Summary:
It's Electric, a NYC startup, is installing curbside EV chargers and paying property owners for the electricity.
NYC expects a massive increase in EV registrations, creating a critical need for expanded charging infrastructure.
Property owners can earn up to $3,500 annually by participating in the program.
The company focuses on Level 2 chargers, suitable for overnight charging in residential areas.
The EV charging market is projected to reach $150 billion by 2030.
It's Electric: Revolutionizing NYC's EV Charging Game
Brooklyn-based startup It's Electric is tackling NYC's electric vehicle (EV) charging infrastructure problem head-on. They're installing curbside EV chargers in front of residential and commercial properties and paying owners for the electricity used. This innovative approach addresses the lack of home charging solutions for many city dwellers.
The Growing Need for EV Chargers
With the US aiming for 50% electric car sales by 2030, NYC alone anticipates a massive surge in EV registrations – from 62,000 to 3 million. This creates a critical need for more charging stations, especially in densely populated areas.
It's Electric's Solution
It's Electric's compact chargers are smaller than a fire hydrant, offering a convenient and unobtrusive solution. Drivers pay around $10 per session, with the majority of the revenue going directly to the property owner. Property owners could earn up to $3,500 annually without increased electricity bills, thanks to separate metering.
The Power Couple Behind It's Electric
Co-founders and married couple Nathan King and Tiya Gordon launched It's Electric after personally experiencing the challenges of EV charging in the city. Their business model and innovative charger design aim to drastically increase the number of charging stations, and attract venture capital investment from firms like Brooklyn Bridge Ventures and Uber.
Level 2 Charging: The Focus
It's Electric focuses on Level 2 chargers, which are ideal for overnight charging. They contrast with faster but more energy-intensive Level 3 chargers. This aligns with the NYC Department of Transportation's strategy to prioritize Level 2 infrastructure.
A Lucrative Future
The company has already raised $11.8 million. The EV charging market is projected to be worth $150 billion by 2030, making It's Electric's early entry into the market potentially lucrative.
Expanding Nationwide
Currently operating in Brooklyn and Detroit, It's Electric plans to expand to six more cities, including Boston, Jersey City and Los Angeles in 2025, rapidly becoming a key player in the EV revolution.
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