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HomeMy WebLinkAboutcocc_council_mtg_packet_20240215_wkshpCAPE CANAVERAL CITY COUNCIL WORKSHOP MEETING City Hall Council Chambers 100 Polk Avenue, Cape Canaveral, Florida 32920 AGENDA Thursday February 15, 2024 3:30 P.M. Please email public comments before noon to: cityclerk@cityofcapecanaveral.org For remote options, please visit: www.cityofcapecanaveral.org/city_meetings CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL PUBLIC PARTICIPATION: Any member of the public may address any items that do not appear on the agenda and any agenda item that is listed on the agenda for final official action by the City Council excluding public hearing items which are heard at the public hearing portion of the meeting, ministerial items (e.g. approval of agenda, minutes, informational items), and quasi-judicial or emergency items. Citizens will limit their comments to three (3) minutes. The City Council will not take any action under the "Public Participation" section of the agenda. The Council may schedule items not on the agenda as regular items and act upon them in the future. ITEM FOR DISCUSSION EV Charging Station Additional Options, New Trends, and State of the Industry Discussion (Submitted by Council Member Jackson) ADJOURNMENT: Pursuant to Section 286.0105, Florida Statutes, the City hereby advises the public that: If a person decides to appeal any decision made by the City Council with respect to any matter considered at this meeting, that person will need a record of the proceedings, and for such purpose that person may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. This notice does not constitute consent by the City for the introduction or admission into evidence of otherwise inadmissible or irrelevant evidence, nor does it authorize challenges or appeals not otherwise allowed by law. In accordance with the Americans with Disabilities Act: all interested parties may attend this Public Meeting. The facility is accessible to the physically handicapped. Persons with disabilities needing assistance to participate in the proceedings should contact the City Clerk's office [(321) 868-1220 x207 or x206] 48 hours in advance of the meeting. CITY OF CAPE CANAVERAL CITY COUNCIL WORKSHOP • FEBRUARY 15, 2024 AGENDA ITEM SUMMARY Subject: EV Charging Station Additional Options, New Trends, and State of the Industry Discussion Department: City Council Summary: This workshop will be to define how to keep our EV charging stations under evaluation of profitability, cost benefit analysis of the chargers, along with the state of the industry, and ensuring the program covers itself financially. 1. Determine if the Net Present Value of the EV Charging Project was conducted, if not procedures to put this in place including: a. Determine Cash Inflows/Outflows b. Determine the Discount Rate to determine the Equivalent Annual Cost i. Provide to Council in the future the Equivalent Annual Cost (EAC) for the EV charging stations including the annual cost of owning, operating, and maintaining an asset over its entire lifespan in order to determine capital budgeting decisions related to the EV charging stations to make sound decisions on the cost-effectiveness of this city asset and its lifespan. ii. Include for each year owned until now c. Determine if there is a negative NPV which indicates that the expected rate of return will fall short and the project will not create value 2. Total Investment Cost Actual Amount Spent to Date: Discuss the City's costs spent in total on EV chargers since installation and inception of the adoption of these devices: a. Initial Costs: b. Installation Costs: c. Maintenance Costs: d. Electric Costs: e. Repairs: f. Replacement Equipment Costs, if any g. Electrical Costs not Covered Prior to Credit Card Swipers being Installed December 2023: h. Upgrade Costs: $108k i. Maintenance Contract Terms i. Length of Current Warranty on Upgrade of Chargers: ii. What is covered on Warranty? 1. Labor Terms: 2. Parts Replacement Terms: iii. Projected Annual Maintenance Contract Price for All Chargers at the End of Warranty from Upgrade: 3. Financial Reporting - Implement Solid Documentation and Policies to Ensure Our Return on investment and Our Strategy for Pricing for Charging i. When is our projected date for our return on investment for all costs involved with chargers, which will define the amount and period that income will expect to be earned on the investment in order to reach break even? ii. Projected amount needed for return on investment including any loans, interest, and all costs including electricity consumed and projected? City of Cape Canaveral City Council Workshop • February 15, 2024 Agenda Item Summary Page 2 of 3 iii. Do previous numbers used for pricing strategies, costs, etc. ensure we will maximize our return on investment? Do we need to change any current numbers if these financials have already been calculated based on the state of the industry? 4. Reporting - Ongoing Reporting Required for Evaluation of the Current State Charging Stations Should be Provided to Council at Least Quarterly Including: a. Current Reports Available from the System: i. Raw Data from the System ii. Custom Reports Are Available from Zach b. Use Reporting Should Be Provided to Council and the City Manager Including but Not Limited to: i. How many charges ii. Number of Charge Hours iii. Costs of Charging to the City; kilowatt hours and all associated costs iv. Income Earned from Price of Charging v. Net Negative or Positive? vi. Any additional data that may be relevant to evaluate our progress c. Maintenance Reports Should Be Provided to Council and the City Manager Including but Not Limited to: i. Were there any service tickets on the chargers? ii. Were any parts not covered by warranty? iii. Were there any out-of-pocket costs for service or repairs? iv. Are there any outstanding service tickets? v. Were there any outages? 5. Are There New Developments in the EV Industry since September 2023 That Might Result in Decline in the Industry? The State of the Market is different since the Council approved the upgrade of the charging stations indicating some decline which may be different than when research was previously completed for the charging station upgrades: a. Decline Indicators: i. Manufacturer Layoffs ii. Production Decreases Indicates Market Decline iii. Market Demand and Fueling Costs Can Indicate Decline iv. Falling Stock Prices or EOY Income Projections Can Indicate Decline 6. Do We Have a Marketing Strategy to Our Target Market Including Commercial Clients? a. We had commercial businesses using the chargers in the past when they were free. Have we reached out with them to continue their charging now that it is billable? b. Are there any businesses that we can reach out to in order for them to use the chargers and generate income for a quicker return on investment? c. Awareness Marketing Campaign for Residents, Snowbirds, and Small Businesses to encourage charging to recoup costs. 