The transition toward electric vehicles (EVs) is gaining momentum, and businesses can leverage this shift. Business owners can take advantage of this opportunity and remain competitive in their communities by adding an EV charging station to their parking lot. With EV charging stations, companies can contribute positively to the environment and unlock several benefits that might not be immediately apparent. Keep reading to learn about the benefits of EV charging stations and how this investment can transform your business.
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Increases Foot Traffic
Investing in an EV charging station attracts a new customer base to your business—EV owners. Business owners should fund essential EV charging station line striping and proper signage to let EV drivers know where they can refuel. Depending on the charging station, drivers can spend up to an hour in parking lots waiting for their vehicle to charge. This gives them time to visit your business and potentially become repeat customers.
Puts Your Business on the Map
Because charging stations aren’t as prevalent as gas stations, drivers must strategically plan for where they can stop and recharge their vehicles. Many EV drivers use apps to locate nearby charging stations, meaning your business could garner attention from people who might not have found you otherwise. This digital visibility can significantly enhance your business’s exposure, attracting new customers who prioritize sustainability and convenience.
Promotes Sustainability
There’s no denying that swapping to electric vehicles is a substantial step toward reducing greenhouse gas emissions. EVs are generally more efficient and have a lower total lifecycle carbon footprint than gas-powered vehicles. Business owners can do their part to protect the environment and boost their reputation as a socially responsible company by installing EV charging stations. It’s a statement that aligns your brand with environmental stewardship, appealing to a growing demographic of eco-conscious consumers.
Generates Additional Revenue
EV charging stations are a worthwhile investment for businesses as an additional revenue stream. There are a few different pricing models that businesses can choose from when imposing payment for EV charging. Businesses can charge service fees, pricing based on operational costs, or for free at a loss in hopes of attracting customers. Either way, the presence of charging stations can lead to increased sales within your business, making it a financially beneficial addition.
Earns Potential Tax Credits
Governments worldwide are encouraging the adoption of EVs by offering financial incentives to both individuals and businesses that support this transition. In the US, businesses may benefit from installing EV charging stations through the Alternative Fuel Vehicle Refueling Property Tax Credit. Qualifying business owners can receive a tax credit worth up to 30 percent of the cost of a charging station, not to exceed $100,000.
Today, both consumers and businesses are becoming increasingly aware of electric vehicles’ environmental impact. Opting to support electric vehicles is a smart business decision and a step toward a more sustainable future.