Electric Vehicle (EV) sales are definitely having a moment right now both globally and domestically. After a gradual uptick during the past decade EV sales are spiking. It’s not only a newfound eco-consciousness that’s driving it but also surging fuel prices and an effective marketing blitz.
Unlike Europe, however, which has proactively invested in EV charging infrastructure, the US has lagged behind in providing that same foundation for EV vehicles. This gap in charging infrastructure has created a perfect opportunity for select businesses to thrive in this new era.
If you own a business but haven’t considered the benefits from installing EV charging stations or simply have been slow to make the leap, you may find yourself struggling to compete with those who have. To make that investment decision easier and the ROI case clearer, consider these four points:
New Source of Revenue/Increased Customer Spend
According to a Chargepoint study, the nation’s largest EV charging network, the installation of charging stations increases customers’ “dwell time” inside a store by an average of 50 minutes. EV drivers are also generally more of an engaged and affluent customer base that spends at rates above the average consumer, which makes them even more likely to spend money while they wait for their car to charge.
Utilizing Tax Incentives
In addition to increased sales, new tax incentives ease the installation burden on businesses. In 2021, the federal government began offering tax credits for EV charging hardware and their installation costs. The credit can cover 30 percent of commercial installation and equipment costs up to $30,000.
As a bolt on to that, there are also state-mandated rebate programs that can be utilized. Chargehub.org is regularly updated and shows the states where these exist. Drive Clean Chicago is one program that offers rebates to businesses who install Level 2 or Level 3 DC fast chargers for public use. The exact rebate amount depends on a handful of factors like installation costs and charger capacity but can add up to $10,000 per charger.
Level 3 chargers are the most desirable for consumers because they offer the fastest charge. They also carry higher price tags and maintenance costs. But these available rebates drive down costs significantly, creating an appealing time for implementation.
Increased Brand Loyalty
The gap in charging infrastructure gives EV owners little choice right now as to where to stop while on the road. With EV sales projected only to increase in the coming years retailers that offer chargers to customers have a tremendous opportunity to stand out among competitors.
EV owners often suffer from a phenomena known as “range anxiety.” That is what EV drivers experience when they look down and have less than 50 miles before they need a charge. To identify charging options, EV owners generally rely on a map platform that shows where ones are available. Your brand can be on that map and will quickly become synonymous as a charge point.
Powering your Business… Literally
Lastly, chargers are a gift that keeps on giving to your business. When you install chargers you have the future potential for vehicle-to-grid (V2G) technology at your disposal. V2G technology is smart charging tech that allows car batteries to give back to the power grid.
Research has shown that energy taken from an idle EV can be pumped back into the building while enhancing a battery’s lifespan. That energy, for example, could power HVAC systems or lighting. This lends to an overall strategy that can make buildings their own energy storage hub and offer a more sustainable power source.
As you begin to consider these four key points, it’s also important to think about your particular site details. Before committing to chargers, take the time to figure out what your electrical capacity is, how many spaces you can make available and where you want to put them. Once you have the logistics squared away the benefits can be realized. The cars themselves are increasingly becoming more affordable and widely adopted, making this the perfect time to be an early adopter of charging infrastructure at your business.
Handling the planning, executing, and deployment of such an important long-term investment shouldn’t be on the weight of just one person. CUSI Electric’s experts can take charge of your nationwide rollouts on time and on budget, with a single point of accountability. Whenever you’re ready, reach out and we’ll get to work.
CUSI Electric is a full-service implementation partner that helps commercial companies transform electrical infrastructure of existing and future locations so its clients can serve their customers consistently and efficiently. Give us a visit at: https://cusielectric.com