Are you on the fence about installing an EV charging station at your place of business? While you may be concerned about the costs involved or if drivers will use your service, it’s essential to consider the potential growth in electric vehicle (EV) popularity under the current administration.
Additionally, a CleanTechnica report predicts a 70% year-over-year increase in EV sales in the U.S. in 2021 compared to 2020. With the advent of plug-in hybrids like Toyota’s new hybrid RAV4 and the plug-in Prius, more consumers than ever before are seeking EV charging stations and readily available EV infrastructure to keep their vehicles moving.
GM Cruise’s recent partnership with Microsoft also promises to drive EV innovation even faster, as the company seeks to get fully autonomous electric vehicles on the road as part of a rideshare program in the foreseeable future. From commercial fleets to individuals, the next 10 years could bring a significant rise in the number of EVs on the road — and they will all need safe, convenient places to charge up during their trips.
With that in mind, let’s consider three key advantages of installing an EV charging station at your place of business.
Showcase Your Commitment to Sustainability
According to an IBM retail report, more than half (57%) of consumers are willing to change their shopping habits to reduce their environmental impact. As consumers seek out eco-friendly businesses, installing EV charging stations in your parking lot is like posting a sign that says you care about sustainability. However, unlike a sign, EV charging stations are more than just lip service. They serve a purpose for your customers.
Attract Eco-conscious Customers
If your business sells eco-friendly goods or seeks to attract a clientele that cares about the environment, EV charging stations can incentivize customers to shop with you. Researchers found that income generated by sales from customers who shop while their vehicle is charging typically accounts for half the chargers’ revenue.
Business owners can recoup their installation costs and, of course, earn revenue for the charging stations by billing customers for their use. But in many cases, increased profitability emerges when the EV charging stations attract customers to a business — especially a restaurant or retail location — and encourage them to stay longer.
Even with sophisticated onboard entertainment systems and media streaming capabilities in some EVs, if you have an enticing business, shoppers are likely to get out of their cars and stroll around in your store while they wait for their vehicle to charge. Some studies have shown a positive correlation between the time spent in clothing stores (specifically), and the number of items purchased, along with an increase in impulse purchases. For landlords and building owners, installing EV charging stations in a strip mall, shopping mall, or other multi-store retail location can attract businesses, which, in turn, attracts more customers and can help a shopping center to thrive.
Earn Revenue By Installing EV Charging Stations at Your Business
With EV charging stations in such high demand in some areas of the country, it’s a no-brainer to bill users for the service. By taking advantage of local and state incentive programs and rebates, you can dramatically reduce your EV charging stations’ cost to see profits faster.
Panda Restaurant Group first installed EV charging stations in its corporate headquarters in 2010 to serve its corporate fleet. Eventually, they expanded to add an additional 30 charging stations to serve employees and visitors to the complex.
By establishing billing through the EVConnect app, Panda Restaurant Group raised funds for its Panda Associates Assistance Fund. The EV Connect app also gave Panda employees access to a networking of chargers beyond the corporate headquarters, which helped recruit and retain employees while increasing the revenue stream for Panda.
Prepare Your Business for the Future
President Joe Biden has promised to dramatically step up EV production in the U.S. EV sales in 2019 totaled just 326,000. In 2020, Tesla alone sold nearly half a million fully electric vehicles, and this was during a presidential administration that did not support EV manufacturing and purchases.
Although Biden has not yet revealed the details of his plan to increase EV production and EV charging infrastructure over the next four years, support could come in the form of expanded tax credits and incentives. Additionally, the Department of Energy could play a role in advancing vehicle, batter and supply chain manufacturing efforts.
As more people embrace a cleaner future, you can position your business ahead of the curve with EV charging stations while realizing tremendous benefits that include enhanced profitability. Reach out to EV Connect today to see how we can help!
References:
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https://www.ibm.com/downloads/cas/EXK4XKX8
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https://www.researchgate.net/publication/324971523_Time_spent_shopping_and_consumer_clothing_purchasing_behaviour
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https://www.reuters.com/article/usa-biden-granholm-evs/bidens-expected-energy-department-pick-granholm-could-lead-charge-on-electric-cars-idUSKBN28R0JO
