Electric car charging stations are a huge business opportunity for companies worldwide. Electrical vehicles (EVs) have been growing in popularity as more people become concerned with their carbon footprint and saving money on gas prices. Electric car owners need to charge their vehicles from time to time, which is where your business comes in.
Establishing high power charging infrastructure is a gateway to new customers and higher revenues. Below we will walk through how incorporating electric vehicle charging into your business model may take your existing business to the next level.
Increasing Business Opportunity with EV Chargers
Today's market demands that companies develop innovative methods to attract and retain consumers. One of the simplest ways to achieve this is to turn your location into a public EV charging destination.
When electric car owners stop to charge, there is a huge opportunity to sell your products. Why? Because charging stations encourage EV drivers to spend more time and ultimately money at your location.
Depending on the charging points you install, electric cars' charging ranges from half an hour to half a day.
DC fast-charging stations can charge the biggest EV batteries in around an hour. While this option may sound most intriguing, DC units are expensive and not always needed. AC charging points are a more affordable option while allowing electric vehicles to add 25 miles of range per hour. A combination of AC and DC charging stations is often the most suitable option.
Attracting Affluent Customers
According to research, EV drivers are significantly more affluent than the average American, with a median household income of over $175,000. With more disposable cash than their gas station counterparts, your EV-driving clients will not only spend longer at your business but potentially splurge more often. Additionally, once they learn your firm provides this critical service, these drivers are more likely to become loyal and repeat consumers.
A Marketing Opportunity
With EV charging stations, you will make your company more visible. Google Maps, Waze, and specialized charging apps offer drivers maps showing where public charging stations are located. You can improve your brand exposure by placing charging stations at your location.
You may also make a big impression on your customers when you offer customized charging stations displaying brand colors or logos. By letting everyone who sees them know that your business is openly committed to a more sustainable future, you can significantly enhance your firm's image.
Profit from EV Charging
EV charging can help a business attract new customers, gain brand loyalty, and increase the amount of time and money spent at their place of business. The simplest way that electric vehicle charging may increase earnings is through the station's income.
You may use a few basic pricing structures for your charging stations. They all depend on what you want to get out of them—test different strategies to see which works best for your business. Having access to your stations' pricing and energy usage through your charging management makes adjusting to your setup as simple as a flip of the switch.
The first thing you'll have to figure out is how you want to structure your charging stations. You may set your own charging rates and change them at any time as the charging station owner. This might include a fixed session start or connection fee, as well as a fluctuating rate for the power consumed.
One popular strategy is to charge according to the amount of energy consumed. For example, you could charge $.20/kWh or apply a markup to $.40/kWh. You can also assign a fixed hourly rate or a time-based fee, which would look something like $2.75/hour. You also have the option of creating a hybrid model. Potentially charging a small flat rate per hour on top of a rate per kWh.
You may also negotiate individual terms with your clients about their charging costs, such as implementing discounted EV charging for rewards members. As the owner of the station, you have limitless flexibility.
Choosing the Correct Strategy
It's worth noting that customers want to pay different rates for charging depending on the charging available at your stations. The average cost of an AC charging session is significantly lower due to longer charging times. DC charging costs are generally higher because rapid charging allows customers to spend less time connected.
To determine how much to charge for a parking spot, you must first estimate the total number of spaces and their associated rates. You can't just pick any pricing plan at random and expect it to work; each plan has advantages and disadvantages that must be considered.
The amount of money you can make is determined by your location type and how often your stations are used. Does your business have high foot traffic promoting faster-charging sessions, or will consumers be plugged in for the long haul? These are factors to consider when choosing pricing strategies.
Consider Providing Battery Disposal Services
The global battery recycling market is projected to reach $18.3 billion USD by 2026 and a Compound Annual Growth Rate (CAGR) of 10.9%. The growing global EV presence sooner or later will create difficulties.
The battery technology in today's electric cars is primarily composed of Lithium. This is a highly regulated hazardous material with environmental issues. Therefore disposal must be done carefully. With the growing popularity of EVs, specialized services to get rid of the battery is another viable business opportunity.
Upgrade your Business
It may sound daunting to install charging stations, but Electric Car Charging Stations could be the game-changer your business needs. Complete research to position your firm for success.
Will you be installing AC or DC charging points? Utilizing a fixed or energy-dependent pricing strategy? Is a battery disposal service something you will provide? Whatever you decide, good luck and happy charging!