The Benefits of EV Charging Stations for Businesses

It’s becoming increasingly common to see electric vehicles (EV) on the road, and their popularity is set to continue as technology advances and more consumers prioritize sustainability in their daily habits. For businesses, the growing adoption of EVs presents a unique opportunity to attract environmentally conscious customers, retain and attract employees, and earn additional revenue – all while improving brand loyalty, and making a positive environmental impact through the addition of EV charging stations. 

Understandably, many business owners will wonder how investing in car chargers will benefit their bottom line. In this blog post, we’ll dive into the details to help business owners understand why EV chargers can be a smart move. 

Key takeaways: 

• EV charging stations can attract more customers to your place of businesses, which can lead to higher spending and brand loyalty. By listing your business on EV apps, you’ll be increasing visibility and opening yourself up to a new customer base. 
• Businesses can monetize their EV charging infrastructure by charging fees or exploring advertising opportunities. Even offering free charging can improve customer loyalty and satisfaction and often leads to increased sales. 
• Installing EV chargers is a tangible way to demonstrate your business’s commitment to eco-conscious practices and corporate social responsibility. It might even help your company reach its sustainability goals. 
• EV chargers can also benefit employees and differentiate your company as a progressive and forward-thinking employer.
• As more people switch to electric vehicles, your business will be ready to serve their needs with established charging infrastructure. This can provide an edge over your competition. 
• Eligible businesses can take advantage of government incentives and tax credits that can reduce the upfront costs of installing EV chargers and make them more affordable.  

Benefits of EV charging stations for businesses

Providing EV charging facilities can boost foot traffic, encourage customers to stay for longer periods of time, and put your business forward as an eco-conscious company that values sustainability. Let’s take a closer look at the benefits of investing in an EV charging station at your business. 

Attract more customers 

One of the most immediate benefits of installing EV charging stations is attracting more customers to your business. Electric vehicle users rely on charging infrastructure to power their vehicles, especially while travelling or running errands. Charging an EV with a direct current fast charger (DCFC) can take 20 to 60 minutes while Level 2 chargers require several hours to fully charge a depleted battery. As a result, EV drivers often spend extended time at or near businesses offering charging services. 

This extended visit often translates to higher spending compared to drivers of internal combustion engine (ICE) vehicles –  which means additional revenue for your business. In one study by MIT, EV charging stations reported increased customer spending at nearby businesses by up to 3.2%, particularly in the retail and entertainment sectors. Imagine customers charging their vehicles while dining at your restaurant, shopping at your store, or utilizing your services – the convenience of charging their EVs while they shop or relax can make them more likely to choose your business over competitors. 

Additionally, EV charging apps like Zapmap and Open Charge Map allow drivers to locate charging stations, plan their routes, and leave reviews about a charging site. These kinds of apps  open your business to a new customer base and help build brand visibility. Positive reviews combined with in-store promotions for EV owners who charge at your site can attract customers to your business and encourage repeat visits.

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Additional revenue stream

Electric vehicle charging stations not only attract customers but can also provide your business with an additional passive income stream. While some public charging stations are free, others charge their customers per kilowatt-hour, by the time spent connected to a charging station, or through subscription models. If you choose to install a direct current fast charger (DCFC), you could even charge premium pricing in exchange for the convenience of quick charging. 

Research from Stable Auto Corp shows that use of EV chargers has vastly increased across the U.S. in 2023, with the average utilization of non-Tesla fast-charging stations doubling from 9% to 18%. This trend shows there is growing demand for electric vehicle charging infrastructure, which can make it a profitable investment for businesses. 

There’s also the option of monetizing EV chargers through advertising. For example, EV owners who agree to receive marketing emails could be sent promotional information and opportunities to encourage them to return to your charging site. You could also potentially sell advertising space to external organizations and earn an additional income stream that way. 

If your business would prefer to offer free charging, the extended customer visit time will often naturally result in increased sales of products or services, potentially offsetting the cost of providing free electricity. On top of that, offering this perk would promote customer retention and loyalty. 

Demonstrate environmental responsibility

Installing EV charging stations can be a tangible way to showcase your business’s commitment to sustainability and corporate social responsibility. By offering charging stations, you’re supporting the transition to clean transportation and helping reduce greenhouse gas emissions.

If your company has corporate sustainability goals, such as net-zero carbon emissions, installing EV charging stations can help your business reach these targets more easily. 

On top of that, consumers today are increasingly concerned about a company’s ethical reputation and eco-consciousness. In 2017, a Forbes report found that 87% of consumers have a more positive view of businesses that support environmental initiatives, and 88% were more likely to remain loyal to such companies compared to a less sustainable competitor. 

Installing commercial EV chargers can help align your business with the values of increasingly eco-conscious customers. This is especially valuable if your company targets millennials or generation Xers. This demographic is more environmentally-minded, and if they don’t already own an EV, many plan to in the future.

