Electric Vehicle Sales Surge

Despite recent reductions in electric vehicle (EV) subsidies by the current administration, the EV market continues to thrive. In January of this year, approximately 130,000 electric vehicles were sold across the U.S. and Canada, marking a significant 22.1% increase from January 2023. This upward trend in EV sales is accompanied by a corresponding rise in the availability of charging infrastructure, with around 85,000 charging stations now operational in North America as of February.

The Shift in Charging Infrastructure

The absence of a nationwide charging network has intensified the demand for charging solutions in residential and commercial buildings. As a result, charging stations have emerged as a highly sought-after amenity in multifamily housing and office spaces alike.

While the upfront costs of installing EV chargers may seem daunting for property owners, integrating smart charging technology can streamline energy management, potentially leading to significant savings over time.

The Potential of Bidirectional Charging

In an ideal system, electric vehicles could function as batteries for buildings, with bidirectional charging technology already available. This capability allows vehicles to be charged during off-peak hours when electricity is cheaper and discharged during peak demand times to stabilize energy utilization. However, uncertainties around vehicle availability pose challenges for this concept, as predicting when cars will be plugged in is complex.

Smart Charging Solutions

To address these challenges, innovative smart EV charging stations are being developed that can help manage electricity consumption more effectively within buildings. These next-gen chargers are not only instrumental in turning vehicles into energy assets for buildings but also play a crucial role in overall energy management.

“Not enough building owners are thinking about integrating loads across the entire property so they can be managed together,” explained Thomas Martin, Director of Sales Engineering at SWTCH Energy. SWTCH chargers utilize APIs that interface seamlessly with building management systems (BMS), allowing for precise predictions regarding vehicle charging behaviors and effective demand management.

Performance Benefits of Smart EV Chargers

Smart EV chargers offer multiple advantages:

• Reduced Amperage Requirements: These chargers require less electricity, minimizing the need for dedicated service connections and subsequently lowering installation costs.
• Dynamic Power Management: By analyzing local utility time-of-use rates, SWTCH chargers optimize charging patterns to leverage lower-cost electricity, providing significant savings in cities with high peak rate structures.
• Integration with Renewable Energy: Smart chargers can capitalize on onsite renewable resources, particularly solar energy, by utilizing surplus production for EV charging, contingent on battery capacity.

Incentivizing Car Owners

While property owners find value in smart charging technology, it is also essential to consider the motivations of EV owners. Martin shared insights into the strategies employed to ensure users remain informed and satisfied: “One of our takeaways is that we would only want to use a certain percentage of a vehicle’s battery so you don’t charge it down so far that they would be getting a low charge warning.” Additionally, SWTCH is implementing financial incentives for users to participate in energy-saving programs, such as a pilot initiative in Vancouver that credits users’ digital wallets for future charging.

The Future of EV Charging

The increasing number of electric vehicles on the road ensures a growing demand for charging stations. Interestingly, a larger network of EVs can enhance the effectiveness of smart chargers. By distributing the load across multiple vehicles, chargers can achieve impactful energy savings, sometimes reducing consumption by as little as ten percent.

Regardless of political changes, the evidence suggests that electric vehicles are integral to our future. Meeting the charging needs of these vehicles will require coordinated efforts from both infrastructure providers and the electrical grid. Fortunately, advancements in smart EV charger technology could fill the gap necessary for effective energy management in real estate.