May 4

May 4 BYOC Finally Comes to America with itselectric

By Edward A. Sanchez — May 4, 2023

Those who regularly follow this blog and podcast know that I’m an advocate and fan of BYOC (Bring Your Own Cord/Cable). This is a highly obscure interest, even within the world of EVs. But there are many advantages to this approach, among them lower cost of construction/deployment, less risk of vandalism, and pride of ownership (i.e. people take better care of what they own, versus what they just use/rent). So, it was a bit of an epiphany to me when I heard about a company that was applying the BYOC concept in the U.S. That company is New York City-based itselectric.

Founded by Nathan King and Tiya Gordon, itselectric has a unique business model in that it bypasses the typical municipal, bureaucratic process in trying to work within the municipal, utility structures, by dealing directly with property owners, and giving the owners a cut of the charging revenue.

As explained by itselectric CEO Nathan King, New York City, where itselectric is headquartered, property owners have somewhat of a hybrid responsibility of the right-of-way of the sidewalk directly in front of their property, in that it’s owned by the city, but the onus of responsibility for maintenance falls on the owner – this is also true in many states. On a superficial level, this sounds like a lose-lose for the property owner.

But in a bit of mental Judo, this actually plays to the advantage of the property owner. In itselectric’s business model, the property owner puts a charging post curbside on the sidewalk right-of-way, with the city’s permission. The post is then wired to the property owner’s electrical panel. Those who are part of itselectric’s membership network that plug into the post are essentially siphoning the property owner’s power – itselectric then builds in a modest (as of this writing, undisclosed) pricing premium to make sure the property owners are coming out slightly ahead by altruistically offering their power supply to strangers. Property owners receive a line-item credit on their power bill for offering power to the curbside charging post.

While itselectric’s business model is novel and unconventional, it addresses a critical need of curbside EV charging, a giant gaping hole in the current charging ecosystem: those who don’t have off-street parking. While many specific details of itselectric’s business and consumer-facing model are to-be-determined, the gist of it is members sign up to be part of the itselectric family, and pay a small fee to receive a charging cable that they own. The cable is delivered to the member, and presumably, is stored in the vehicle.

New York-based company itselectric is putting a new spin on Level 2 charging in America.

In the app, members are given locations of itselectric charging posts, and can navigate to the location (real-time availability was not discussed). The member plugs in to the post and is billed for their charging. The property owner receives a credit on their electric bill for the energy that goes to the charging post. Depending on the utilization rate, itselectric states that property owners could potentially receive as much as a $1,000 (or more) credit on their utility bill for offering their meter to post users.

While the EV startup ecosystem is riddled with opportunists and fly-by-night, here today, gone tomorrow companies, itselectric has received support from Hyundai Cradle, the Hyundai Group’s startup incubator. The fact that a multinational conglomerate has reviewed and vetted the company’s concept and business model gives me confidence on itselectrics’ chances.

As a small-“l” libertarian, I am all about private citizens being empowered. When it provides a public good, it’s a win-win. You can listen to our interview with itselectric’s Nathan King below, or by clicking here.