EV charging stations can also help businesses earn industry-recognized sustainability credentials, such as the Leadership in Environmental Design (LEED) certification. If you’re a real estate developer or commercial property manager, these certifications not only enhance your brand’s reputation but can also increase your property’s marketability. 

Read More: How Solar Energy Can Help Your Business Achieve LEED Status

Improve employee engagement

EV charging stations won’t just benefit your customers – they are also a valuable employee perk. EV chargers in the workplace  provide a benefit to your team while also reinforcing your business’s commitment to sustainability. The net result is greater  employee satisfaction and a powerful recruiting tool.

Research from Numerator shows that 34% of EV owners choose to charge their cars in the workplace. This can be a great perk for commuters as it means they don't need to find somewhere to recharge their cars during the work day. In another survey conducted by the US Department of Energy, workers stated they were 20 times more likely to buy an EV if their employers offered free charging at work. 

Providing EV charging at your workplace not only benefits employees but can also set your business apart as a progressive employer that values a clean future.

Future-proof your business

Electric vehicles are becoming more affordable and accessible than ever, and EV ownership is expected to grow in the coming years. Installing EV chargers now means your business is setting itself up to accommodate this shift and remain competitive. 

Take advantage of government incentives

Many businesses are cautious about installing EV charging stations as they’re concerned about the costs involved. Fortunately, governments worldwide are supporting the transition to electric vehicles by offering tax credits and incentives that can make EV chargers more affordable for businesses. 

In the United States, qualifying businesses can take advantage of a tax credit of up to 30% of the total cost of purchasing and installing EV charging infrastructure, with a maximum credit of $100,000 per charger. This tax credit applies to the total cost of all components and parts essential to the operation of the charging port as well as labor costs for constructing and installing the charger. 

In Arizona, the Salt River Project allows qualifying businesses and entities to receive an additional rebate of up to $4,000 for installing a Level 2 charger and up to $20,000 for DC fast charging station. Several utilities also offer their own incentives to support the transition to clean energy. For more information on what tax credits and incentives your business is eligible for, contact Sun Valley Solar Solutions for a custom consultation. 

Keep Reading: 3 Things to Know About the 30% Solar Tax Credit

What types of businesses can benefit from EV charging stations?

Businesses installing EV chargers benefit by attracting and retaining customers, providing an additional income stream, and leaving a positive impact on the environment. Below are just some examples of how different businesses can benefit from EV charging stations. 

Shopping centers and retail stores

Installing EV chargers at shopping centers and retail areas can increase customer dwell time, encouraging shoppers to stay longer and make more purchases. This typically results in  increased spending at your business and a higher appeal to eco-conscious shoppers. 

Restaurants

Restaurants with EV charging stations provide a win-win for customers: they can enjoy a meal while simultaneously charging their vehicles. This improves customer satisfaction and help build a loyal customer base while also potentially boosting sales. 

Movie theaters

Giving moviegoers the opportunity to charge their vehicle while enjoying a film is a great convenience. Offering this perk can set your company apart from the competition and attract EV drivers who might have otherwise gone elsewhere for their screen time. 

Multi-family housing

Installing an EV charger in an apartment complex will appeal to tenants who own electric vehicles while also  enhancing your property’s image for those who focus on sustainability. Providing this service to renters can help increase tenant retention and increase the value of your properties. 

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Hotels

Guests driving EVs will often prioritize hotels that offer charging facilities. Providing this service can help a hotel attract more visitors while also increasing guest satisfaction and loyalty. 

Office buildings

EV charging stations in office buildings can be a major draw for businesses seeking sustainable work environments. For office building owners, this can lead to higher occupancy rates and increased tenant retention and satisfaction. 

Medical facilities

Hospitals and clinics offering EV charging facilities can improve the patient experience, particularly for those with long appointments or extended stays. 

Gas stations

Installing EV chargers allows gas stations to diversify their service offerings and cater to the growing number of EV drivers. This not only opens up a new revenue stream but also future-proofs the business. 

Paid parking lots

Adding EV charging stations to a paid parking lot creates a value-added service that can attract more customers while also generating an additional income. 

Summary: The benefits of EV charging stations for businesses

Investing in an EV charging station for your business is not just a step towards a sustainable future, it’s a strategic move that can benefit your business in terms of revenue, reputation, and customer satisfaction. 

Many business owners might not see EV chargers as being relevant to their operations – you might even wonder if your customers own EVs at all. But whether you’re a local grocery store or nationwide retail chain, attracting EV drivers to your business can be a smart move. Research shows that EV owners tend to have higher incomes, and therefore the ability to spend more at businesses that cater to their needs and share their values. 

It’s not just today’s drivers that you’ll be attracting either. As EVs become more accessible, their popularity will spread across various demographics. By investing in EV charging stations now, your business can cater to a growing customer base, future-proof its operations, and stay ahead of the competition – all while contributing to a cleaner planet for us all. 

If you’d like to explore EV charging stations for your business, contact our team at Sun Valley Solar Solutions for a customized consultation.