The market for electric vehicles (EVs) has been rising for years. The public's growing acceptance, combined with corporations' environmental initiatives and governments' decarbonization goals, has resulted in an unprecedented uptake of electric vehicles. From zero in 2010, to over 10 million EVs on the road today, it's reasonable to say that the mobility sector has been shaken.
The EV charging market is booming in tandem with this increase. Getting EV charging now is about more than just preparing your business for this transition in transportation. Also, it's a clear way to drawing more customers and increasing profits. Here are a few instances of how adding public EV charging to your existing business can improve profitability and even generate money on its own.
1. Increase the amount of time clients spend at your business.
There is an apparent cross-selling potential for add-on products and services once EV drivers cease charging. EV drivers will spend more time at your location if you install charging stations, whether it's a rideshare driver recharging during a lunch break or a little league coach topping off his battery while grabbing snacks for the team.
EVs can take anywhere from 20 minutes to six hours to charge, depending on the type of charger you use (depending on battery size). A fast (DC) charging solution is an excellent alternative for businesses, restaurants, and gas stations, charging even the largest EV batteries to full capacity in under one hour. However, because most EVs arriving at your location aren't wanting to charge from 0% to 100%, a typical Level 2 (AC) charging solution would suffice for most drivers, allowing them to add 25 miles of range every hour. A combination of AC and DC charging stations is often the best option.
In either case, providing your consumers with a pleasant charging experience encourages them to spend time and money while they wait.
2. Attract more valuable clients by attracting loyal ones.
EV drivers are more than twice as wealthy as the average American, according to a research, with a median household income of more than $150,000. Your EV-driving consumers will spend more time at your site and purchase higher-end goods and services since they have more disposable income than gas-car drivers. Furthermore, once these drivers learn that your company provides this vital service, they are likely to become loyal, repeat clients.
Despite the fact that around half of Americans are not confident in their ability to find EV charging when they need it, 40% say they are considering an EV as their next vehicle. By securing your site as one of the places that offers this service immediately, you may convert your business into a popular EV charging hotspot.
3. Improve your public image right away.
EV charging stations also help your company get noticed—literally. Interactive maps on popular navigation services like Google Maps or Waze, as well as specialist charging apps like PlugShare, allow drivers to find local public charging stations. You may increase your brand's visibility on these platforms and attract new customers by placing charging stations on your premises.
Plus, by displaying your brand colors or logo on customized charging stations, you may substantially boost your business image by demonstrating to everyone who sees them that your company is openly committed to a more sustainable future.
Customers are becoming increasingly concerned about the environment. You can establish your firm as an environmentally conscientious organization—and even obtain some coveted sustainability certifications for your location—by putting charging stations on your property (LEED, GBB, WELL).
4. EV charging will bring in consistent cash
The income generated by the stations itself is the most obvious way that EV charging might enhance earnings. You can earn more revenue by charging fees, depending on the business model you adopt, and your consumers will gladly pay them.
Pricing for charging stations can be structured in a number different ways, depending on what you want to gain out of it. You can also experiment with other tactics at any time. Making changes to your setup is as simple as adjusting a few parameters after you have an overview of your stations' pricing and energy usage via your charge management software.
5. Charge fees to your clients and visitors to make money.
The first thing you'll need to figure out is how you'll bill for charging before you can start generating money from your charging stations.
- You can establish your own charging costs and change them at any moment as the owner of the charging station.
- A fixed session starts or connection cost, as well as a variable rate for the energy utilized, may be included.
- Charging by the quantity of energy used is a typical practice. You also have complete control over your mark-up.
- You can also negotiate individual agreements with your clients regarding how much they will be charged. You could, for example, utilize a blanket technique in which all guests pay the same amount or a stratified strategy in which some people pay less than others.
6. Visibility on the internet
Furthermore, by providing on-site charging, you can attract clients by putting your position on public charging maps. While they wait for their automobiles to charge, these new clients are prepared for cross- and up-sell chances.
Furthermore, by providing on-site charging, you can attract clients by putting your position on public charging maps. While they wait for their automobiles to charge, these new clients are prepared for cross- and up-sell chances.
Having your business registered on EV charging maps like Google or Apple maps may literally put your business on the map, whether you own a cafe, a hotel, a consumer goods store, or even a theatre.