As the US administration targets to push for at least 50% of all car sales by 2030 to be electric, hybrid electric, or fuel cell-powered, more and more businesses are realizing the importance of investing in commercial EV charging station installations.
The federal government may have lofty goals to go carbon-neutral. While that might not materialize by the target time, one thing’s for sure – vehicles powered by non-fossil fuels are becoming increasingly popular and encroaching on territories previously dominated by diesel and petrol-powered vehicle sales.
As a business owner, it might not be immediately apparent why you need to invest in commercial EV charging station installation. Fortunately, we’ve done the research and can confidently say there are many benefits and government incentives for commercial EV charging installations.
As with many new inventions, the earliest investors reap the most benefits. It’s an age-old trend that research shows have caught on in the EV market. A good example is Tesla’s Model Y which has had the most sales of any EV in history. The Model Y and Tesla still dominate the market because they were pioneers, launching one of the first full-electric vehicles.
Similarly, the first businesses to install EV charging stations could see similar growth and industry dominance. Here are some benefits of installing an EV charging station on a commercial property.
Today’s consumer is growing increasingly environmentally conscious. As a result, the most ethical businesses see a higher number of customers and more loyalty. According to one report, Forbes found that 87% of consumers favor businesses that support green initiatives while 88% stand by these businesses.
Overall, EV charger installations are part of a collective global sustainability goal. Irrespective of the commercial services you offer at your premises, installing EV charging stations will attract an environmentally-minded demographic, including current and future EV owners.
One of the reasons EV ownership is still limited is charging facilities are few and far between. Those available typically have long queues of EV owners waiting their turn to charge their vehicles. The only other alternative is to install an EV charger at home, which is often out of reach for most people.
Installing an EV charging station at your premises makes you a more convenient business to patronage. This is especially essential for companies such as hotels, restaurants, shopping malls, and movie theaters.
As consumers purchase more EVs, they’ll expect the businesses they frequent most to provide EV charging facilities. Otherwise, most will switch to frequent places with EV chargers. Besides, as a consumer, it makes better financial sense to go grocery shopping where you can leave your EV charging in the parking lot.
Adding an EV charging station to your commercial premises puts your business on the map. Today’s EV owner plans their routes on paths where they can access the most charging stations. Besides, EV owners can only go so far without a charging station along the way.
Couple that with the fact that there are approximately 21 EVs per charging station in the US, and you understand why there’s an increasing need for additional ones. Once you install one or more at your premises, you can list the stations on apps, including PlugShare, Open Charge Map, and Charge Hub.
Thus, as users look for charging locations, yours will appear along with the rest in your area. This means that customers who previously had no reason to visit your premises will have one. Once you increase customer traffic to your premises, converting them to regulars and, ultimately buyers of whatever merchandise you sell will be a walk in the park.
In any case, EV owners typically find something to do close by as they replenish their car’s charge, which takes approximately 30 minutes. It also helps that most EV owners today have surplus income, which means they can afford to spend heavily without worrying about their bank balance.
New Jersey, in particular, is one of the states where commercial centers that install EV charging stations stand to gain from rebates worth thousands of dollars. For instance, commercial premises that install a Level 2 EVSE charger will be eligible for behind-the-meter rebates of $7,500 per EVSE and a maximum of $30,000 per site. They’ll also be eligible for up to a $10,000 pole-to-meter rebate.
On the other hand, those that install Public DC Fast EVSE may get up to $50,000 pole-to-meter rebates and $25,000 per EVSE or a maximum of $100,000 per site behind the meter.
Installing these chargers might also be an incentive to electrify your fleet, which means you spend less on fuel and maintenance.
The fact that eclectic vehicles are the future of transport is indisputable, so the best time to install a commercial EV charger is now.
If you are experiencing any of the above situations or you have a general sense of needing our expert opinion on your home’s electrical, please call us or schedule an appointment at the link below.