CUNA is now America’s Credit Unions. A stronger voice to advance the credit union industry.
By Jeff Muglia, Sales Director, Tetto 5G September 27, 2023
Moody’s Investor Service reports that sales and announced launches of alternative fuel vehicles, especially electric vehicles (EVs), are gaining momentum in the U.S. They estimate that EV sales as a percentage of auto sales grew 350% from 2% of auto sales in the first quarter of 2021 to 7% in the first quarter of 2023.
With the rise in the sales of EVs in the U.S., there will be a corresponding increase in the need for public EV charging stations. According to McKinsey, 1.2 million public EV chargers are needed by 2030 in the U.S.
The impact of EVs is not limited to just new car sales. A Cox survey found that 51% of consumers are considering either new or used or used EVs, up from 38% in 2021, an increase of 34%.
EVs are becoming less expensive. With the reduction in EV prices, the economic barrier to purchase is shrinking. With economic barriers subsiding, the average income, age and gender will expand and become more widespread. With the increase in lower-income and younger EV drivers, the percentage of households without home chargers will increase. With more EV owners living in apartments and smaller single-family homes, the need for and usage of public charging sites at workplaces, businesses and shopping centers will climb.
With 4,760 credit unions, approximately 22,000 branches and over 135 million members, credit unions are uniquely positioned to capitalize on the boom in new and used EVs and the increased demand for conveniently located public EV charging stations.
Credit unions can capitalize on the jump in EVs by installing on-site EV charging stations because:
For additional information on 5G benefits for credit unions and members, connect with Tetto 5G.
Tetto 5G was formed by a multidisciplinary team of experienced real estate, telecom, legal, and business professionals who came together to help property owners capitalize on the 5G build-out. To deliver on the promise of revolutionary performance and the expansive coverage of 5G, wireless carriers are investing tens of billions in infrastructure. Tetto 5G connects the carriers with credit union locations enabling the connected society by bringing critical infrastructure to where people live, work, eat, shop, play, refuel, stay, bank and worship.