The electric vehicle market continues to grow each year as consumer demand rises. While Tesla was once responsible for leading the charge, so to speak, other major automakers like Ford, Nissan, Chevy, Audi, and BMW have now entered the EV market.
This increased competition has helped to lower overall costs of electric vehicles, making them affordable for average consumers and alleviating the stigma associated with EVs; where it was once a novelty to see a Tesla parked outside of your grocery store, it is becoming increasingly commonplace.
With more drivers choosing electric vehicles each year, businesses are beginning to take notice by installing EV charging stations on their properties. And while there are some upfront costs associated with EV charging stations, there are many benefits for businesses that make this a worthy investment.
Let’s take a look at 4 advantages of electric vehicle charging stations for your business.
Boost Your Image
Many businesses are looking for ways to ‘go green’ as a growing segment of the population wants to see a stronger focus on sustainability from both private and public entities. By installing electric vehicle charging stations, you’re making a statement to your clients, prospects, and employees: your company is environmentally-conscious.
Employees who drive EVs will appreciate your willingness to accommodate their needs and the clear message you’re sending about the type of company you strive to be. This naturally contributes to increased retention rates, which in turn boosts your bottom line. Clients, too, will take note of your ability to see ahead of the curve – and the sooner you adopt EV technology, the more you’ll be able to take advantage of the opportunity to set yourself apart from the competition.
Gain Exposure for Your Business
Many EV charging stations are connected to apps that show EV drivers where they can go to charge up. When you install an EV charging station at your business and register your station with these apps, you’ll suddenly be a magnet for nearby electric vehicle drivers who want to fuel up. Providing charging stations to the public in addition to your employees is a great way to get members of the community to take note of your business.
If you happen to be in an area that has yet to adopt many EV charging stations, you’re all the more likely to benefit from adding a charging station on your property. There’s the financial upside, sure, but you’ll also be contributing to the positive public image of your business.
Earn Additional Revenue
When you install an EV charging station at your business, you can decide how and when you want to charge drivers to use the station. Some businesses offer the EV charging stations for free as a benefit to employees, but you can also choose to charge non-employees for the use of the station. This can be a source of passive income that really adds up, and may even help to offset some of the costs associated with installation and maintenance.
There are indirect benefits to your business, too. According to EVGO, 89% of EV drivers will make a purchase at a business while they wait for their vehicle to charge at a retail station, and 83% of EV drivers report that they are more likely to spend their money at a business that offers EV charging capabilities.
The truth is, the sooner you adopt the technology, the more of an advantage you’ll have – and the more you can earn through your EV charging station.
Take Advantage of Incentives
Many states and cities offer tax credits and rebates to businesses and individuals who choose to install an EV charging station on their property. This is part of a wider effort to curb CO2 emissions and reduce our collective carbon footprint. The tax credits and rebates vary from place to place, so you will need to research incentives currently available in your area. But with the right tax credits and rebates in place, the initial cost of installing an EV charging station can drop dramatically.
The Time Is Now
The year 2020 is expected to be a tipping point for the electric vehicle industry, with more than 50 models – from plug-in hybrids to fully electric vehicles – hitting the market in the United States. These new models include a variety of styles, designs, and price points, with the average cost expected to drop to a record low.
If you’re not considering adapting your business to be more EV-friendly, you could be falling behind. The time to invest in retrofitting or adapting your property to meet the needs of EV drivers is now. It’s an investment in the future of your business and the future is just around the corner.
Written by Jordan McDowell
About the Author
Jordan McDowell is a writer and content strategist specializing in technically-oriented B2B and B2C content.
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