At the end of 2023, about 3.3 million electric vehicles have joined the traffic in the US, according to Edmunds. The increasing demand for EVs fuels the widespread network of charging stations across the country, making charging a lucrative stand-alone business.
Many retailers and firms have equipped their stores with charging infrastructure. What about your company? In fact, EV charging stations can benefit your business in the most unexpected way. Keep reading to learn more!
In This Article:
6 Ways That EV Charging Stations Can Benefit Your Business
Retain and Attract More Customers
As electric cars are on their way to going mainstream, the need for an EV charging station at parking lots has become more urgent. Drivers tend to patronize places with sufficient infrastructure to fuel their vehicles. According to a 2024 report by Numerator, over 60% of EV owners are likely to shop at retailers with charging stations.
Undoubtedly, stores with EV chargers ensure a more convenient shopping experience for customers. They can shop around or enjoy a cup of coffee, resting assured that their cars can clock in another 100 miles of range after 15-20 minutes.
Take Starbucks, for example. Recently, in July 2024, the coffee chain partnered with Mercedes-Benz to install 400 kW EV chargers at 100 stores, which are able to charge an electric car from 10% to 80% in about 20 minutes.
Boost Revenue
A 2024 study by MIT reveals that every charging station in California resulted in an increase in annual spending at nearby businesses. In 2019, this boost averaged around $1,500 per business, decreasing to approximately $400 between January 2021 and June 2023. Imagine how much you could make if your company installed its own charging station.
Many stores offer free EV chargers for their customers, which is a huge plus in terms of customer service. This promotes customer retention and loyalty, and with more and more new and loyal customers comes higher revenue.
Not to mention, you can monetize your business EV charging station as an additional source of income. The cost can be charged individually or incorporated into parking fees.
Enhance Employee Efficiency
If a large number of your employees own electric cars, installing an EV charging station at the office will be a long-term investment. Even when they have a home EV charger, knowing that there are chargers available at their office gives them peace of mind.
According to Numerator, 34% of EV owners choose to charge their cars at work. During 8 hours of work, their vehicles can be fully charged, ready to accompany them for hundreds of miles. This is a great benefit for long commuters, as they don’t have to seek a place to refuel their cars during the work day.
When the concern about their vehicles is eliminated, they can focus on their performance and work more efficiently. It’s a win-win for both businesses and employees.
Furthermore, “a spacious parking lot with EV chargers” can be a major selling point in job postings, helping you attract more talent.
Promote Brand Image and Sustainable Growth
Much like Google Maps, EV drivers utilize apps, such as PlugShare, Zap-Map, or Tesla, to find the nearest charging station. If your business can offer public chargers, either with or without fees, your brand name will show up on those maps. This is a natural way to drive more foot traffic to your location While waiting for their cars to charge, they can shop around your store.
Going green is also crucial for sustainable business growth, which is a competitive marketing tool. Equipping EV charging stations at your office paves the way for your development in the long run. Even better, having EV charging stations sets your brand apart from the competitors.
For instance, Costco, one of the pioneers in installing charging stations in the 1990s, ceased this service in 2011. However, recognizing the growing potential, the supply chain has recently made a comeback to the EV charging game, installing chargers at their Ridgefield store in just 7 weeks.
Demonstrate Environmental and Social Responsibility
Having EV charging stations installed at your workplace showcases your business’ attempt to reduce environmental impact and meet social responsibility. This encourages employees to invest in electric cars, significantly reducing the carbon footprint and aligning your business with global net-zero goals.
Not to mention, EV charging infrastructure is one of the prerequisites to earn the LEED (Leadership in Environmental Design) and other green-building certifications. These credentials serve as a solid testament to your business’ environmental responsibility.
Become an eco-conscious business with an in-built EV charging station. Image source: Pexels
Benefit from Government Incentives
The high cost is one of the biggest trade-offs when a company considers EV charging. Fortunately, governments worldwide are striving to support EV adoption by providing significant incentives.
For example, government offices and businesses can get a tax credit of $100,000 when installing EV charging stations. Many states, like New York, Colorado, and California, also offer generous rebates to offset the installation expense.
What Types Of Businesses Should Install EV Charging Stations?
While EV charging stations positively impact all types of businesses in some way or another, certain fields will benefit the most from this infrastructure:
- Retail stores and shopping malls: These places offer customers various entertainment options, such as shopping, dining, and watching movies, giving customers plenty to do while they wait.
- Restaurants and cafes: Many fast-chargers can add 100 to 200 miles in just 20-30 minutes, enough time for a drink or a meal.
- Hotels and resorts: An EV charging station not only enhances customer service but also encourages guests to stay longer at the hotels or resorts.
- Apartments & office buildings: A majority of residents and employees require a charger readily available at their home or office.
- Hospitals and medical centers: EV chargers are convenient for patients undergoing extended hospital stays and their family members.
- Movie theaters and theme parks: Those places with charging stations have an edge over their competitors, attracting more visitors and keeping them for longer.
- Gas stations: Shifting towards EV charging is a great way to make up for the loss when more drivers switch to electric cars.
- Paid parking lots: Undoubtedly, parking lots with more charging options will draw more customers.
- Car dealers: Installing charging infrastructure empowers car dealers to adapt to the increasing demand for EVs.
Final Thoughts
The benefits of EV charging stations for businesses are undeniable. They greatly contribute to customer and employee retention while boosting your revenue and reputation. After all, EV adoption is one of the secrets to sustainable growth for all companies.