7. How are Batteries Recycled in Brevard? a. Do any end up in the landfill? b. Average Cost to Recycle to Battery Recycling Plant? i. What is the Process in Brevard? ii. Recycling Cost iii. Shipping to Recycling Plant Costs 8. Being on the Space Coast with SpaceX and others who depend heavily on EVs, we need to make informed decisions on how to move forward while ensuring that EV charging is available to citizens and travelers alike, while, if possible, saving citizen's tax dollars. All City of Cape Canaveral City Council Workshop • February 15, 2024 Agenda Item Summary Page 3 of 3 options need to be investigated for intelligent decisions on how to move forward in a changing market with some decline. Including additional options being utilized in different cities that were early adopters in the market. a. Current Locations of Public Charging at Hotels, the Port, and any other Projected Sites b. Current Locations of other Chargers within the City c. Projection of Number of Residents charging their vehicles at home? i. Homes? ii. Condos? iii. Trailer Parks? iv. Are there electrical infrastructure changes required to charge at home or municipal chargers? v. If so, what issues? vi. Any Open Repair Tickets Pending? vii. What was the resolution? viii. Any costs involved? 9. Liabilities and Fires: Other cities are enacting legislation that addresses EV fires. During testimony before the Senate Transportation Committee, fire department officials said a typical fire truck carries 500 gallons of water, but it can take 12 times that amount to put out the typical EV battery fire. Washington State Senate Bill 5812 is addressing EV Fires and other states and cities are addressing firefighting concerns. a. Do we have a firefighting plan in case of a fire at a charger? b. What are the liability concerns for the city, and what is our coverage in case of a fire event at a charger? Submitting Council Member: Kay Jackson Attachment(s): Article: Former Ford CEO explains why 2024 could be a tough rear for EVs (msn.com) Article: Dealerships call on Biden administration to slow EV transition l Automotive Dive Article: 4,700 U.S. auto dealers urge President Biden to 'hit the brakes' on EPA push on stricter vehicle -pollution standards l Fortune Article: Here's Why EV Experts Are Flaming Joe Biden's Car Policy - TheStreet Article: ROI: Return on Investment Meaning and Calculation Formulas (investopedia.com) Article: Net Present Value (NPV): What It Means and Steps to Calculate It (investopedia.com) State of the Market 1 — Ford Bloomberg Ford Reveals Plans for Small, Cheap EVs After Earnings Beat Story by Keith Naughton • ld FA +0.04% T TSLAA +0.98% An electric Ford Explorer.© Photographer: Lukas Schulze/Getty Images GMT-0.22% (Bloomberg) -- Ford Motor Co. is working on inexpensive, small electric vehicles to stem its electric vehicle losses and take on Tesla Inc. and Chinese automakers. Chief Executive Officer Jim Farley revealed the plans to analysts Tuesday after the automaker announced adjusted earnings per share of 29 cents, more than double State of the Market the 13 cents analysts expected on average. Fourth quarter revenue of $46 billion surpassed the $40.3 billion analysts expected. Ford is recalibrating its EV strategy to move away from large, expensive EVs because high prices are the biggest barrier to convincing mainstream car buyers to go electric, Farley said. "We're also adjusting our capital, switching more focus onto smaller EV products," Farley told analysts on a conference call. He said Ford "made a bet in silence two years ago" to develop a team to create a low-cost EV platform. The small team is being led by Alan Clarke, executive director of advanced EV development, who came to Ford two years ago after more than 12 years developing models for Tesla. The new EV platform will be the basis of "several types of vehicles," Farley said, which should generate a profit. Ford's current battery powered models lost $4.7 billion last year, and projects the losses will grow to as much as $5.5 billion this year. "We are nowhere near our earnings potential," Farley said. "All of our EV teams are ruthlessly focused on cost and efficiency in our EV products because the ultimate competition is going to be the affordable Tesla and the Chinese" model EVs. As electric vehicle sales slow, Farley is attempting to thread the needle between scaling back the company's EV spending by $12 billion while dialing up output of traditional internal combustion engine models, which generate profits needed to fund future growth. For the current year, Ford forecast earnings of $10 billion to $12 billion before interest and taxes, compared with $10.4 billion on that basis in 2023. That result was on the high end of the $10 billion to $10.5 billion the company predicted in November, when it lowered guidance following a six -week strike the by the United Auto Workers union. State of the Market As part of that initiative to wring out more profits, the carmaker plans $2 billion in cost cuts, targeting areas such as materials, freight and manufacturing operations. "We expect the stock to trade up" on the better-than-expected quarterly results and bullish full -year guidance, Wells Fargo said in a research note written by analysts led by Colin Langan. Ford shares rose 5.5% at 9:39 a.m. in New York. Through Tuesday's close, the stock was down 1% on the year. The automaker is giving investors a supplemental dividend of 18 cents a share, in addition to the regular 15-cent quarterly dividend, both payable on March 1 to shareholders of record on Feb. 16. EV Woes In December, the automaker halved production of electric F-150 Lightning pickups, while boosting output of its highly profitable Bronco sport -utility vehicles and Ranger pickup trucks. Chief Financial Officer John Lawler told analysts the company no longer expects to reach its 8% margin goal on EVs by 2026. Ford's 2023 EV deficit translated to a loss of roughly $28,000 on each battery powered model it sold, according to an analysis by Bloomberg Intelligence analyst Joel Levington, who noted those losses are "unsustainable." A bright spot is hybrid gas -electric vehicles, which Ford has pivoted to in response to strong consumer demand. Farley said he expects sales of hybrid models to grow 40% this year, up from last year's 25% jump in sales of those powertrains. CA—nfo f1- lkiTdrir17of UAW Contract The Dearborn, Michigan -based automaker also faces higher labor costs than its crosstown rival General Motors Co., which wowed Wall Street last