Electric car supporters often talk about the perfect storm. . .
A timely mix of high gas prices, sufficient electric vehicle infrastructure, strong policy support and enough inventory to meet demand.
While I continue to believe the US will reach this perfect storm in another 10 to 15 years, it’s already begun in Hawaii.
According to the latest numbers, it looks like 1.2% of all vehicles sold in Hawaii last year were electric. This, compared to 0.1% on a national level.
Of course, this isn’t particularly surprising. After all, residents of Hawaii are now shelling out about $4.50 a gallon for 87 octane. And for those looking to go electric, there’s now one charging station for every 5,500 residents. This is actually a pretty big deal considering just how young the EV market is right now.
Hawaii has also been a leader in policy support. With a $4,500 tax credit, HOV access, and free parking at meters and parking garages, lawmakers in Hawaii have been quite aggressive in their efforts to get more EVs on the road. The Aloha State was even the first state to disallow condominium associations from blocking the installation of home charging stations.
As an added bonus, Hawaiian Electric Co. is now running a program that offers discounts on electricity rates when consumers charge their EVs at night. And most of that power comes from wind.
By necessity, Hawaii is quickly taking the lead in the US when it comes to transitioning to the new energy economy. And it is also by necessity that the rest of the nation will eventually do the same.
Hawaii currently has a 40% by 2030 renewable portfolio standard in place, and hopes to have 40,000 EVs on the road by 2020.
Electric Car Sales Soar in Hawaii originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.