Micro Real Estate

Why You Should Add an Electric Charging Station to your Business Lot

Electric Charging Point Home Installation

Electric Vehicles are becoming incredibly popular in the U.S. In 2021 alone, the U.S. added 6.6 million plug-in vehicles, which is more than double the 3 million added in 2020 and triple the amount added in 2019 – but finding all the best places to put them is still a challenge for EV charger locator services. With more and more electric vehicles on the road each year, it is more likely than ever that many of your customers will own an electric vehicle and want an electric charging station

The biggest fear of any electric vehicle owner is running out of battery on the road. Many Tesla owners have learned that getting stuck on the road due to an empty battery is far more complicated than a regular car owner running out of gas. This is why many electric vehicle owners will methodically plan out their routes when driving.

Installing an EV charger at your business or property is a sure-fire way to attract new customers. It is becoming a standard practice for many offices, real estate complexes, and shopping centers to have multiple charging stations. Here are a few reasons why you shouldn’t miss out on this trend.

Get your Business on the Map

When a property or business decides to install an EV charger, they are instantly put on the map. Through Google and other apps, electric vehicle owners are constantly searching for where EV chargers are placed around their commute and neighborhood. If you’re a Tesla owner and you go grocery shopping every week, you might choose the store that has an EV charger in their lot so you can charge while you shop.

With average charge times to give electric vehicle owners the boost they need at 30 minutes, your EV charger will likely encourage these drivers to shop at other nearby businesses. Installing an EV charger makes your property more valuable and more desirable for travelers and electric vehicle owners to visit.

If you own an AirBNB, VRBO, VASA or other type of rental property, then you can list the EV charger as an amenity on those sites, and potentially entice the EV friendly crowd to stay at your property.

Creates Loyal Customers

Consumers are becoming more conscious about where they shop. Businesses that make socially-conscious decisions will often see an increase in returning customers, giving you a return on your investment. Adding an EV charger will improve your brand image and can even lead to sustainability qualifications and other environmental accreditations.  

Having an environmentally-friendly brand image is important regardless of your business. It not only encourages customers to come back, but it can also improve the overall satisfaction of your employees. Just like customers, employees are looking for workplaces that care and invest in the environment.

EV chargers can help create a dependency and loyalty for your business that is founded on being environmentally conscious. It signals to your audience that you care about society and that spending money with you is the right choice.

Generates Revenue

The great thing about EV chargers is that they can become a second source of income. While making investments in making your business more environmentally friendly isn’t always cost-saving, EV chargers are quite the opposite.

When you install an EV charger, you are able to make money off the electricity that people use to charge their electric vehicles. While it is not as profitable as a gas station, it is a great way to earn extra revenue. If you operate a business or commercial property, opting for installing a fast charger will earn you more revenue as charge times are typically only 30 minutes. For residential properties, you can still opt for a slower charger where charge times can be up to 12 hours, but can still be a great way to make extra money – just make sure that you know what to do if it breaks because you wont want to lose that potential revenue while it’s down.

Besides the revenue generated from the electric charging station itself, the added time drivers will spend in your business lot can also drive sales. Now that you are a property that has an EV charger, surrounding businesses will greatly benefit from the increased traffic.

Save on Taxes

Not only are EV chargers a revenue-generating investment, they can also cut your costs as well. Federal and State governments are constantly rolling out new subsidies and tax incentives for businesses that invest in clean energy resources.

On the Federal level, the U.S. Department of Energy has explained that businesses can apply for the Alternative Fuel Infrastructure Tax Credit. With this tax credit, businesses that invest in electricity-related infrastructure and fueling equipment can receive a 30% tax credit of up to $30,000.

On the state level, it can depend, but many states like Texas and California offer a wide range of incentives. In fact, almost every state has some type of rebate or tax credit you can take advantage of. 

While installing an EV charger can be a costly investment, taking advantage of these cost-saving incentives while they still exist is a great opportunity to upgrade your business and lower your tax liability and maybe even your insurance costs.

Gain Data Insights

Many EV charging stations have the added benefit of collecting consumer data (similar to big data for vending machines, which also parallels with consumer data in other types of micro CRE) and environmental data. The environmental data collection like C02 savings, kWh usage metrics, energy costs, EV charging point activity can all be used to file for tax declarations and other internal reports. 

Additionally, the consumer data that you get from EV chargers can help you tailor your experience to electric vehicle owners. Learning about the models of cars they drive, how long they charge, and other metrics can be incredibly insightful. 

The Bottom Line

EV chargers are an incredible investment for any commercial or residential property. With a huge increase in electric vehicles being sold year to year, EV chargers are becoming a vital part of the world infrastructure system and Level 2 Chargers are a relatively inexpensive micro property investment.

With electric vehicle sales and EV charger sales on the rise, business owners should not miss out on this trend. Before the market becomes saturated, you should take advantage of the benefits EV chargers can bring to your business while the tax incentives still exist and generate some nearly passive income.

EV chargers will increase the value of your property and make it more desirable for customers to visit. It signals to people that your property is environmentally-friendly and will keep them coming back. This investment will bring you customers, add additional revenue streams, and let you know that you’re helping the world become a healthier and safer place, so check out the Top EV charger companies in the US.

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