week with a 2024 forecast of $12 billion to $14 billion in earnings before interest and taxes. GM has said the contract it struck with the UAW will add about $575 in costs per car, while Ford predicts an increase of up to $900 per vehicle due to the record deal that increases workers' wages by 33% over four -and -a -half -years. "GM is better set up to absorb those labor costs because they already had a healthier cost base in North America," David Whiston, an analyst with Morningstar Inc. in Chicago, said in an interview before Ford posted results. "And Ford has more UAW employees in the US than GM." In its traditional internal combustion engine business, known as Ford Blue, the company earned $813 million before interest and taxes in the fourth quarter, less than the $866.5 million analysts expected. Ford's US sales rose less than 1% in the fourth quarter as the UAW strike cost it production of high profit models such as the F-Series Super Duty pickup truck and the Explorer SUV. In its commercial business, known as Ford Pro, the automaker earned $1.81 billion before interest and taxes, more than the $1.43 Billion analysts expected. Bloomberg Intelligence predicts Ford Pro will see margins expand this year while its Ford Blue unit will experience margin pressure as pricing drops because dealers have replenished their lots with inventory after pandemic -related shortages. "Ford profit is on a tightrope as the transition to electric vehicles takes longer than expected, requiring right -sizing to cut EV losses while managing increased pricing competition for Ford Blue," BI analysts Steve Man and Peter Lau wrote in a Feb. 2 note. "Our scenario sees US electric -vehicle sales climbing 9% this year after growing at a compounded annual rate of 65% over the past three years." --With assistance from Ed Ludlow. State of the Market (Updates with executive leading the new EV team, share moved from fifth paragraph.) ©2024 Bloomberg L.P. 2 - Ford Ford is reassessing its EV plans, including vertical battery integration Story by Michael Wayland • 16h FA +2.90% T TSLAA +0.02% • Ford is rethinking its electric vehicle strategies, CEO Jim Farley said Tuesday. • The Detroit automaker previously confirmed plans to delay or cut $12 billion in spending on all - electric vehicles. • Farley reiterated the company still believes EVs will grow, but noted widespread adoption for mass -market consumers won't happen until the costs are more in line with traditional vehicles. A Ford Mustang Mach-E GT compact sports utility vehicle during the 2022 New York International Auto Show in New York on April 14, 2022.© Provided by CNBC DETROIT — Ford Motor is rethinking its electric vehicle strategies, including "reassessing" the need for in-house production of batteries, CEO Jim Farley said Tuesday. State of the Market The Detroit automaker previously confirmed plans to delay or cut $12 billion in spending on all -electric vehicles, but the comments made Tuesday are the most detailed about Ford's changing plans for EVs, sales of which are growing at a slower -than -expected rate. "One of the things we're taking advantage of in taking some timing delays is rationalizing the level and timing of our battery capacity to match demand and actually reassessing the vertical integration that we're relying on, and betting on new chemistries and capacities," Farley said during the automaker's fourth-quarter earnings call. Farley reiterated the company still believes EVs will grow, but noted widespread adoption for mass - market consumers won't happen until the costs are more in line with traditional vehicles. EVs are typically thousands of dollars more expensive than their gas -powered counterparts. He also disclosed a "skunkworks," or secret, team at Ford has been developing a smaller, low-cost EV platform for the automaker that could be utilized across a range of vehicles. He did not say when the first vehicle is expected to launch on the new platform. Ford Chief Financial Officer John Lawler said in addition to reassessing its vertically integrated system of producing its own batteries via joint venture operations, rather than sourcing from a third -party supplier, the company is further looking into adjusting installed production capacity to match demand and potentially delaying next -generation EVs to "to ensure they meet our criteria for profitability, given the new market reality." The company's EV business, known as Model e, lost $4.7 billion last year, including $1.57 billion during the fourth quarter of 2023, offset by profits in the company's fleet and traditional internal combustion engine units. Both businesses earned more than $7 billion each last year. Lawler said Tuesday that the unit will have to stand on its own "sooner rather than later." He also said the company is pulling a target for its EV unit that called for 8% margin by 2026. The company had already set a target of two million vehicles sold annually by that time. As Ford pulls back and reevaluates the EV business, it intends to lean in on sales of hybrid vehicles, specifically trucks. The company expects its hybrid sales to increase 40% this year. It sold 133,743 hybrid vehicles in the U.S. in 2023. State of the Market 3 — GM T The Street General Motors is switching gears on its EV strategy Story by James Ochoa • 19h 9!!! GMA +1.70% CVNAV'-2.45% FCELV-3.23% As the demand for EVs start to slow amid concerns about range, charging infrastructure and other problems related to EVs, hybrids have emerged as a viable option for those looking to adopt the plug without sacrificing mobility. Mary Barra, CEO of General Motors, speaks during an interview with David Rubenstein, the President of The Economic Club, at the Ritz Carlton Hotel on Dec. 13, 2023 in Washington, D.C. Anna Moneymaker/Getty Images© Anna Moneymaker/Getty Images As per a report by CNBC, General Motors' (GM) - Get Free Report CEO Mary Barra revealed a new strategy the big three automaker is going to pursue in the changing automotive landscape — a return to plug-in hybrids. State of the Market During GM's Q4 earnings call, she noted that though the automaker remains committed to its 2035 goals, plug-in hybrids will help them get there. "Let me be clear, GM remains committed to eliminating tailpipe emissions from our light -duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure," Barra said during the earnings call. A 2014 Cadillac ELR is seen during New York Men's Day Presented By Cadillac on Feb. 5, 2014 in New York City. Jerritt Clark/Getty Images© Jerritt Clark/Getty Images GM is a company that is not unfamiliar with plug-in hybrid technology. Previously, the Big Three automaker produced notable plug-in vehicles such as the Chevrolet Volt, as well as its luxury coupe derivative, the Cadillac ELR. The