Everyone wants to find a quick way to make it big. Maybe you have a collection of rusting old cars that is finally going to reach its potential any day now, or maybe you steal electric vehicle charging cables for their copper. If you fall into the latter camp, I’m here to say that this might not be the best way to make your millions.
A new report from CBC News in Canada has looked into a spate of EV charging cable thefts that has rocked provinces north of the border. The attacks on EV charging stations have seen vandals cut into the charging cable to swipe the copper metal inside, which they then attempt to sell in order to turn a profit.
While that might sound like an easy way to make a few bucks, there’s just one problem: most EV chargers only contain about $US5 worth of copper metal. So if you’re hoping to become a millionaire via this scheme, you’d need to raid 200,000 EV chargers, which is more than you’ll find in both the U.S. and Canada combined.
“The charging cable is typically copper inside, but it’s not much,” William York, president of the EV Association of Alberta, told CBC News. “So for it to be theft, I think it’s a misconception on behalf of the person that’s perpetrating it. They think there’s a lot more value in those cables than there actually is, it’s only a couple of dollars, but that cable to the owner of the charging station to replace is in the hundreds to thousands of dollars.
The spate of attacks on EV charging stations isn’t limited to Canada either. According to the U.S. Department of Energy, instances of copper theft across the country have spiked as the cost of the metal has soared. While the cost has risen from its low in 2022, the cost of copper still only sits around $US3.80 per pound here in the U.S.
“This is not a good way of getting metals,” Travis Allan, chief legal and public affairs officer at FLO, told CBC News. “It’s not a good way of making money, it’s dangerous, it’s not worth the costs or the risks.”
If you are on the hunt for a “get rich quick” scheme, might I suggest scamming billionaires with made-up submarines? Or maybe start rummaging around your local barn for any lost Ferraris.
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