By 2025, 25% of vehicle sales are predicted to be electric. No matter what type of business you run—whether it be a hotel, gas station, apartment building, hospital, department store, or something else—we’ll cover why you should install EV chargers for commercial use. As more and more consumers buy electric vehicles, you can provide more value to them by staying ahead of the curve.
What Are EV Charging Stations?
Just like your phone or a laptop, electric vehicles need to be charged. They operate on electricity, not gas, which means your typical gas station won’t get these cars up and running. An electric vehicle charging station is a place where drivers can come to charge their cars.
There are four levels to the EV charging system:
- Level 1: Offers the slowest charge, perfect for anyone who wants to charge their vehicle overnight at an apartment complex or hotel.
- Level 2: Offers a faster charge time, with about 14 to 35 miles per hour of charging.
- Level 3: Fast charging stations with 10 miles of driving range per minute of charging time.
- Level 4: These are the fastest charging stations. It’s called ultra-fast charging, these are usually found in commercial settings.
These differing levels of charging are provided by different types of stations. One station can’t have two levels. However, one charging location can have multiple station levels.
The Existing Electrical Infrastructure
Electric vehicle (EV) charging infrastructure is lacking. Despite an increase in EV charging stations, many of them are not working properly due to maintenance issues. According to a J.D. Power study, one in five respondents didn’t charge their vehicle during a station visit. 72% of those did not charge due to a station installation.
Of course, whenever there’s a gap in existing infrastructure, there’s an opportunity for your business to bridge it. In this in-between time where consumers are looking for new EV charging solutions, you can become a leading provider that they trust.
Benefits of Installing Ev Charging Stations
There are many advantages that come with installing charging stations at your commercial business. Five compelling benefits are:
1) Attract EV Drivers
When you install EV charging stations at your business, you’ll attract EV owners to engage with your business. If you didn’t have a charging station, those drivers might have looked elsewhere. When you provide them with what they need, it suddenly becomes easy for them to choose your business instead of someone else’s.
Over time, you earn customer loyalty by becoming the preferred destination of those who own electric vehicles.
2) Increased Visibility
When you invest in electric car charging stations, your business is put on the maps to help drivers find you. This exposes your business to people who might not have found it otherwise. Here are some maps your business can be included on:
- Blink Network – if you choose their equipment
- Charge Hub
- Open Charge Map
- Plug Share
Using these maps, drivers will know your business is a great place to charge their car. They’ll be likely to stop at your business if they’re close by, and since the average charging time is 30 minutes, the drivers will likely interact with your business in the meantime.
3) Attract Environmentally-Friendly Consumers
Recently, we’ve seen a huge uptick in consumers that are taking environmental issues seriously. 73% of consumers agree we need to preserve the environment, and 52% feel guilty about their own negative impact. Since so many consumers are getting serious about their impact on the environment, many businesses are responding by providing environmentally-friendly options.
By providing electric vehicle charging stations, you’ll address the concerns of consumers that are valuing sustainability. Especially as more and more Gen Z consumers start driving, EV charging stations will grow even more important. 46% of Gen Z say they want to change their lifestyle a great deal to be more sustainable—including their driving habits.
4) Embody Environmental Values
As more consumers value businesses taking action against climate change, more businesses will claim to be sustainable in response. Rather than just slapping a label on your business, it’s essential to embody your environmental values. 88% of consumers say that authenticity is a key factor when deciding which brands to trust.
By embodying your environmental values and installing an EV charging station, you build trust with consumers. More importantly, your brand will be meaningfully contributing to climate change issues. One of the most cited reasons consumers aren’t buying an electric vehicle is because they’re anxious about having access to charging stations.
By providing much-needed EV charging equipment, you’re giving local incentives to help consumers get more comfortable turning to an electric vehicle.
5) Build Another Income
In the best of both worlds, you would find a source of income that’s environmentally friendly. By installing an EV charging station, that’s exactly what you get. It’s common to charge between 39 and 79 cents per kilowatt-hour. You can charge:
- Per second of charging station usage
- Per hour of time in the parking spot
No matter how you choose to charge, you’ll be providing a much-needed, environmentally-friendly service, and you’ll be compensated for it.
Cost of Station Installations
On the topic of compensation, you’re probably wondering: How much are installation costs? Will I face costly upgrades? These are valid questions. Here’s what to consider when it comes to the finances of your EV charging journey.
- Incentives: Before we jump into costs, there are incentives to help you handle the finances, including: ConEd Make Ready Program, NYSERDA Charge Ready Program, and Federal tax credits
- Initial cost: An EV charger is an investment that can cost you anywhere between $4,500 to $13,000.
- Maintenance costs: EV chargers won’t affect your electric bill much. There’s an average increase of less than 4%.
- Upgrades: Electricians typically charge $40 to $100 per hour.
- Property value: Your property’s value will increase by installing EV charging equipment.
Get Ahead of the Curve
If you decide installing EV charging stations is right for your business, you’ll be joining a profitable sector. You’ll be ahead of the curve, before your competitors, separating yourself from the rest.
At Electric City Corporation, we know electrical vehicle charging stations are up-and-coming. We’re proud to offer high-quality electrical service work at competitive prices that won’t break your bank. We’re licensed and insured electricians, ready to get your EV charging station up and running.
If you’re in the Greater Twin Cities Area, get a complimentary consultation today.