Caddy would last in its production run from 2013 to 2016, while the Chevy would end production in 2019, citing a lack of demand. Related video: GM Announces It Made $10 Billion Last Year (WXMI Grand Rapids, MI) Pause And that's despite last year's weeks long auto workers strike Loaded: 56.95% Current Time 0:10 State of the Market / Duration 1:34 Quality Settings Captions Fullscreen 11 WXMI Grand Rapids, MI GM Announces It Made $10 Billion Last Year Unmute 0 Currently, GM makes only one hybrid in the United States — a $104,900 hybrid version of the Chevrolet Corvette called the E-Ray. The shift in strategy comes as Americans looking to adopt the plug are weary about issues plaguing battery -electric vehicles such as range anxiety, a lack of charging infrastructure and high MSRPs. More Business of EVs: • A full list of EVs and hybrids that qualify for federal tax credits • Here's why EV experts are flaming Joe Biden's car policy • The EV industry is facing an unusual new problem During a company event held by one of GM's Japanese automotive rivals, Toyota Chairman Akio Toyoda predicted that EVs would only make up no more than 30% of the market, with the rest taken up by hybrids or hydrogen -powered cars. "The important thing is not to convert to [EVs] or [Fuel Cell Electric Vehicles]," Toyoda said. "The enemy is CO2. So, let's all think about reducing CO2 right away." GM CEO Mary Barra did not release any specific details about any new vehicles during the earnings call. State of the Market 4 — Why Users are Leaving, Examples "B MotorBisquit EV Owners Reveal Why They Returned to Gas -Powered Cars Story by Henry Cesari • 15h IN THIS ARTICLE TSLA ♦ +4.19% ton of EV early adopters are selling their electric cars and going back to gas - powered. A recent study in the Journal Nature puzzled over why nearly one in every five early EV drivers were abandoning electric for their next vehicle purchase. The Journal found that of "early adopters" in California (defined as folks who bought an EV between 2012 and 2018), 20% of PHEV drivers chose a traditional gas car for their next purchase while 18% of full battery EV drivers went back to gas. The scientists found some interesting patterns, but no conclusive cause. Many folks had been renting their home, so they may have moved to a different region and had less charger access. Others groups trying electric and going back to gas included female drivers, households with fewer vehicles, or households that kept a "less efficient" gasoline vehicle around even after buying an EV. State of the Market Jeep Wagoneer S EV chassis Stellantis© Provided by MotorBiscuit Reddit user RichBIV recently asked the following of /r/Cars: "Just wanted to see if anyone on here switched from EV back to Gas car in the past year and why you did that?" The post has racked up 686 comments. Though the reasons these few early - adopters are leaving the electric lifestyle are anecdotal (and very much not a set of peer reviewed data), they still make some excellent points on the current EV offerings and charging network. One user admitted to switching because of a move: "eGolf to MX5 ... Why? Because now I work from home so no need for commute any more. Also moved house and no longer have a driveway...If I could somehow get a driveway back, I'd probably switch back to an EV." Another commenter was seeking an enthusiast car: "Mini Cooper SE -> Mustang Mach- 1...Main reason is that EV isn't as fun to drive." A second enthusiast made an interesting point: "I went from a Bolt EV back to a gasoline vehicle. Not because I didn't like the car, or not because I don't like EV's. I had two primary reasons. #1. Cost wise — it just didn't make sense for me AND #2. as a car enthusiast, it feels like the we're experiencing the last real hurrah for ICE vehicles and I want to soak it up while I can." And an ex-Tesla driver who bought a Cayman S instead agreed, "I figured the door is closing on fun, lightweight, manual sports cars. So, I wanted to own one more..." Sports car enthusiasts were not the only drivers unsatisfied with the current EV offerings. A German driver said the following: "Small compact ev to large Diesel Minivan. We got twins and Minivan sized EVs are too expensive and almost nonexistent. Also, they State of the Market charge too much at the moment. It was a nice experience the last three years when rates were low but now I wait a bit longer to lease a small commuter again." Another theme was Tesla build quality and customer support: "Picked up a Tesla model x (P90D with ludicrous+). It was quick to about 100 but that was it. The ride was garbage, the ac constantly gave us issues, the overall appearance was not bad compared to some of the others I've seen but the door handles were still misaligned. At least the interior was aligned. The range was an absolute joke. We got half of the range it started at full charge. I ended up renting it out on a personal car rental app while it was put up for sale. A month or so later, it sold...I'm not saying I'll never buy electrical cars again. I will never get involved with another Tesla product again." Here's what another user said: "I went from a Tesla back to gas about 10yrs ago because it was such a POS for the price. But i absolutely could not wait to get back into an electric, just not from Tesla. Thankfully the day is here where there are more options." And here's a third Tesla comment: "Rich Rebuilds was probably the biggest Tesla content creator on YouTube and he switched back to gas because of Tesla's horrible customer service and right to repair support" The most upvoted comment laid out the regional differences between charging networks and EV-friendly weather: "A lot of folks in New England have gone from gas to EV back to gas. Why? Snow storms making having an ev hard...Anywhere it gets really cold and ev will struggle. (sic)" Later, the same commenter added, "Edit: for those who can't figure out, the New England region doesn't have the greatest charge infrastructure and spends chunks of winter with limited electricity during and after snow storms. Some places are better and worse than others (Boston versus Bennington, Nh or another rural area)." There you have the reasons at least a few individual early adopters cited for trading their EVs back in for a gas car. Obviously, the drivers or Reddit.com/r/Cars are a unique group, and don't reflect the entire population. But they did give us some food for thought. State of the Market Next, find out why some early EV adopters feel `duped' by automakers, or learn more about why early EV adopters are abandoning electric in the video below: Beware of These 3 Potential Downsides To Self -Driving Cars© Provided by MotorBiscuit Stellantis CEO: Combustion Ban May Be Hasty© Provided by MotorBiscuit