Installing EV Charging Stations Is a Novel Way for Credit Unions to Capitalize on the Boom in Battery Electric Vehicle Sales

By Jeff Muglia, Sales Director, Tetto 5G

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:

• Revenues from EV charging stations generate non-interest income
• EV chargers at branches increase traffic, dwell time and branch visits from members and non-members; EV charging access is a benefit to credit union employees
• The National Car Charger’s 2019 survey found that 81% said the presence of an EV charger at a business made them more loyal to the business
• EV chargers positions credit unions as environmental, social and governance (ESG) friendly

Connect with Tetto 5G for additional information on 5G benefits for credit unions and members.