Soon, more EV charging stations will be built in the US than photovoltaic installations
For the first time in the history of the United States, the amount of electric vehicle (EV) charging stations being set up each year is expected to grow more than the increase in solar energy being generated for individual use. This means that in the upcoming years, there will be more growth in the number of EV charging stations than in the adoption of solar energy for homes and businesses.
According to the “2023 US Distributed Energy Resource Outlook” report by Wood Mackenzie, the yearly amount of electric vehicle (EV) charging stations being set up is predicted to hit 41 gigawatts (GW) by the year 2027. This is more than three times greater than the anticipated yearly growth in solar energy production. This information highlights a significant shift towards expanding EV charging infrastructure compared to solar energy adoption.
A market worth billions
By the year 2027, the market for electric vehicle (EV) charging infrastructure is projected to grow to around $20 billion. A significant part of this growth will be driven by domestic charging stations, which are expected to contribute about $6.5 billion, and public DC fast chargers, which are estimated to make up about $5.6 billion.
Specialized solutions for trucks and public transportation are predicted to make up around 18% of the market in 2027. However, this share is notably smaller than the segment of private household charging stations, indicating that a larger portion of the market is focused on personal vehicle charging needs.
PV and EV charging stations as distributed energy resources
Electric vehicle (EV) charging stations and rooftop solar photovoltaic installations are both examples of distributed energy resources (DERs). A DER is a small power generation unit that operates locally and is connected to a larger electricity grid at the distribution level.
It’s projected that between the years 2022 and 2027, the installed capacity of DERs in the United States will nearly double. The total installed capacity is estimated to reach 262 gigawatts (GW). This signifies a substantial growth in the decentralized energy sources, contributing to a more diverse and sustainable energy landscape.