State of the Market Stellantis CEO: Combustion Ban May Be Hasty The post EV Owners Reveal Why They Returned to Gas -Powered Cars appeared first on MotorBiscuit. Declining Used EV Prices©Steve Jurvetson/Wikimedia Used electric vehicle prices have been falling sharply in recent months according to KTLA technology reporter Rich DeMuro. In 2023, the top 10 best-selling EVs in the US saw an average price drop of 28% from the previous year. DeMuro notes that just a year ago, some used EVs were selling for close to or even above new prices. Good News for Buyers, Bad Signs for the Industry©MDGovpics/Wikimedia On the surface, lower used EV prices seem beneficial for consumers looking to purchase their first electric vehicle. However, experts warn that the steep decline points to underlying problems in the industry that cannot be easily solved. Increased Competition, Shifting Incentives©Mliu92/Wikimedia Testa is no longer the lone major EV player, with more options now available than ever before. Additionally, government subsidies favor new EV purchases over used ones. Battery Life Concerns©Mariordo/Wikimedia A key issue dampening used EV values is uncertainty around battery longevity. Without standardized testing and data on long-term battery performance, consumers worry that a used EV's battery may be degraded in unclear ways. Inevitable Range Reduction©Chad Davis from Minneapolis, United States/Wikimedia According to experts, while battery chemistry advances can extend lifespan, it is certain that battery capacity and thus electric vehicle range will diminish over time through natural degradation. Accounting for this loss of range is important when considering a used EV. Rental Giant Hits Pause on EVs©Dwight Burdette/Wikimedia In January, Hertz announced plans to sell over 20,000 Teslas from its rental fleet and pause further EV acquisitions, citing expenses and weak secondary market demand. The move highlighted struggles in the burgeoning used EV sector. State of the Market Continued Growth Despite Challenges©Jamie Hamel Smith/Wikimedia While short-term hurdles exist, electric vehicle adoption in the US continues growing annually and California's timeline to require all new vehicle sales be EVs or plug-in hybrids by 2035 will further propel the transition. Electric Car Myths: 10 Hidden Financial Realities That Can Drain Your Wallet©Image Credit: Andrey_Popov/Shutterstock. Jumping into the world of electric vehicles (EVs) seems like a smart money move and a bold stride towards a greener planet. Yet, the idea of cruising to savings might not tell the whole story. While electric cars shine with promises of lower fuel costs, there's a labyrinth of financial factors hiding under the hood. Exploring beyond the shiny veneer of reduced gas expenses reveals ten crucial financial aspects. These are the hidden gears prospective EV owners must understand before plugging into the electric revolution. High Purchase Price©Provided byTeslaTale Electric vehicles come with a heftier price tag during the initial purchase phase. The advanced technology powering EVs, including high -capacity batteries and intricate electric drivetrains, contributes to their elevated cost. While the long-term operational savings in terms of fuel and maintenance are enticing, the upfront investment often deters potential buyers, especially when compared to conventional gas -powered vehicles. This higher purchase price can sometimes negate the potential savings from reduced operational costs over time. Disqualification for Incentives©Image Credit: chayanuphol/Shutterstock. Despite various incentives and credits aimed at promoting EV adoption, not everyone qualifies for these financial benefits. Income limits, geographical restrictions, and other qualifying criteria set by governments and institutions can exclude certain individuals from accessing these incentives. This limitation diminishes the anticipated cost savings and advantages associated with switching to an electric vehicle, making it less financially appealing for some potential buyers. Elevated Repair Costs©Image Credit: KANGWANS/Shutterstock. Repairing an electric vehicle can be notably pricier compared to traditional internal combustion engine (ICE) cars. The specialized components unique to EVs, including intricate electric motors and complex battery systems, often require specialized training State of the Market and equipment, resulting in higher labor and parts costs. Additionally, the scarcity of qualified mechanics proficient in handling EV repairs further amplifies the expenses. As a result, routine maintenance or unforeseen repairs can strain the wallet, making EV ownership a potentially costly affair in the long run. Increased Insurance Rates©Provided by TeslaTale Electric vehicles often come with higher insurance premiums compared to their gasoline counterparts. The primary reason behind this increase is the higher cost associated with repairing or replacing EV-specific components, such as intricate battery systems and electric drivetrains. Additionally, limited availability of repair shops specializing in EVs might further drive up insurance rates, impacting the overall ownership costs. Expensive Home Charging Installation©Image Credit: Shutterstock. While charging an EV at home is convenient, the initial setup cost for installing a charging station can be substantial. Depending on the electrical infrastructure in the home, significant modifications or upgrades might be necessary, increasing the installation expenses. This cost can become a barrier for potential EV owners, particularly if their home requires extensive electrical work to support the charging system. Cost of Electricity©Image Credit: This Lama/Shutterstock. Charging an electric vehicle at home offers cost savings compared to refueling with gasoline. However, it's essential to note that electricity isn't free. Charging an EV at home will inevitably reflect on your utility bill. Although the cost per mile is typically lower than traditional fuel costs, especially when taking advantage of off-peak charging rates, it's still an added expense that needs consideration when evaluating the overall cost of EV ownership. Ongoing Maintenance Expenses©Image Credit: SofikoS/Shutterstock. While EVs typically have fewer moving parts than internal combustion engine vehicles, they aren't maintenance -free. Battery servicing, software updates, and other EV-specific maintenance can incur significant expenses. Battery replacements, although infrequent, are particularly pricey and could substantially impact long-term ownership costs. Higher Sales Tax©Image Credit: Wanan Wanan/Shutterstock. State of the Market In several regions, EV purchases might incur higher sales tax rates compared to conventional vehicles. This elevated