Electric vehicles are becoming increasingly popular, but they still have a few challenges to overcome. Currently, there are only 46,000 EV charging stations in the US, which is less than a third of the number of gas stations. We need to increase the number of accessible EV charging stations!
We promise building accessible EV charging stations is a lot less expensive but even more rewarding than building a gas station. That’s especially true if you own a commercial property. Let’s talk about some of the key benefits of installing EV charging stations and how you can get started today!
What Are Accessible EV Charging Stations?
We all know that electric vehicles are becoming more popular. That’s no secret.
However, one of the greatest challenges with electric vehicles is the lack of charging stations available. Not only is there a perceived lack of EV chargers, but they aren’t always accessible to the public. This can be quite challenging for finding housing, road tripping, or planning out your work day.
Fortunately, this poses a great business opportunity for commercial property owners. Let’s talk about that.
Benefits of Accessible EV Charging Stations at Your Property
There are many reasons why businesses add EV charging stations to their parking lots. First, and most importantly, you already have the space.
If you currently own or lease a commercial parking lot, why leave that as a liability? Instead, you can turn it into a profit generator.
Beyond that, here are some of the key benefits of commercial EV charging station installations.
Tax Incentives
Thanks to the Inflation Reduction Act and a few other pieces of legislation, you can get around a third of the installation costs of your EV chargers rebated on your taxes. This can dramatically reduce your tax bill next year while earning your business a new source of income.
Also, if you choose to use other green technology like fuel cells or solar panels with your charging stations, you can receive even more tax benefits. They’ll also save you money by reducing your need for the grid, allowing you to keep more of the profits you’ve earned!
Increasing Demand
Electric vehicles are not a trend. They are only becoming more popular by the year, with an anticipated 26.4 million on the road by 2030. Getting in now while the tax benefits are so high is essential to maximizing your future profits.
That’s only in the immediate future. At some point, electric vehicles will be the predominant mode of transportation on the road. Get in while you still can!
Profitability
You can set the rates on your EV charging stations and potentially earn a profit from them. Every kWh of electricity can yield you a few cents beyond expenses, allowing you to break even from the installation costs in no time. From there, everything is profit!
Drive More Customers Into Your Store
EV drivers actively look for places to kill time while they charge their vehicles. If you offer EV charging stations to the general public, you may drive more customers into your store. If you’re the closest EV charging station to that driver, they may choose to spend more money while shopping around in your store.
At the very least, you can generate a minimum income from customers who don’t necessarily purchase anything while at your store.
Drive More Tenants
If your commercial property is a rental property, you can attract a wider array of tenants and potentially charge more. Whether it’s a commercial business property or residential property, EV charging stations are becoming one of the most sought-after amenities.
Recruiting Tool
Depending on your industry, having ample EV charging stations can serve as a great recruiting tool for employees. If your employees drive EVs, they may have difficulty with other obligations outside of work. The ability to charge their car at work could solve those problems outright.
For example, if someone drives an EV within a 90-mile range, they’re limited in their travels. This is especially true considering that the average commute in the US is around 41 miles per day. If they have to pick up their children from soccer practice and go to the store later, they may cut it close.
Overall, this is just a helpful perk to offer to your employees that won’t cost you much. It can boost morale for a very small investment, and it can still generate profit!
How to Get Accessible EV Charging Stations at Your Commercial Property
Clearly, introducing EV charging stations is a no-brainer at any commercial property. Their demand is only on the rise, you’ll receive maximal tax benefits, and you can generate a profit right away.
To get started, you simply need the right professional commercial electrical services. Again, you’ll receive up to $30,000 in tax rebates for installation, but you can still keep all of the profits.
On top of that, you may even receive some additional state tax incentives, depending on where you live. Here in Washington state, you can receive an additional $500 to $5,000 rebate for installing new EV charging stations. All you have to do is designate a space, call the professionals, and enjoy the benefits mentioned above!
Generate New Revenue Today
Now that you know some of the benefits of adding accessible EV charging stations to your commercial property, why not get started today? It’s clearly a win-win for commercial property owners, so start reaping the rewards!
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