Growing Demand for Electric Cars – Whether You’re Ready or Not!
Innovations in the alternative electric solutions are pushing out all outdated and hazardous sources of fuel which belong to the era of ’90s. With the push for electric vehicles as a way to cut down on pollution, the need for EV Charging Stations (or Electric Vehicle Supply Equipment (EVSE)), is surging rapidly in today’s market. The United States is currently poised to achieve a 50-52 percent reduction in greenhouse gas pollution by 2030 compared to its levels in 2005. Electric alternatives are evolving and will soon become a major source of fuel; business owners are rushing to have EV charging stations installed to attract new clients. This may t be the right time to think about your business model that includes an EV charging infrastructure.
Benefits for EV Charging at Your Commercial Property
The benefits of having an EV charging station may not be obvious at first glance. Its viability may be calculated purely on the basis of the current number of electric vehicle owners. But a more accurate way to estimate this would be to include the number of customers who will be added in the near future. In 2018, the US sold over 3,28,118 electric vehicles. Since then, the US has witnessed over a 75% year-over-year increase in its sales. While it might not seem like a lot right now, these numbers are expected to increase exponentially as tax incentives for the end user are getting better every year. At present, new EV owners can earn up to $7,500s tax credit on eligible cars. With more Americans taking advantage of these incentives and buying their EV, the demand for their charging stations will increase. Which would also mean that, unfortunately, the cost of installation will go up.
Be a Leader in Your Community
Installing a charging station will put your business on the map, metaphorically and literally. Apps such as Plugshare allow owners to search for local EV charging stations. This will add a new set of clientele to your business and bring rich, out-of-towners looking for a quick stop and fill. The largest demographic group in 2019 for EV owners comprised middle-aged men who earned more than $100,000 annually and held at least a a college degree . They also had at least one other vehicle in their household. This insight comes as no surprise as higher-income means more disposable income which can be lucrative for your kind of service that requires deep investment.. With continuous innovation the manufacturing costs will come down, therefore, decreasing the overall purchasing cost of the EV. This will see an explosion in the demographic composition of EV owners and it will expand to include the next affluent group in line, it’s time to install those EV chargers.
Get Acknowledged for Your Investment for a Brighter Future
Not only will this service have a positive impact on your business reputation but it could also potentially help your business earn a LEED certification. This will earn you some bragging rights and keep your customers loyal. On the other hand, businesses that do not have EV chargers could see their customer base declining as they would shift to competitors who provide the convenience that they are seeking. Do not lose your loyal customers especially since the charge time is a bit lengthy. The average time to charge an EV ranges from 30 minutes, which is on the lower side, to all the way upto 12 hours. This window of time allows customers to spend more time in your premises, whether as a paying customer or as an advocate for your business to bring other potential customers.
Have a Backup Energy Source
EVSEs provide more utility than just charging your customer’s electric vehicle. Many chargers run in bi-directional surges, this means that power can run both ways. They can be used to charge cars or charge the infrastructure that they are installed in. This strengthens the grid resilience as most electric grids in America are over 25 years old. They are also heavily reliable in situations of a power out and secure your business operations. In fact, in the event of a power outage on your block you would only have more customers flocking your way.
Get Rebates for Installing EV Chargers
Currently, there are plenty of incentives for businesses to install EVSE on their properties. TEP (Tucson Electric Power) offers rebates and technical support to such businesses, multi-family dwellings, and non-profit customers who purchase and install them between two to five EVSE ports. Higher rebates are available for commercial customers who are located in lower-income areas. Items eligible for rebate incentives include:
- EV charging station and related equipment
- Electrical service upgrades required for the installation
- Design and engineering services
- Construction and installation (materials and labor)
- Service, warranty, and O&M agreements
Visit the TEP website for more information.
Don’t Miss Out!
Those who are still skeptical about installing EVSE onto their business should consider the rapid rate at which EV cars are being sold outside the US. Nearly 2 million EVs were registered in Europe alone which accounts for nearly 20 percent of the total market. These numbers drive the demand for the product and its innovations. And while it may still be at a nascent stage in the US, the supply saturation will see the rise of the second hand car markets. The distributors will include your local mom and pop dealerships, and online aggregators selling EVs. This will allow those who cannot afford the latest models through large retailers to be able to purchase them after all. Even if you consider EV chargers as a trend, it will soon become a way-of-life, wouldn’t it be best to jump on it now before it becomes more exclusive?