If you’re looking to attract more individuals to your business, retail, multifamily, hotel, commercial real estate property, public charging, or your transportation hub, you might be thinking of installing public EV charging stations as a smart way to do it. You’d be right.
As the number of electric vehicle drivers grows, EV charging stations can attract people to your retail or mixed-use property. Government municipalities can also benefit from installing public EV charging stations. This may encourage EV drivers and, subsequently, reduce air pollution. Plus, EV charging ports can represent a solid source of revenue for a city, attracting more visitors and tourists.
If you’re thinking of starting with just a few EV charging ports, however, you may want to reconsider. Installing banks of EV charging ports in your lot can help you maximize financial incentives, reduce overall set-up costs and get the most out of your investment.
Incentive Funds May Be One-Time-Only Offers
Many incentives for public EV charging stations offered by states, cities or municipalities are good only for first-time users and not for upgrades to lots with existing EV chargers. After all, they are seeking to encourage EV charging ports in new locations and encourage more property owners to embrace the idea of attracting EVs.
At this time, the 30C tax credit — worth up to $30,000 per location for businesses — is set to expire in 2021. So, it’s in your best financial interest to max out the credit now if you want to be able to combine it with incentive dollars. You may not be permitted to “double dip” like this in the future if you decide you need more EV charging ports than you purchased with your initial investment.
Infrastructure Costs Represent the Biggest Portion of Your Investment
If you’ve been involved in construction projects as a commercial property manager or government worker in the past, you know it’s often cheaper to plan ahead. This usually means installing the necessary infrastructure and technology in a building during construction and not as a retrofit after the walls are up.
The same goes for installing public EV charging stations. A large portion of installation costs go toward electrical upgrades, trenching, conduit, digging and then, of course, replacing the parking lot pavement and landscaping once the project is done. You’ll save time and money by planning ahead and installing the right number of chargers now, rather than intending to scale as the need for EV charging ports grows — which it will.
If You Build It, They Will Come
EV drivers are on the lookout for charging stations when they’re traveling through a new city. The more charging ports you have in your lot, the more visibility you will have. If a driver is using an app to search out the nearest EV charging port, they are likely to visit a facility with more stalls — increasing the likelihood they will have a space available to charge their vehicle.
On a commercial property, having enough chargers in your lot may encourage shoppers to spend more time in your retail stores because they won’t be concerned that they are parked in a charging stall that someone else might need. Similarly, prospective tenants can be sure that they will have a place to charge even as the number of EVs on the road continues to grow.
The Number of EV Drivers Are Growing Exponentially
In many states, the number of EV drivers continues to double each year. Globally, sales of light EVs doubled from December 2019 to December 2020. The U.S., alone, has nearly 1.4 million EVs on the road. Plan for increased growth while attracting today’s EV drivers with an enticing charging station that elicits a sense of confidence for drivers.
Stay Ahead of the Competition
Other multifamily units or nearby municipal lots may have a handful of chargers for tenants or road-weary travelers. However, a lot of reliable and robust brand-agnostic chargers can set your property apart. It isn’t enough to think about EV needs now. Consider a future where most — if not all — Americans drive EVs and gas stations are a thing of the past. Wouldn’t you rather attract those drivers to your site instead of sending them off in search of a station big enough to accommodate their car?
Future-Proof Your Parking Lot
If you run a commercial building with multiple tenants, coordinating shared parking can turn into a hassle — especially when tenants don’t follow signs for designated parking spaces. Dedicated EV parking doesn’t require schedules or reservations or queues and can be easily managed by the EV Connect App for drivers.
From planning the layout of your EV charging ports to navigating incentives and installing the infrastructure you need, EV Connect does it all. Reach out to discuss how many EV charging ports it will take to maximize your investment.
Dawn Allcot is a full-time freelance writer and content marketing specialist who has written about sustainability and solar for 20-plus years. She frequently covers Tesla and Elon Musk for GoBankingRates and GeekTravelGuide.net.
References
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EV-Volumes.com – The Electric Vehicle World Sales Database
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CleanTechnica – 2020 U.S. Electric Vehicle Sales Report
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USA Facts – How Many Electric Cars are on the Road in the United States?