Electric Car Charging Stations: Business Opportunity and Foot Traffic Solution
Electric vehicle sales are far outpacing public EV charging stations in the US. That has caused significant challenges for current EV owners and discouraged new drivers who are worried about finding a charging station that fits their daily routine. That combination poses a prime business opportunity, especially for companies in dense population centers where drivers spend time daily.
The Benefits of EV Charging Stations for Businesses
There are several reasons to invest in electric car charging stations at your business. EV charging station providers enjoy several benefits, including meeting the needs of EV adopters within the organization.
Increased Foot Traffic from EV Chargers
Even fast-charging EV installations take an hour or more to charge a battery, so drivers have plenty of time to run errands, work remotely, or relax. There are some obvious winners here:
Restaurants and coffee shops
Retail centers
Office parks
Grocery stores
Department stores
That’s why brands like Starbucks, Walmart, and others have invested billions to expand their EV charging networks. Offering fast DC charging to customers shapes consumer habits by offering charging when competitors. It may also increase patronage, increasing valuable business metrics like same-store sales for companies looking to increase value per square foot.
Alternative Revenue Streams
EV charging locations offer an additional revenue stream for retailers, improving cash flow. EV charging station income is typically shaped by three billing options:
Fee per kilowatt-hour of electricity
Fee for the time connected to the charger
EV charger subscriptions
Depending on your business, one of these fee structures may make more sense than another. Your Keen representative will help you choose the right billing structure and equipment to maximize the station’s value for your business.
Are Charging Stations Profitable?
Absolutely! Surveys show that EV owners are willing to pay $3-$4 per hour for a DC charger, even though it costs them an average of just $0.75 at home. The convenience premium of charging at work, at the store, or while meeting up with friends creates a profit margin for companies that invest in EV charging stations. Businesses also enjoy increased sales and repeat business due to their EV chargers, increasing the return on investment.
Environmental Commitment
Installing EV charging stations for businesses is a larger net positive for the community and the planet. Companies with firm environmental goals show a clear investment in running their organization responsibly. Offering chargers at work encourages employees to switch to an electric vehicle when it makes sense. It reduces the need to install a charger at home and builds in-office work into their daily lives.
Government EV Charger Funding
There are dozens of federal, state, and local grants and rebate programs available to make installing an EV charger at your business financially accessible. Keen will help you identify, apply for, and utilize the programs your company is eligible for, shortening the ROI window.
Read more: Privacy and Cybersecurity in EVs
Invest in the Long Road Ahead
EV adoption rates have accelerated and slowed based on myriad macroeconomic factors, but there’s no doubt electric cars are the future. Companies that offer EV charging today will tie consumer habits to their brand, enjoying increased foot traffic, a more diverse revenue stream, and long-term growth.
Learn more; contact a Keen energy consultant today to get started!