How to Start Your Own EV Charging Station Business? Contact online >>
How to Start Your Own EV Charging Station Business?
With nearly 14 million new electric cars hitting the road in 2023, the demand for electric vehicle (EV) charging stations is growing faster than ever. If you''ve considered installing EV chargers at your business, now is the time to act. This guide will help you understand everything from choosing the best business model to securing funding so you can tap into this booming market.
Location is critical – do some market research to understand demand in your area. AmpUp can assist with everything from site planning to securing permits and rebates to installation.Maintenance and ManagementKeeping your charging station in top shape is crucial for customer satisfaction and steady income. Regular maintenance includes:
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EV charging can be a lucrative investment for your business, and charging fees can bring in thousands in revenue per year, depending on your situation and type of business.
This article will break down different charging fee strategies, and includes a table of gross monthly revenue estimates based on a variety of situations and locations that include (and combine) AC and/or DC charging stations, by looking at multiple common EV charging behaviors.
Click here if you want to drop down the revenue estimate table immediately.
Beyond direct revenue, EV charging stations can also help attract new customers by putting your business on the map, increase the time they spend at your location, unlock cross-selling opportunities, and enhance your sustainability credentials.
Installing EV charging stations today is about more than just preparing your location for this shift in transportation—it''s also a clearcut path to attracting more customers and generating more profit. Below are a few examples of how adding public EV charging can make your existing business more profitable, as well as become a revenue stream all on its own.
In today''s competitive landscape, businesses must think of creative ways to attract customers while also boosting the value of each transaction. Transforming your location into an EV charging destination is one of the simplest ways to do just that.
Once EV drivers stop to charge, there is an obvious cross-selling opportunity for add-on products and services. Whether it''s a rideshare driver recharging during a lunch break or a little league coach topping off his battery while getting snacks for the team.
EV drivers will be more willing to visit and spend time at your location if you offer EV charging.
Depending on the type of charger you choose, EVs can take anywhere from a few minutes to a couple of hours to charge (depending on battery size). For shops, restaurants, or gas stations, a fast (DC) charging solution is an ideal choice, charging even the largest EV batteries in under an hour.
However, since most EVs coming to your location aren''t looking to charge from 0-100 percent, a standard Level 2 (AC) charging solution can also suit most driver needs, allowing them to add ~25 miles of range per hour. In many cases, a mix of AC and DC charging stations is the best solution.
Either way, by offering your customers a convenient charging experience, you also encourage them to spend time and money at your location while they wait.
Our research, in partnership with Ipsos, found that EV drivers are more educated, wealthier, and younger than the average population. With more disposable income than gas-car drivers, your EV-driving customers will not only spend more time at your location but also purchase higher-end goods and services every time they visit. Plus, these drivers are likely to turn into loyal, repeat customers once they know your business offers this valuable service.
According to the EY Mobility Consumer Index, 52 percent of car buyers are considering an EV for their next purchase. As a consequence, locking in your location now as one of the places that provide EV charging could turn your business into an often-frequented EV charging destination.
EV charging stations also put your business on the map—literally. Popular navigation sites like Google Maps or Waze, and dedicated charging apps such as PlugShare feature interactive maps that enable drivers to locate nearby public charging stations. By having charging stations at your site, you can boost your brand visibility on these platforms and attract new customers.
Plus, with customized charging stations that display your brand colors or logo, you can drastically improve your corporate image by letting everyone who sees them know that your organization is openly committed to a more sustainable future.
Environmental concerns are increasingly top-of-mind for your customers. By having charging stations on your property, you can establish your business as an eco-conscious organization—and even earn some prestigious sustainability certifications for your location (LEED, GBB, WELL).
Attracting new customers, earning brand loyalty, and increasing the time (and money) spent at your location are all excellent examples of how EV charging can drive profitability. But the most obvious way EV charging can boost profits is the revenue earned from the stations themselves. Depending on the business model you choose, you can generate additional income by setting charging fees, and your customers will be more than happy to pay them.
Yes, they can definitely be profitable. EV charging is a service drivers are willing to pay for, especially if it is fast charging. Of course, how profitable it is, depends on the specifics of your situation, location, and business.
There are a few primary ways you can structure pricing on your charging stations—it really depends on what you want to get out of your setup. You can also test out different strategies to find which works best for you. By having an overview of your stations'' pricing and energy usage via your charging management platform, making adjustments to your setup is as easy as updating a few settings.
One common practice is to simply charge the cost of energy being used (i.e., $0.15/kWh). You also have the freedom to define your own markup (i.e., $0.35/kWh). So, if a car pulls up and needs to charge 25 kWh, that''d be:
25 kWh x $0.50/kWh = $12.50.
If you''d rather set a fee based on time, you can implement a flat hourly rate (i.e., $2.75/hour). So, if the station is charging at 7.4 kW, and the car needs 25 kWh to recharge:
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