5 Ways to Profit from Commercial Car Chargers
There are over 1 million electric vehicles (EVs) on the road in the United States. Sales of traditional ‘combustion’ motor cars struggled during 2019, but not so for EVs. New registrations increased by nearly 80% year on year. Projections suggest that one-third of all road vehicles will be electric within a decade. With so many battery-powered cars quietly moving around town, your business can get in on the EV buzz. There are many benefits to providing juice-points for your customers, some obvious, some not so. Here are five ways for you to profit by installing EV charging stations.
Attract a unique customer
Electric vehicle owners are trailblazers. They like the latest tech, and they want it first. More often than not, this means they have disposable income. Some of this cash could surely come your way?
This unique customer will:
- Usually have a higher than average income.
- Likely be loyal when they are getting what they want.
- Have associates who move in similar circles with comparable disposable incomes, more customers for you.
Boost your in-store sales
If a customer is gainfully charging outside your business, then there is clear potential to relieve them of some dollars.
- Customers spend an average of $1 for every minute spent in-store.
- One major retailer reported that customers who are “killing time” waiting for a charge to complete, spend up to 3 times more than average.
- You could boost sales by creating incentives - make a specific purchase and gain access to the chargers.
- How about encouraging a community of local EV enthusiasts to assemble at your business?
Get yourself on a new map
There’s an app for everything these days, electric vehicle charger points are no exception. EV owners always have a concerned eye on their battery percentage level. While range anxiety isn’t yet in the New England Journal of Medicine, it’s a real thing for EV drivers who can’t just pop into a gas station. They are careful planners and like to know in advance where they can top up their batteries.
Aside from a potential Google Maps listing, apps such as PlugShare, Open Charge, and Charge Hub could list your location along a travel route.
Listing on EV apps and websites could have a secondary benefit as it will increase your web presence. Google likes popular websites, and your ranking could well grow organically.
Give your brand a polish
Adding EV charging points at your business says a lot about you. More than just the obvious “you can charge your electric car here”, it could show that:
- You care about the environment and local air quality. Customers love that, even those who drive gas guzzlers.
- You are up to date with the latest technologies. If you have EV chargers, your website is probably super cool. If it’s not, they might still check - potential customer!
- You appreciate that the needs of the world and your customers are ever-changing.
Sell the juice for a markup?
You’re not likely to make much money here, but you could consider charging users for the electricity they consume.
- If local supply is limited, you may be able to introduce a new revenue stream.
- You could offer a loyalty scheme. The more and how often they charge, the rate could improve?
- Or, you could imaginatively link charger usage with favorable pricing in your business.
The benefits of installing EV charging facilities at your place of business are numerous. The 5 points outlined here are just the tip of the iceberg. Another advantage to explore, for example, would be the tax benefits. Maryland offers incentives for the installation of such devices. Or, how about considering making your fleet of vehicles electric? You’d have the facility to charge, why not use it yourself, too? EV ownership could also potentially have tax advantages - after-purchase credits are often available.
As technology advances and environmental issues become more and more prominent, now is a great time to consider the many, many benefits of providing your customers with EV charging points.
We know EV charging. Energy Select is Southern Maryland's expert designer and installer of EV charging solutions. There are so many options and we work with you to understand your business and make recommendations that make sense for you.
Go on, give it a try. Supercharge your profits.