Businesses can benefit from offering EV charging stations by building loyalty among environmentally conscious customers. They can also earn revenue from user fees for charging services or through ad sales.
Choosing the right business model involves identifying how many chargers to install and whether to buy or lease them. It may also be important to find out whether you need to integrate with existing telematics to monitor electricity use for reimbursement purposes.
EV Home Charging Stations
Businesses that invest in EV charging stations will see a return on investment in the form of increased revenue from new and returning customers who want to shop, dine, or drink with companies that demonstrate their commitment to sustainability. In addition, millennials are demanding that EV chargers be available in their new homes and apartments. As a result, the number of new and used EV sales is rapidly increasing.
Insufficient charging infrastructure is cited by 40 percent of potential EV drivers as the primary reason they haven’t yet made the switch. Incorporating EV home charging at your business will help to eliminate this obstacle and encourage more of your employees to go electric.
There are several different types of EV charging stations on the market, with different power outputs and speeds. Each has its own set of benefits and drawbacks. For example, a fast station may not be suitable for all locations due to its high power demand. Likewise, a higher-capacity station might require a bigger circuit breaker than your building can handle. To avoid these issues, choose a smart EV charging station that connects to a network service platform. This enables you to manage multiple EV charging stations from a single-user network portal, monitor usage patterns, track carbon emission metrics, and more.
While there are a few different types of connectors that EVs use, most will accept either a standard SAE J1772 or BEV DC fast-charging connector (CHAdeMO). When selecting an EV charger for your commercial property, opt for one that is compatible with both types. You can also consider purchasing a “universal” charger with adapters that enable EVs to charge at any standard connector type.
Another factor to consider is how quickly you want your EV drivers to charge. Depending on the power output of the charger, it can take as little as 15 minutes to charge a car to 75 percent or up to 24 hours for a full charge. Make sure you buy a unit that can accommodate the speed you need and check its dimensions to ensure it will fit in your space.
In addition to helping lower a commercial property’s operating costs, charging stations can also help generate revenue. How much an EV charging station can generate depends on several factors, including the location and type of business, the number of users, and the charging rates charged.
Most EV drivers will want to charge their vehicles at locations that can offer convenience and a pleasant experience, which will likely lead them back to those places again and again. This is why businesses and organizations that want to attract EV owners should consider installing EV charging stations.
EV chargers can be installed in a variety of locations, including commercial parking lots and garages, retail shopping centers and department stores, restaurants, and workplaces. Workplaces are a particularly popular choice, as many employers are looking to promote EV adoption among employees by offering on-site charging.
An EV charging station is comprised of a power supply unit, an AC inlet socket for plugging in the vehicle, and a cable that connects the receptacle to the car. The plug and inlet socket vary by EV model, but most have connectors that comply with one or more of the international standards for EV charging. DC fast chargers are also becoming more common, and these require a higher level of power and can be plugged into a dedicated circuit that is free of any other electrical load.
The most basic EV charging station uses a standard 120-volt outlet, which is what most PHEVs and BEVs come equipped within their homes. This provides a slow charge of up to 1.4 kilowatts per hour, which is enough for an overnight recharge. A more advanced EV charging station is one that uses 240 volts like a conventional electric dryer, which allows for a faster charge of up to 9.4 kW per hour.
Businesses can either own and operate their EV charging stations, or they can lease them to third parties who manage them. The decision depends on a business’s needs, with an owner-operator model often requiring more upfront investment and financial responsibility than a leasing option. If a business is planning to install its own EV charging stations, it is important to hire an electrician who can properly assess the electrical system and design the required upgrades.
EV Charger Installation
If you’re an electric vehicle owner, having a home charger is a great way to reduce your carbon footprint. It also saves you money on gas and can add value to your property. In addition, it allows you to charge your car during off-peak hours, which means that you’ll be able to recharge your battery for less money. However, before you get an EV charger installed, you should make sure that your electrical system can handle the load. If not, you may need to upgrade your circuit breaker or wiring.
You’ll want to find a company that offers comprehensive services, including pre-installation advice about which charger to opt for and how it will work with your home or business. They should also provide post-installation guidelines about how to use the charger and its accompanying app or software.
EV charger installation can be difficult, so you’ll want to hire a professional who is licensed and insured. They should be familiar with local codes and regulations and will know how to install a charger in compliance with the Americans with Disabilities Act (ADA).
Once you’ve found the right contractor, you can schedule an EV charging station installation appointment. This will include an inspection of your electrical panel to ensure that it can handle the added load. It will also include the mounting of the EV charging station, as well as the installation of the wiring and circuit breaker for the charger. Once everything is complete, you’ll be ready to start charging your EV.
Businesses can reap the rewards of incorporating EV charging stations into their operations by attracting and retaining environmentally conscious employees. They can promote their EV charging stations in job postings and offer discounted or free charging to employees, which shows that they care about the environment and their employees’ health. This will help boost productivity and satisfaction at the workplace, which can lead to increased revenue and profits. Moreover, it’s important for businesses to offer charging stations in locations that are easy to find and convenient to access. This will attract EV drivers and help them to increase their spending in your stores, restaurants, or shops.
EV Charger Pricing
If your commercial property attracts EV drivers, there are several options for charging station pricing. You can choose to monetize your chargers and charge users for their use of the electricity, or you can simply provide charging as an amenity that draws more visitors, tenants, and employees to your commercial location.
Most EV charging stations generate revenue through the sale of electricity at a set price. This model is similar to how gas is sold at service stations and allows EV infrastructure companies like Chargie to easily set up and manage charging networks at business and residential locations while generating consistent and predictable revenue for the station owner.
EV charging stations can also be used to sell digital advertising space on their screen. This type of out-of-home (OOH) advertising has been shown to be the single biggest driver of EV charging station profitability. Depending on your location and potential audience, you can expect to earn between $10,000 – $20,000 per month from ad sales on EV charging screens.
Another way to monetize your EV charging station is to offer free charging as an incentive to encourage EV adoption. This is ideal for shopping centers, hotels, and apartment complexes that want to attract EV drivers and grow brand loyalty. Providing free charging for EV drivers can significantly increase traffic to your location, boost in-store spending, and improve brand perception among EV owners.
While free-charging models are a great option for many businesses, they may not be the best fit for all properties. The initial investments in EV charging station hardware can be costly, and you will need to understand your customers and the market to ensure that your hardware will have long-term value.
Using data and analytics, you can develop forecasts for customer demand, peak charging times, and other factors that will help you determine the best EV charger price model for your commercial property. The right EV charging station price will allow you to maximize revenue and attract more customers while maintaining a profit margin. For the most cost-effective and scalable solution, consider working with a partner that offers hardware-agnostic EV charging management software (CSMS) that supports multiple EV charger manufacturers and types.