Forward-looking: Electric vehicles very much appear to be the way of the future for the United Kingdom. By 2040, a ban on combustion vehicles could make electric vehicles a necessity. An initiative to install chargers in public places and in all new homes will help push towards the goal of going fully electric by 2040.

A new proposal in the UK aims to require electrical vehicle charging capabilities at all new homes. In addition to homes, light poles near street parking locations will also be equipped with chargers. Investment into supporting infrastructure takes steps towards the UK's effort to ban fossil fuel vehicles by 2040.

To retrofit and install new chargers for public use, $530 million will be used to help fund companies producing and installing the necessary hardware. As part of the Automated and Electric Vehicles Bill, charging stations will also be implemented at service stations near freeways and installed at many traditional gas stations.

One of the pain points of electric vehicle adoption is that recharging still takes more time than refueling with gasoline or diesel. Fortunately, battery technology has actually improved over the past several years. Energy density has increased and cell life cycles have improved. By 2024, electrical vehicles are expected to match fossil fuel vehicles in both driving range and "refueling" time.

Now, the Tesla Model S has a range that matches or exceeds many combustion vehicles. Tesla's Model 3 is still a little short on range but may see an improvement as more configurations become available. Charging times are still well above the five minute mark and will only start to drop once newer battery management systems along with new cells can be implemented.

In a study conducted by the Australian Renewable Energy Agency and Clean Energy Finance Corporation, there is evidence to show that nearly 90 percent of the vehicles on the road in 2050 could be electric. Whether businesses and consumers choose to adopt electric is an entirely different question, but at least we know that the technology is going to get a lot better over the next few decades.