tax can considerably augment the initial cost of purchasing an electric vehicle, potentially deterring buyers who are sensitive to price disparities. Elevated Registration Fees©Provided byTeslaTale Certain states impose elevated registration fees for electric vehicles. This strategy aims to compensate for the loss of revenue generated from gasoline taxes, which are a primary source of funding for road infrastructure. These higher registration fees increase the overall cost of owning an EV, making it less financially appealing for some prospective buyers. Underutilized Features©Provided by TeslaTale Some EV owners might not fully utilize or benefit from all the advanced built-in features present in their vehicles. High -end technology, enhanced driving modes, or specialized functionalities may not be regularly used, rendering the additional expense for these features unnecessary. This underutilization could make the investment in certain advanced features less cost-effective for some buyers. Depreciation Rates©Image Credit: canadianPhotographer56/Shutterstock. The depreciation of EVs can present a financial challenge. While these vehicles generally hold their value better than conventional cars, rapid advancements in technology may render older models obsolete sooner. Thus, reselling or trading in an EV might not yield the expected returns over time, impacting the overall financial equation for owners. Charging Network Accessibility©Image Credit: Markopolo/Shutterstock. Access to an adequate charging infrastructure varies widely across regions. Areas with limited charging stations might force EV owners to rely on public chargers, which could incur unforeseen expenses or inconvenience, especially during peak times or emergencies. Assessing the local charging network's accessibility is crucial for practicality and potential expenses. Potential Warranty Costs©Image Credit: Andrey_Popov/Shutterstock. State of the Market Understanding the warranty coverage and associated costs is vital. EVs often have separate warranties for battery systems and other components. If any issues arise outside the warranty period or if extended warranties are required, these expenses can add up, significantly influencing the financial viability of owning an electric vehicle. City Council EV Chargers Workshop City of Cape Canaveral February i5, 2024 Hosted and Compiled by Councilwoman Kay Jackson Workshop Agenda This workshop will be to explore and define how to keep our EV charging stations under evaluation of profitability, cost benefit analysis of the chargers, along with the state of the industry, and ensuring the program covers itself financially. Net Present Value Determination Determine if the Net Present Value of the EV Charging Project was conducted, if not consider putting procedures into place including: a. Determine Cash Inflows/Outflows b. Determine the Discount Rate to determine the Equivalent Annual Cost i. Provide to Council in the future, the Equivalent Annual Cost, or EAC, for the EV charging stations including the annual cost of owning, operating, and maintaining an asset over the entire lifespan in order to determine capital budgeting decisions related to the EV charging stations to make sound decisions on the cost-effectiveness of this city asset and its lifespan. ii. Include each year owned until now c. Determine if there is a negative NPV which indicates that the expected rate of return will fall short and the project will not create value. What is Net Present Value? • Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze the profitability of a projected investment or project. • NPV is the result of calculations that find the current value of a future stream of payments using the proper discount rate. In general, projects with a positive NPV are worth undertaking, while those with a negative NPV are not. Net Present Value Continued • Net present value (NPV) is used to calculate the current value of a future stream of payments from a company, project, or investment. • To calculate NPV, you need to estimate the timing and amount of future cash flows and pick a discount rate equal to the minimum acceptable rate of return. • The discount rate may reflect your cost of capital or the returns available on alternative investments of comparable risk. • If the NPV of a project or investment is positive, it means its rate of return will be above the discount rate. What is quivalent Annual Cost? • Equivalent Annual Cost (EAC) is the annual cost of owning, operating, and maintaining an asset over its entire life. Firms often use EAC for capital budgeting decisions, as it allows a company to compare the cost-effectiveness of various assets with unequal lifespans. Total Investment Cost —Actual Amounts Spent to Date Discuss the City's costs spent in total on EV Chargers since installation and inception of the adoption of the devices: 1. Initial Costs 2. Installation Costs 3. Maintenance Costs 4. Electricity Costs a. BeforeSwiperinstall and Upgrade b. After Swiper Install and Upgrade 5. Repairs 6. Replacement Equipment Costs, if Any 7. Upgrade Costs 8. Maintenance Contract Price and Terms g. Value of Grants for the Equipment **Part of the Equivalent Annual Costs calculations. Council should have totals spent to date to determine the value and ability to recoup expenses on this project. Cost to Charge Examples —Testa Model 3 and ModelY Range and Charging Times, and Costs to Charge Battery Capacity 57.5 kWh 79 kWh Range Level i AC iioV Charging time (o-i00%) 272-279 miles Level 2 AC 22oV Charging time (o-i00%) Level 3 DC 44oV Charging time (io- 8o%) Standard 57.5 kWh Battery Low Rate States High Rate States DC Fast Charging gi Hours io.4 Hours 25 Minutes 358 miles 120 Hours 11.5 Hours 27 Minutes Long Range 82 kWh Battery $7,50 $20,66 $27,80 $27-58 $39,36 $41-82 (Specifications sourced from Tesia) According to the U.S Bureau of Labor Statistics the average price of electricity in the USA is 17 cents per kWh. Energy is cheaper in cities like St. Louis and Seattle, where you can pay as little as 13 cents per kWh, but areas like San Diego and San Francisco can have you paying as much as 48 cents per kWh. Based on this, you can expect to pay $7.50 to charge the base battery in cheaper states, and $27.60 in more costly regions. The national average cost is around $9.78. These rates will be lower during off-peak hours which occur between 11 PM and 6AM. The Testa Model 3 And Model Y Cost $82 To Charge Testa Specs (Specifications sourced from Tesia) The 82 kWh battery will cost an average of $13.94 for a full charge across the country. Cheaper states will have you paying $10.66, while more expensive regions will result in a $39.36 charging cost. Tesla's Supercharging costs range between 50 cents and $1 per kWh, depending