EV charging stations can provide various benefits, including attracting new customers and increasing revenue. Businesses like restaurants and hotels will benefit from EV charging services that are convenient, easy to use, and low-cost.
Attract New Customers
Installing EV charging stations allows businesses to tap into a growing market, attract new customers, increase dwell time, generate additional revenue, and future-proof their business. There are various ways to monetize electric vehicle charging products and services, including paying a flat fee per use or a stratified approach based on customer groups. EV owners are typically wealthier and more likely to spend money in a location where they can charge their car while shopping, meeting friends, or eating at a restaurant or hotel. By installing EV charging stations, your business can attract these customers and retain employees who drive electric vehicles.
EVs are also more environmentally friendly than traditional gas-powered cars, and many people choose to drive them because of their lower emissions and quieter driving experience. Offering EV charging stations is an excellent way to showcase your commitment to sustainability and gain credibility among eco-conscious consumers. Additionally, EV drivers are more loyal to businesses offering charging services and willing to return for future purchases. Depending on your charger type, you can generate additional income by selling electricity to EV drivers.
Increase Customer Satisfaction
In addition to attracting new customers and increasing customer loyalty, adding EV charging stations can boost your revenue by offering a more valuable service. Consumer research shows that EV drivers tend to spend more time at locations where they can charge their cars, including restaurants and retail stores. One retailer found that adding EV charging tripled customers’ time in the store and quadrupled their average spending.
The type of pricing model you use will determine how much you can generate in EV charging fees. Flat-fee, pay-as-you-go charging is the easiest to set up and can work well for most businesses. However, metered billing, which charges drivers based on the amount of energy they use or parking time, may be better for some companies. Whether you offer a flat fee, a pay-as-you-go system or metered billing, it’s important to provide clear, user-friendly information about the process. This will help your customers avoid surprises and prevent friction. Moreover, advanced software solutions for monitoring and managing EV charging infrastructure can provide transparency to your customers and improve their experience.
Generate Extra Revenue
EV chargers provide an opportunity to generate additional revenue in several ways. Customers with EVs are more likely to spend time at locations offering charging and may be willing to purchase extra products or services there. One retailer found that adding EV charging to its stores tripled customer spending. Businesses that charge EVs can also collect a premium amenity fee from drivers. In addition, EV chargers are an excellent way to promote brand recognition and gain visibility among prospective customers.
Additionally, EV chargers are often powered by solar energy, reducing operational costs and making your business more attractive to environmentally conscious customers. Finally, EV chargers can help your business qualify for federal, state, and local tax credits. This makes investing in EV charging an even more appealing proposition.
Increase Employee Satisfaction
Providing EV charging stations shows employees that you are concerned about their well-being and that your company is committed to a clean energy economy. As a result, you will see increased employee satisfaction and productivity. In addition, EV drivers tend to be wealthier and younger than gas car owners, meaning they spend more time in and around your location. They also typically purchase more high-end products and services, so investing in EV charging will pay off in terms of brand loyalty. Moreover, offering EV charging will help you attract and retain talented employees. This is because many people consider sustainability important when choosing their workplaces. Providing EV charging will set you apart from competitors, which can make all the difference when hiring. The best talent is irreplaceable, so invest in EV charging infrastructure now to keep them. The rewards will be significant for your business in the long run. You can earn additional revenue by offering charging fees, which can be set based on the parking time or energy use.
As we’ve already covered, electric vehicle charging stations can be profitable if you set charging fees drivers are willing to pay. But what’s less obvious is how they can also reduce waste. For instance, EV charging stations can provide an opportunity to eliminate the use of internal combustion vehicles for waste collection services. This can lower emissions, improve sustainability credentials, and help meet environmental, social and governance (ESG) goals. Businesses that offer EV chargers can also benefit from the perception of being environmentally responsible, which can enhance brand image and loyalty. Today, employees and customers are increasingly concerned about the environment and social issues and choose businesses that share their values. A recent survey found that 74% of EV owners prefer to visit EV charging establishments. This is especially true for service station forecourts or mobility hubs that offer fast chargers to boost the range of EV drivers so they can continue their journey sooner. It’s a great way to future-proof your business and appeal to a new customer demographic.