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New Research Reveals Economic Boost From Electric Vehicle Chargers In Communities

New research reveals economic boost from electric vehicle chargers in communities

By Wisconsin School of Business

February 27, 2024

(MADISON, WI) As the White House announces a groundbreaking $623 million grant to enhance the electric vehicle (EV) charging network across the United States, Yash Babar, assistant professor of operations and information management at the Wisconsin School of Business, presents compelling insights into the economic implications of EV infrastructure expansion.

Babar’s research delves into the intricate relationship between EV infrastructure and local economies. “Once the supercharger is installed, if it is a rapid supercharger, there’s a 4% increase in the traffic in those neighboring locations,” notes Babar, highlighting the tangible impact of rapid charging stations on nearby businesses.

Moreover, Babar’s research emphasizes the equitable distribution of EV charging infrastructure. “By strategically locating charging stations within close proximity to businesses, the spillover effects on local economies are maximized,” he explains. These insights provide a roadmap for sustainable economic development alongside EV expansion.

Babar’s research also underscores the significance of partnerships with companies like Tesla in advancing EV infrastructure.”Tesla says to stores, ‘Hey, install these EV chargers—we will pay for it,’” Babar points out, highlighting the potential for win-win collaborations between EV manufacturers and businesses.

With the ambitious grant aiming to bolster the EV charging network nationwide, Babar’s research serves as a timely and invaluable resource for policymakers, stakeholders, and businesses. His work provides tangible evidence of the economic benefits of EV infrastructure expansion, guiding efforts towards a future where EV charging stations power vehicles and fuel economic vitality in every corner of the nation.

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Leiah Fundell
Social Media & Public Relations Manager, Wisconsin School of Business | UW-Madison