on how congested the stations are. At most, you'll pay $58 to charge the base battery and $82 to charge the larger pack. How Much It Costs To Charge ATesla Model SAnd ModelX Range Level 1 AC iioV Charging time (o-100%) Level 2 AC 22oV Charging time (o-i00%) Level 3 DC 35oV Charging time (10-8o%) Standard 10o kWh Battery Low Rate States High Rate States DC Fast Charging (Specifications sourced from Tesia) 135 Hours 18 Hours 3o Minutes $13 $48 350-100 A 120-volt Level One plug point will take an excruciating 135 hours to recover the full battery capacity from an empty state of charge. A 240-volt point decreases this time to 18 hours. You can cut this down to eight hours if you upgrade the outlet to a 72-ampere system. Tesla's 350-volt Level Three direct current fast charger takes a mere 30 minutes to charge the battery from 10 to 80 percent. How Much It Costs To Charge ATesla Cybertruck Range Level JAC iioV Charging time (o-i00%) Level 2 AC 22oV Charging time (o-i00%) Level 3 DC 35oV Charging time (io-8o%) Standard 123 kWh Battery Low Rate States High Rate States DC Fast Charging (Specifications sourced from Testa) i6o Hours 22 Hours 4o Minutes $i6 $59 $61.50-123 The Cybertruck's larger battery gives it a competitive range for an EV truck, but its charging times are substantial. A Level One household plug will take you 160 hours to charge from empty to full. A Level Two system reduces this to 22 hours, while Tesla's Supercharger will recover 10 to 80 percent in 40 minutes. The range extender increases charging times by 30 percent. Maintenance Contract Terms i. Length of Current Warranty Period on Upgrade of Chargers 2. What is covered under warranty? a. Labor Terms b. Parts ReplacementTerms 3. Projected Annual Maintenance Contract Price for All Chargers at the End ofWarrantyfrom Upgrade Financial Reporting 1. Implement Solid Documentation and Policies for Financial Feasibility Reporting to Ensure Our Return on Investment and Our Strategy for Pricing for Charging a. When is our projected date for our return on investment for all costs involved with chargers, which will define the amount and period that income will expect to be earned on the investment in order to reach break even? b. Projected amount needed for return on investment including any loans, interest, and all costs including electricity consumed and projected? c. Do previous numbers used for pricing strategies, costs, etc ensure we will maximize our return on investment? Do we need to adjust any prior calculations if these financials have already been calculated based on the state of the industry? sage Reporting Ongoing Reporting Required for Evaluation of the Current State of Charging Stations Should be Provided to Council at Least Quarterly Including: a. Current Reports Available from the System: a. Raw Data from the System b. Any Custom Reports on Usage and Analyzation Available from Zach 2. Use Reporting Should be Provided to Council and the City Manager Including But Not Limited to: a. How many charges were utilized? b. Number of Charge Hours? c. Costs of Charging to the City; kilowatt hours and all associated costs d. Income Earned from Price of Charging e. Net Negative or Positive Amount? f. Maintenance and Repair Reporting g. Any Additional Data That May Be Relevant to Evaluate Our Progress a:lama al hale ila 1 5 5 c1 1 1 5 5 1 d d d 5 1 1 c1 5 1 c1 5 1 a a a s cl d d d 44 0 44w ibit 444 q 4! 1 ri 4 q 4 1 4 1 4444 11 I Rill i 1 Hi I 11 11/I No City Taxes Being Charged Newt Dab: SESSION DATE 12520736:1342 PM LOCATION Yankee S' 0027 Pall FEES 10ID CHARGING 1241 PARKING PUN TAX lam TOTAL i0ffi Reporting Usage Financials 12E120233:5434 PM Capetm.8.A CPI Nat 0000 0027 111110 MID 5034 125222342415 PM CapeCalaeb Cl8JHa1 lam 1IX92 10D0 NUM 0BEB 122W/531:3622. PM dal 4 11100 0010 5030 1110 0801 1062023 121804 PM Cagle 62la1H31 CIty Hal 503 11115 SLUM 10.ID 5055 12/720231146:42AM Cape Cal alms TTIty Hal FILM 5230 111D0 0/.m 5291 12222D2310279871 Cape Canavera l:My H31 51m Saga 1000 0100 1151 124171023112517AM Cape Cal arelal Clty H31 1/1011 1021 91ID 1QID 5472 12112202385718 M1 00083ee2310830/ Pat 501 5232 11100 11580 5232 127170053331 PM ON Cormarly lam 5002 4000 0111] 10.52 1219'dM34.331128 PM CCllymmape lam 3492 4E00 1QID i6i4 001l1 392T15 PM aty carny Cuter FM 5899 y10O NEM ;AJ2 1210212354927 PM CapeCdlaemlcYJNa1 1800 1240 10119 1QID 13II2 12102123453117fil Cape t'�la�CIyFy �m 56� 19D9 W'.m 1722 i21Wat2334B22fL CapeC Iaer�C�r Hal ¢m 11.12 10A0 pO!01 51rn 12'l)0 3337J2101 51.32 11115 IDLE 1204 121822320011L Hasse Rarer Rat lam 1216 40D0 /ME 53-49 124O2823102224A0 CapeCalaweiC4 Has MAI 5021 10D0 10210 5284 121112E2352529101 Wait. 5bOlu7 Pat 1001 1370 1210 1100 04.46 1241yA231144D9N1 ON ef e =weal 5222 10D0 1a00 5210 12822112311:522910 CapeCemarmalCOy Hal 5101 Se41 19119 11111 1003 12122023831:12AM ON MO!. eanwaral Calmly Carder Perm S235 1928 1DID 5296 12212/2023 44252 PM GapeCanweral C@JHa1 NM 5275 SODO WID 5310 12,152923314,41 9D COMMA 1R34 11252 111100 111390 51396 12142023 309110 PM CapeCaweml ON Has Wm 1059 111111 5090 11.11 12141ID2k11:5AS780 Rama Poser Pat lam 51.119 10110 WC Zi2A7 1215012342137 PM CapeCala4YI CV Nat SLID 1369 1111D /DM 5437 12152M23382 5PM CapeC0laRYl Oty Hal 514 54.51 15.15 5002 511.83 Return Rates for a io Day Period in December 12/1521173120120 R1 Cap6Cawem' D1q. Hal aam 1a62 ;OD9 Wm 11'S 18/10l 30111E31lW Caper:A.22a CI* Nat 10Jm 5121 10D0 WC 11.77 1 A11 Ona� Comm* Cent, WE xi„ 1819 1DID SO54 Reporting Location Usage Sessions12/1.20234:52:04 5E551ON START 12521233:41O7 PIA SESSION STOP 125232335425PM CHARGE COMPLETE 1252023 3:5425 PM TIME CHARGING 03:13:18 TIME PARKING 309003 KW USED 135 CHARGER Cape CaGYe3I City Hall LOCATION Capeeanavermelty Hell 1252023 2023440:06 PM 4T/521123fi15:30 PM 125202361520 PM 013524 009096 1211 Manatee GVJ Pak Park Manatee Sanctuary Pa 12/62023834:50 AM 12/6202342322 PM 12/6120234:2322 PM 07:48:32 8000116 44.62 Cape CaGW 31 Cly Hall Cape Canaveral City Hall 12161202312:02:32 PM 1216/2623 12:11390 PM 1216202312:47:59 PM m:15:27 9033091 on Cape Ca CL 3 naveraI C1y Hall Cape Canaveral City Hall 12520231:34:00 PIA 12/620231:3628PM 12/620231:34:11 PM m:m:11 009217 0.30 City ape CanaveralCO°ICape Conn -minty Center CL1 Canaveral eermmaeyCent, 12R20239:02:15 AM 122721123 10:1922 AM 12/7/202319:1922 AM 01:17:07 000000 4.93 Cape CaGW3l Ciy Hall Cuce Canaveral City Hall 1222023932. AM 12/1/2023114035 AM12/7202311:4934 AY 02:14:30 m0001 1155 Cape CL 1 Cly Hall Cape Canaveral City Hall 1251202311:13:19 AM 12021223 1125:01 AM 1218120231125:00 AY m:11:41 0023091 1.08 Cape Carmveral City HMI G.A,1 Cape Canaveral City Hall 1216.202312:22:56 PM 42/92023428.34 PM 12520234:1728 PM 03:54:32 00-06:54 24.65 City o Cape Canaveral Community Center CL1 Cly o Cape Canaveral Community Cent, 125202341532 PM 1219I102341]28 PM 1219/A234:1728 PM W:01:Sfi 900Q93 018 City of Cape Canaveral Community Center CL1 Cry al Cape Canaveral Community Center 1252023435:46 PM 12/920236.15 PM 12520236O915 PM 01:33:23 909003 1 Manateea Manatee Sanctuary Pk Sanary Pe Manatee Sanctuary 2102023114127 AM 120202345754 PM 12101202345753P0 O5 t526 m0001 32.53 Cape CanaveralHall 1 Cece Carrav aLtyHel 12/10.202383EI:15AM 12H 0202310:22:19 AM 12H020231Q22:19 AM 01:52:04 m001N1 1119 Cape CanaveralCL1Cdy HMI Cape Canaveral Ci1Cly Ha City Hal PM 12/102023833:50 PM 1211021123 333:511 PM 034146 3013015 1202 Cape CaGW 31Cly Hall Cape Canaveral City Hal 1211�23239:55 PM 12/1612023330:31 PM 12/1132033233:31 PM 00:59:36 009903 565 Gape Ca 13 31011 Hall CL Canaveral City Hell 12110.20231:34:11 PM 12/1020239:12:14 PM 1211020239:1213PM 07:38:02 000001 44_02 City of Cape Canaveral Community Center GW C1y of Cape Canaveral Community Center 12/1 20231:07:07 PM 12/11629233,11:40 PM 1211NA23 399:54 PM 0292:47 9991. 