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Trends in the Residential EV Charging Industry

Home charging is the most common type of charging for electric vehicles. At-home charging is more convenient, efficient, and cost-effective than public charging stations, depending on the user’s location.

This article from UCFS explores trends in the residential EV charging industry. When you know what’s happening in the market, you can position your business to earn its share. Read on to learn more about trends in the in-home EV charging market. 

1. EVs are Becoming More Affordable

Hybrid sales are on the rise, with EV sales following suit. Edmunds found hybrid sales up 65 percent from 2022 to 2023, with EV sales at a 46 percent gain. Though EV market share hasn’t caught up with hybrid numbers, the growth is there: 2023 saw an 11 percent rise in EV purchases from 2022. This year, EV sales are projected to increase by 20 percent from last year to nearly half a million more units sold.

The causes for increasing EV adoption: cost and charging accessibility. As supply and demand balance, EVs are becoming more affordable, especially for consumers most likely to choose a fully electric vehicle –– 90 percent of 18- to 24-year-olds are open to an EV as their next car purchase, according to Edmunds. As new technologies come online, manufacturing will become more efficient, dropping production costs: a savings passed to the consumer.

The demand for residential charging will grow as EVs become more affordable and sales increase. EV owners want the convenience of at-home charging. Installation companies are in a prime position to offer their services and capitalize on their specializations in a market that needs them.

2. Residential Charging is Outpacing Public Charging Stations

Electric vehicle sales far outpace the public charging infrastructure here in the U.S. According to the Washington Post, EV registrations in the U.S. grew three times faster than the public charging infrastructure between 2016 and 2023. Eight years ago, there were seven EVs for each public charging point. Today, there are more than 20 electric cars for each charger.

Residential charging is, for now, the solution to an overburdened public charging infrastructure.

Installation companies must make their services affordable, accessible, and available to EV owners ready to invest in a residential charger.

3. Growth of the EV Charging Sharing Economy

EV owners can’t wait on public infrastructure to meet their charging needs. They’re finding solutions for themselves in residential EV charging sharing.

EV drivers monetize their at-home charging stations by sharing their installations with the public. For many individuals, like apartment dwellers, an at-home station isn’t possible. For others limited by financial barriers, installation is not an option because of high upfront costs.

But for these groups (and others), paying for the use of a private station is the ideal charging scenario. They get the convenience of at-home charging without the high investment costs or property ownership requirements to install a charging station. All the while, users compensate charging station owners for access. Every party, including the ones responsible for expanding public EV charging, benefits from this structure.

4. Fast Charging is King

Residential charging stations are the ideal charging method for EV owners. Most EVs come with a Level 1 charging cable. Level 1 chargers can take over 50 hours to charge a vehicle 80 percent from empty. Fifty hours won’t cut it for most EV owners.

Permanently mounted Level 2 chargers offer a faster charging option, allowing users to organize charging schedules and optimize energy use. While Level 2 chargers are the preferred option for most EV owners, they often require significant electrical work depending on wiring needs and the existing panel location.

When it comes to at-home charging, homeowners want their investment to count. They want fast charging options that work for their lifestyle pace and schedule. As batteries trend larger and take higher charging speeds, Level 2 charging stations will become the norm.

Make Residential Charging Accessible and Affordable with Consumer Financing

EV owners need reliable, fast, and convenient at-home charging to optimize their vehicle purchases, especially if they live in an area without easy access to overnight charging or a rapid charging station. Residential charging plays a massive role in widespread EV adoption.

Businesses offering charging installation must make their services affordable and accessible to the greatest number of consumers possible. Consumer financing breaks down sizeable lump-sum installation costs into low monthly payments, giving users flexible payment options that empower them to proceed with their installation right away and pay over time.

Consumer financing is essential for electricians and HVAC companies providing residential EV installation services. For various reasons, many homeowners already financing their new vehicle, find it necessary to also cover the costs of a Level 2 charging station installation with monthly payments. They need flexible payment options that offer affordability and predictability.

United Consumer Financial Services is the consumer financing partnership you’re looking for to expand your services and grow your business. For more than 40 years, we’ve built our financing program to serve you and your clients.

UCFS offers a fast, straightforward application with almost immediate notice of credit decision. After a homeowner is approved, you can schedule their installation and provide clear instructions for loan repayment.

With UCFS, there are no surprise fees for your business, consumers have a set, low APR as compared to current credit card APRs,  and live support staff based in Cleveland, Ohio, for your questions.

Our team makes financing simple and accessible for businesses like yours and your customers. While financing options make EV charging station installations accessible to your clients, you reap many benefits as well.

Offering financing through UCFS helps you:

  • Maintain and improve cashflow, a crucial factor for healthy, sustainable businesses
  • Get paid by UCFS within 1-2 days of project completion
  • Upsell and cross-sell your services
  • Expedite the sales process because it’s easier for a homeowner to envision low monthly payments rather than a large up-front sum.

Consumer financing is a must for EV charging installation, and it’s an effective tool to help you grow your business. Financing makes all your services more affordable: electrical contracting work, solar, plumbing, and more. Charging stations are just one aspect of what you do. Partnering with UCFS to offer consumer financing helps you build your company and increase sales for every area of your business. 

Capitalizing on Trends in the At-Home EV Charging Industry

As more individuals buy electric vehicles, they’ll need your expertise to ensure safe, fast charging from the convenience of their garage. Give them the flexibility and purchasing power afforded by financing from UCFS.

Becoming a merchant with UCFS is easy. Contact our team to learn how offering financing will help you install more residential EV charging stations and grow your electrical, HVAC, solar, and plumbing businesses starting now.