Investing in Electric Car Charging Networks

This article originally was published here: https://www.greenchipstocks.com/articles/investing-in-electric-car-charging-networks/80041

Last week, electric car superstar Tesla Motors (NASDAQ:TSLA) unveiled its latest supercharging station in Oxnard, CA.

This makes number 200.

Not bad, considering just a few years ago there wasn’t a single one. And these aren’t just regular wall outlets. These are advanced super-charging systems that can add a 50% charge in as little as 20 minutes. As well, they are free for Tesla customers.

The big sell on these supercharging stations is that you can now travel long distances in an electric car. And they’re still building this thing out pretty aggressively. Here’s a map of what the supercharging network will look like by next year:

Incredibly Convenient

While I certainly applaud Elon Musk for accomplishing yet another goal that so many had mocked and ridiculed when first announced, I still don’t get all that excited about the supercharger network.

Sure, they’re great for long road trips. But let’s be honest, how often do folks travel really long distances these days? Maybe once or twice a year?

Don’t get me wrong. Certainly for Model S owners, this network of fast charging stations is incredibly convenient. But the truth is, there’s nothing more convenient than “fueling” your own car, at your own home, while you do other things.

I’ve always found that one of the greatest benefits of owning an electric car is that you can plug it in at night, and when you wake up in the morning, it’s fueled up and ready to go. That’s an incredible convenience. And since roughly 70 percent of the daily commuting population in the U.S. drives no more than 40 miles per day, the need to “fill up” outside the home doesn’t seem particularly urgent.

Charge for Free

Of course, if you do want to charge your electric car away from your home, you’re not restricted to Tesla’s charging stations. In fact, in the garage across the street from my office you’ll find parking spots reserved solely for electric cars. And when you pay to use the parking garage, you can charge your car for free while you work.

This is actually becoming more and more common in a number of cities throughout the U.S.

Condos and apartment complexes are also making similar offers in an attempt to lure new residents. Imagine if the owners of an apartment building offered free gas anytime you needed it in return for renting an apartment. That apartment building would never have a single vacancy.

Although the number of electric car owners is still few and far between, the growth rate for electric car buyers continues to grow rapidly. And in the very near future, I suspect free electric car charging for apartment and condo residents will be as common as fitness center access and free Wi-Fi.

In the meantime, notice how local utilities and electricians are pulling in a little extra income installing these new chargers. This is a great indicator of just how seriously parking garages, apartment complexes and utilities are taking this market. A market, by the way, that is unlikely to lose an ounce of steam anytime soon.

This article originally was published here: https://www.greenchipstocks.com/articles/investing-in-electric-car-charging-networks/80041

Investing in Electric Car Charging Networks originally appeared in Green Chip Stocks. Green Chip Stocks, your personal guide to investing in green, sustainable, alternative, and renewable energy stocks.