EVs have a long way to go before they overtake gas-powered vehicles. Just ask Elon Musk. However, there’s no denying that the demand for electric cars is on the rise. Estimates say that the EV market will more than double by 2027.
If you’re a business owner, you can’t ignore these figures. Before electric vehicles, companies only had to worry about where their customers and employees would park their cars. Now an added element of EV charging stations and dedicated parking for electric vehicles has entered into the mix.
Although it’s not a business owner’s responsibility to provide a fuel source for their customers’ and employees’ vehicles, there are many excellent reasons they should. Here are some reasons why you should consider installing EV charging stations for your business.
A perception of progressiveness and sustainability
Consumers are aware of corporate sustainability practices more than ever. For customers who value sustainability, having some EV charging stations in your parking lot sends a direct message that your business is concerned about more than just profits.
This point is doubly true if your business specializes in a sustainable product or service, like solar roofing or food waste management. When a customer comes to your place of business and sees EV charging stations installed, it tells them your company is serious about its commitment to sustainability.
Attract more employees
The same point could be made for employees. People want to work for companies that have documented sustainability practices. Installing EV charging stations at your business and providing dedicated EV parking tells current and prospective employees that sustainability is at the core of your company’s values, whether they own an EV or not.
If current or prospective employees do own electric vehicles, charging stations are an added benefit. EV charging is said to raise utility costs by roughly $30-$60 per month. If employees can do their charging at work, that could be another $720 in their pocket annually.
Qualify for tax incentives
Although installing EV charging stations for your business might seem like a costly endeavor, you may be able to save a lot of money through tax credits at the end of the year. Your business could qualify for tax credits through the Alternative Fuel Infrastructure Tax Credit or the Partnership for Sustainable Communities, depending on your state.
If you’re trying to cultivate a fully green building for your workplace, EV charging stations add green points to your overall LEED scorecard. A green workplace can also potentially qualify for various tax credits. Visit a tax service like Clarus RD for more information.
Free marketing and customer loyalty building
By installing EV charging stations at your business, you can register your company name with apps like Open Charge Map, Plug Share, and others that list EV charging station locations. Registries like these put your business on the map for people who may not have been looking for it otherwise. It’s especially true for people just passing through town on a road trip.
However, locals are also interested in charging their electric vehicles. If your business is a restaurant, retail store, or anything where consumers can come in and stay awhile, adding EV charging stations is one more advantage you have over your competition.
Opportunity for more income
Not only can EV charging stations give your business a competitive advantage, but they can also be an excuse for your customers to spend more money. If it takes hours for a full charge, that means more time spent shopping, eating, getting their nails done, or whatever your business might offer.
There’s also the opportunity to charge for the use of your EV charging station per kilowatt-hour. EV charging stations of this nature provide an excellent source of passive income for commercial landowners that might not have a business associated with the land. The current average rate for pay-per-charge charging stations is anywhere between 39 and 79 cents per kilowatt-hour.
Secure more tenants
If your business is real estate sales, development, or management, EV charging stations are a great way to secure tenants. A business may be interested in installing an EV charging station for any of the reasons listed above.
If there’s commercial space available that already has charging stations installed, the developer can charge a premium for those spaces — which ultimately means the charging stations pay for themselves. The same goes for residential developments where EV charging stations can be listed as an amenity.
The takeaway
When it comes to planning for your business, thinking about the long term is critical. It might be challenging to predict the long view of electric vehicles, but there’s no denying their demand will continue to grow.
There are many benefits in keeping your business ahead of the curve in terms of EV charging stations and dedicated parking for electric vehicles. Although there’s an upfront investment, there are many ways to reap returns on installing an EV charging station for your business.