6. City W Cape Canaveral Corm -aunty Cap Carar naveral Cly of Cape Canaveral Community CapeCanver ter 12/102112311:41320 AM 12/102023159:51 PM 1211020231:5951 PM 02:11:31 000000 14.26 Banana River Park CL1 Banana River Park 12/11/20239:.3236 AM 12/11f202311:17:58 AM 12111202311:1759 AM 01:45:22 000000 11.37 Cornet CapeCanaveralCL1 Cmmmanay CanaeLl CiyomCuni Canaveral Community Cape Cent, 12/111202325121 PM 12/11121123525:05 PM 12111120235:25:05PM 02:33:44 000000 16.95 Manatee SG cherry Pak Manatee Sanctuary Park 12/122023112941 AM 12/12202311:5223 AM 12/12/2023 115223 AM 00:22:42 009000 219 Cape Canaveral 1 City Hall Cape CPoraveral City Hal 12/12202362313 AY 12/122023821:54 AM 121122023921:54 AY 01:48:41 009090 11.76 City of Cape Canaveral Commonly Center CL1 Cly of Cape Canaveral Community Center Longest Charge: 44.62 KW x .14cents 12932023115741 AM 128328234202 PM 12/132023 429O1 PM 04:22:17 11090:19 1380 Cape Ca OW 11 Cly HMI Cape Canaveral City Hal = $6.25 City of Cape Canaveral Public Electric Vehicle Charging Station Daily Usage (Six Stations = Twelve Total Plugs) Generated Revenue from December 5t", Date Number of Charging Sessions Recorded Revenue Generated 12/5/2023 2 $2 12/6/2023 3 $9 12/7/2023 2 $3 12/8/2023 1 $0 12/1 D/2023 7 $25 12/11/2023 2 $6 12/12/2023 2 12/13/2023 1 $3 12/14/2023 3 $16 12/16/2023 2 7 12/17/2023 1 $5 20 23 to " 12/18/2023 5 $15 12/19/2023 2 4 12/20/2023 1 2z February 1 1t ' 12/21/2023 4 $�1 2 12/22/2023 3 68 2024 12/23/2023 3 $�6 12/24/2023 6 $5 12/25/2023 1 $4 12/26/2023 3 $2 12/27/2023 7 $7 12/28/2023 8 $€3 Total Charging Sessions 313 Total Revenue Generated $1,055 Weekends Page 2 of Revenue Generated 12/30/2023 12/31/2023 1/1/2024 1/2/2024 1/3/2024 8 $3 4 $I2 4 8 3 /,8 $$1 $7 1/4/2024 5 03 1/5/2024 1/6/2024 1/7/2024 1/8/2024 8 3 4 $�9 $8 „3 9 1/9/2024 1/10/2024 1/11/2024 1/12/2024 5 6 6 1 08 $h3 $3 1/13/2024 12 $2 1/14/2024 5 $4 o 1/15/2024 9 $14 1/16/2024 3 03 1/17/2024 6 0d 1/18/2024 5 .24 1/19/2024 4 46 1/20/2024 5 01 1/21/2024 5 $23 1/22/2024 8 $8 1/23/2024 4 $7 1/24/2024 5 $.o Number of Charging Sessions Daily CNN COCC Daily Public EV Charging Sessions Record �nss�s�s Date Maintenance Reports 1. Maintenance Reports Should Be Provided to Council and the City Manager Including but Not Limited to: a. Were there any service tickets on the chargers? b. Types of Failures and Frequency c. Quality of Service Figures d. Complete Outages e. Any Open Repair Tickets Pending? f. What was the resolution of closed tickets? g. What are the costs involved with any repair tickets? New Developments in the EV Industry Since September 2023 The State of the Market is different since the Council approved the upgrade of the charging stations indicating some decline which may be different than when research was previously completed for the charging station upgrades: i. Decline Indicators: a. Manufacturer Layoffs always indicate product decline b. Production Decreases Indicates Market Decline c. Market Demand and Fueling Costs Can Indicate Decline d. Falling Stock Prices or EOY Income Projections Can Indicate Decline State of the Market Please see State of the Industry Document Do We Have a Marketing Strategy? 1. Do We Have a Marketing Strategy to Our Target Market Including Commercial Clients? a. We had commercial businesses using the chargers in the past when they were free. Have we reached out with them to continue their charging now that it is billable? b. Are there any businesses that we can reach out to in order for them to use the chargers and generate income for a quicker return on investment? c. Awareness Marketing Campaign for Residents, Snowbirds, and Small Businesses to encourage charging to recoup costs. Other Considerations 1. How are Batteries Recycled in Brevard? a. Do any end up in the landfill? b. Average Cost to Recycle to Battery Recycling Plant? i. What is the Process in Brevard? ii. Recycling Cost iii.Shipping to Recycling Plant Costs Other Considerations 1. Liabilities and Fires: Other cities, such as Olympia Washington, are enacting legislation that addresses EV fires. During testimony before the Senate Transportation Committee, fire department officials said a typical fire truck carries 50o gallons of water, but it can take 12 times that amount to put out the typical EV battery fire. Washington State Senate Bill 5812 is addressing EV Fires and other states and cities are addressing firefighting concerns. a. Do we have a firefighting plan in case of a fire at a charger? b. What are the liability concerns for the city, and what is our coverage in case of a fire event at a charger? Making Informed Decisions Being on the Space Coast with SpaceX and others who depend heavily on EVs, we need to make informed decisions on how to move forward while ensuring that EV charging is available to citizens and travelers alike, while, if possible, saving citizen's tax dollars. All options need to be investigated for intelligent decisions on how to move forward in a changing market with some decline Including additional options being utilized in different cities that were early adopters in the market. a. Current Locations of Public Charging at Hotels, the Port, and any other Projected Sites (Our competition) b. Do we have any projections of number of residents charging their vehicles at home? i. Homes? ii. Condos? iii. Trailer Parks? iv. Businesses? Proposal to Council • Obtain Reoccurring Financials from Staff as Stated Earlier in this Presentation to Know Total Investment, Net Present Value, Equivalent Annual Cost, and Monthly Costs Such As Electricity • Obtain Reoccurring Reports from Staff on Usage via Number of Charge Sessions and Financials on Those Charging Sessions • Obtain Reoccurring Maintenance Reports from Staff to Know Current Outages and Repairs Including Any Costs Council Discussion