It's no secret that the electric vehicle market is on the rise. College campuses and university housing complexes need to take note of the growing market and cater to this new category of young EV drivers.
Consumer Reports recently came out with a study that indicates 71% of American drivers surveyed would "strongly consider" an EV for their next car should they not already own one. Now is the time to start considering adding EV charging to colleges, universities, and student housing complexes to keep up with the expected spike in young EV drivers within the next 5-10 years.
First, let's stop falsely assuming that young people are not interested in EVs.
For too long, college campuses and student housing complexes have incorrectly assumed that young people aren't interested in EV chargers or would not benefit from them as much as professors or staff. However, a recent BBC study found that half of young people want an electric vehicle or already own one.
This percentage is only expected to increase by 2030 as more and more auto manufacturers are coming out with cool, quality electric vehicles that younger buyers will love.
EVs are not "too expensive" for college-aged students to seriously consider.
The truth? College students are not all broke and surviving on top ramen like the media makes them out to be. Many of these millennial and Gen Z students are financially savvy and can afford electric cars or plug-in hybrids. They just have to pick the right make and model, as well as consider leasing over buying them.
For example, the Nissan Leaf electric vehicle is now being offered to lease for as little as $89/month. It is estimated that 81% of students attending college at least part-time are employed, while a Georgetown report found that 70% of full-time students are working.
With this in mind, with affordable options coming out on the market, college students can certainly pay for the added benefits of joining the growing EV community.
Owning an EV comes with tons of perks for college-aged drivers.
With the expected savings per EV driver landing around $800-$1,000 per year compared to gas-powered drivers in lower maintenance costs and rebates, the EV lifestyle is becoming increasingly appealing to motorists from all walks of life.
This includes students who may be looking to invest in an electric vehicle to benefit from added perks such as rebates, gaining access preferred parking in some areas, or being granted the ability to use the HOV lane in many states.
Cutting commute times alone when cruising to an 8:00am class might be enough to convince college-aged students they need a low-emissions vehicle.
Student Housing Developers need to understand that 80% of EV charging is done at home.
For four years of their lives, college students are moving into student housing complexes as their new home. 8 out of 10 times, an EV driver expects to have the ability to charge their vehicle at home rather than in public.
With the recent announcement by the Biden administration that 50% of new cars are expected to be electric vehicles by 2030, it's time to start investing into residential EV charging now to accommodate students who will need these solutions both in the near future and down the road.
Are you a student housing developer looking to offer your tenants EV charging solutions? Contact us for special rates on our Level 2 Plug-and-Play EV700 Chargers. Available with a pedestal for complex use.