.01 is the national average as of publication of this blog), that amounts to a yearly fuel cost of just about $1,600 (AAA, 2022). That’s a pretty hefty gas bill.

Here’s where EVs have an advantage. There are three levels of EV chargers, classified by their speed, Levels 1-3, with 3 being the most rapid charger type. These chargers range in cost from $0.30-0.60 per kilowatt hour (Mach 1, 2022). A kilowatt hour, the unit used to measure electrical power, will get the average EV 2.9 miles down the road (O’Dell, 2022). Considering the same average rate of driving (14,200 miles per year), it would take roughly 4,900 kilowatt hours of electricity to power an EV for a year. Assuming you’re using the fastest — and most expensive— Level 3 chargers, this amounts to nearly $300 of "fuel" costs per year! You’re saving over 5 times the amount you’d pay for gas by using an EV.

Despite these fantastic savings that make buying an EV over a gas-powered vehicle a no brainer, based on current trajectories the US will fall 170,000 chargers short of Biden's mandate of 500,000 EV chargers by 2030 (Stak Mobility, 2022).

One of our current issuers, Stak Mobility, is addressing that problem head on. Stak provides Level 2 EV charging at city-wide scale, reducing parking footprints and greenhouse emissions by 65% and delivering energy and EV services to underserved communities. Their chargers are made for high-density urban areas, allowing them to fit into places where other chargers simply cannot. As their project scales, they expect to make significant impacts across a few key areas:

Environmental Impact

Stak Mobility avoids, reduces, or sequesters anthropogenic emissions of greenhouse gases (GHG) and air pollutants. Stak Mobility can increase the capabilities of an EV charging site up to 700% using their automated, vertical charging and parking solutions. 

Community  Benefit

Stak will reduce CO2 emissions by encouraging EV use and EV fleet deployment. Through more efficient land use and by implementing EV infrastructure for vehicle storage in densely populated urban and disadvantaged areas they can help reduce CO2 emissions in these instances by up to 80%, according to the National Parking Association.

Economic Value

Through their first 5 years, if they receive the funding they need, they could create 2,600 jobs in construction, system and charger installation, quality assurance, maintenance, and for Stak full-time employees.

Other Impact

Influencing EV ownership in hard-to-penetrate urban markets and increasing consumer confidence in overcoming range anxiety with an expansion of EV charging plugs. Additionally, saving land use through automated parking can reduce the conventional parking footprint by up to 85%, according to Stak Mobility’s internal study.

One of their first projects made headlines for its innovative use of space to increase charging capacity in an urban area lacking free space.

These EV innovators are currently offering an Indications of Interest offering on the Raise Green Marketplace. Without your support, they may not be able to scale their project and create immense social, environmental, and economic impacts.

Support Stak Mobility today and be part of the EV revolution.

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