Why your business should invest in EV charging stations now

All over the world, more and more drivers are switching to electric vehicles (EVs) every day. As EV adoption continues to accelerate, people are starting to choose where they shop, eat, and park based on the availability of charging stations. Is your location ready to capture this demographic?

Businesses have a unique opportunity to capture this growing market, earn additional revenue, and gain a competitive advantage over similar businesses in your area. Locations that establish themselves as charging destinations now will be able to quickly take advantage of the growing number of EVs on the road—and that number is only going to get bigger.

Even during a global pandemic, electric mobility remained remarkably resilient. In 2020, global EV sales topped 3.2 million compared to 2.3 million in 2019. By 2025, global EV sales are forecast to top 12.2 million. And by 2040, it’s predicted that 58 percent of global passenger vehicle sales will come from EVs.

Global electric vehicle sales are booming

Before we dive into how EV charging can benefit your business, it’s important to understand why consumers are switching to EVs in the first place. So, what’s behind the rapid uptick of EV adoption? The answer is simple: EVs are more attractive, accessible, and affordable than ever before. Here are six reasons why EVs are gaining traction amongst your customers and are here to stay:

Nearly every major car manufacturer now offers at least one EV model. With over 500 models projected to hit the market by 2022, it’s clear that electric mobility is quickly becoming the preferred choice for drivers and automakers alike. This means that you’ll be seeing more customers coming to your business in electric vehicles.

Thanks to rapid advancements in technology, EV prices are becoming increasingly competitive with gas or diesel vehicles. Battery prices—the most expensive part of an EV—have dropped more than 86 percent since 2010. This means it’s now easier and less expensive for automakers to build mass-market EVs, and it’s getting cheaper for your customers to buy them. 

 3. Increased range 

Stronger batteries mean EVs can now travel distances comparable to conventional vehicles. Affordable models such as the Hyundai Kona Electric can travel 239 miles on a single charge. So, whether your business is in the middle of a city or along a rural stretch of highway, EVs will be coming your way. 

 4. Lower cost to operate 

Due to the fact that there are fewer moving parts than in a standard internal combustion engine, EVs require far less maintenance than gas cars (i.e., no oil changes, no spark plug replacements, no timing belt adjustments). What’s more, the actual cost of driving an EV is over 3X cheaper than a comparable gas car ($0.04/mi for EV, $0.13/mi for gas). So, regardless of whether your customers are auto-savvy or not, they can and will choose to drive electric.

 5. Greater purchasing incentives 

Governments and utilities are also becoming increasingly concerned with climate change and are issuing lucrative tax and purchase incentives that make owning an EV even more affordable. With cash-back on EV purchases and discounted energy rates to charge their car, EV owners are saving even more money to drive a vehicle that already costs less to operate.

 6. Sustainability matters 

Sustainability is often a key decision point for consumers, with many going out of their way to choose the most environmentally friendly option. Today, tailpipe emissions are among the leading causes of greenhouse gas, causing eco-conscious drivers to make the switch to EVs. By welcoming changing consumption habits, your business can become more sustainable and attract new, returning customers.

Your customers are looking for places to charge—today

It’s an exciting time of growth for electric transportation, and there’s no shortage of people ready to drive an EV. But to meet the needs of this ever-expanding customer segment, more public EV charging locations are required. Which is where you come in. 

This growing number of EV drivers need places to charge their vehicles while they go about their day. Unlike gas cars, which are refueled periodically when the tank is nearly empty, most EV drivers seek out charging every time they park, only letting their battery dip below 50 percent during longer excursions or when public EV charging isn’t available.

Think of it like your cell phone, where you recharge your battery whenever charging is available. So, while many drivers may choose to install a charging station at home, there’s no doubt they’ll still want to charge up whenever they can—and pay you to do so.

What’s more, not everyone has convenient access to home charging. Those who rent or live in apartments, for example, may not own their parking spots and therefore have to lobby for access to charging at their location. With rental properties accounting for over 30 percent of the housing stock in the U.S., it’s clear that these drivers will instead be looking for convenient places to charge while they shop, eat, or go about their day. 

A recent study looking into the attitudes of EV drivers found that they prefer to charge at locations that are easily accessible, safe, and manned. They also prefer sites with food and beverage options, restrooms, and amenities—all things currently offered by businesses like yours.

Take advantage of the growing need for EV charging

For businesses large and small, the need to provide on-site EV charging is becoming increasingly important. As more drivers make the switch, offering your customers a place to charge will no longer be just a “nice-to-have” amenity. Like complimentary Wi-Fi in the mid-2000s, locations without EV charging will soon find themselves losing business to those that provide it. 

Many EV drivers already choose where they live, work, and shop based on whether charging is available—and this number is only going to grow. Soon, every business with parking will need to install charging stations to remain competitive and meet the evolving needs of their customers.

So instead of worrying about keeping up with the Joneses, cement your role in the community as the go-to destination for EV charging today—and with 1.7 million EVs already on the road in America, there has never been a better time to get started.