The time for electrification is now. Waiting to install electric vehicle (EV) charging stations on your property means you will miss out on EV charging incentives (rebates and tax credits) and the many economic benefits EV charging stations offer. The EV market is growing at a rapid pace and countless agencies want to support that expansion by offering EV charging rebates for businesses – some up to 100 percent of the total cost of the EV chargers and installation – with no telling when they run out. So what are the economic benefits of EV charging stations for businesses? Read on to find the top 10 perks and how you can grow your business with commercial EV charging.
1. Attract customers.
EV drivers need places to charge and have to wait while their batteries get juiced up. Your business is the ideal place for a customer base (which tends to be affluent) to visit and spend time in. The more time spent in a business, the more likely one is to spend money.
2. Build customer loyalty.
As you are likely aware from headlines, customers will abandon a brand and opt for another one regardless of product or service, instead, they will choose who they patronize based on what values the company supports. If consumers see EV chargers on your property they will think of your company as sustainable and socially responsible. You’ll see more customers with the desire to conduct repeat business.
3. Stand out from competitors.
Provide an amenity that your competitors do not. Electric vehicle owners will patronize your business as opposed to the competition if you offer an EV charger station for them to plug their cars into. At the same time, your competitors will look like there are not as sustainable or environmentally conscious as your business is.
4. Put your business on the map.
Public EV chargers are listed on EV charging station maps (ChargeHub, PlugShare, OpenChargeMap) and are a good way to attract people to your business. Whether you have goods to sell or not, an EV driver will easily find your business and possibly learn more about it or decide to patronize it.
Some EV charger manufacturers also give you the option to personalize each EV station with your company branding, which can further enhance the visibility of your business.
5. Attract and retain talent.
Attract top talent who are looking for a place to charge while away from home with workplace charging. While it may be true that not everyone on your staff is a current EV owner, the tides are changing and you’ll want to keep up with demand instead of catch up.
At the same time employees will be attracted to your business and stay loyal whether they are EV drivers or not. Multiple workplace surveys have found employees want to work at a place that supports their values and are committed to being environmentally friendly.
6. Increase your property value.
Studies have found that more than 50 percent of apartment renters are interested in or would not rent without green amenities. A report from Realtor.com found house prices near electric vehicle charging stations are 2.6 times higher than the rest of the country.
7. Start an additional source of revenue.
You could add an additional stream of income if you opt to have each charger in your EV charging system be a public charging station. You can still choose to keep them free for your employees, customers, or tenants and require everyone else to pay to juice up.
8. Collect carbon credits.
A carbon credit is a permit that represents 1 ton of carbon dioxide removed from the atmosphere. Corporations can purchase carbon credits to offset their greenhouse gas emissions or sell extra ones they collect. When you have EV charging stations you lower your carbon footprint since your employees will contribute less fossil fuel and greenhouse gas emissions by driving vehicles that produce zero carbon emissions to and from work.
9. Reach sustainability goals.
EV chargers can help you achieve Leadership in Energy and Environmental Design (LEED) certification or other green building certifications. EV chargers can also help commercial facilities reach internal or corporate sustainability goals.
10. Enhance the company’s image as sustainable and innovative.
EV charging stations are one of the best marketing tools. They are seen by the public when they visit your business or when they drive by. Having EV charging stations show consumers you care about the air pollution levels and air quality of your community, the growth of electric vehicle infrastructure, and improving upon the technologies you have.
As an added bonus, if your business invests in EV charging stations you’ll help to support the advancement of EV adoption and clean transportation. In order for the United States to have the EV infrastructure to support the demand in EV ownership (U.S. EV sales are forecasted to surge from 845,000 in 2022 to around 4.7 million in 2030), more workplaces and businesses will need to install EV charging stations on their properties. You will help fill the major gap in EV charging infrastructure and increase the likelihood your employees will purchase an EV. Studies have shown employees are six times more likely to choose electric vehicles if their company provides EV charging.
Commercial EV charging stations are also more affordable than most business leaders realize. Incentives can substantially bring down the final price you pay for your EV chargers and the installation, but when it comes to workplace charging, providing EV charging as an employee amenity is about the same price as providing coffee service.
As we mentioned at the beginning of this article, the time to invest in EV charging is now. Soon we will see more EVs on the road and conventional vehicles so the question really isn’t if but when.
The reason for you to act now is you want to take advantage of EV charging incentives before they run out or are no longer offered and start reaping the economic benefits of EV charging now instead of waiting.
If you’re interested in learning the ins and outs of EV charging check out our ultimate guide here.
WattLogic can help you start experiencing the economic benefits of EV charging now.
WattLogic has been in the renewable energy and energy efficiency business for decades and we are committed to maximizing the potential of every watt. We offer a painless and quick turnkey commercial EV charging package.
Whether you’re interested in a DC fast charging station, fast charging station, fast charger, Level 2, smart charging, or another type of EV charging solution, we will provide you with everything you need, including product selection based on your preferences and incentive and project management.
Take a free EV charging assessment to get started on your electrification journey!