Investing in EV charging stations is becoming an increasingly smart move for business, with benefits that extend beyond immediate profits. Here’re 6 major reasons why business should consider investing in EV charging stations.

1.Attract and Retain Customers

As the number of EV drivers grows, having an on-site charging station can attract EV drivers to your location. Businesses that provide EV chargers can bring in new customers, as they tend to spend time (and often more money) at places where they can charge their vehicles during their stay. As a result, while customers wait for their vehicles to charge, they are likely to explore nearby stores, dine in restaurants, or browse other services, leading to increased spending at the location.

Besides, once customers know that your location has charging stations, they’re likely to come back in the future, which drives customer loyalty.

2.Enhance Brand Image and Reputation

Establishing an EV charging infrastructure signals a commitment to sustainability and a greener future, which resonates with environmentally conscious consumers. A business that is known for supporting green initiatives often enhances its reputation, appealing to both consumers and employees who value sustainability.

3.Increase Employee Satisfaction and Retention

Offering EV charging stations at the workplace can be a valuable bonus for employees who are also EV drivers. This convenience can contribute to employee satisfaction, help reduce turnover, and position your company as a forward-thinking, environmentally responsible employer.

4.Extra Revenue Stream

Many businesses charge a fee for using EV chargers, creating an additional revenue stream. Depending on demand, companies can set charging fees to offset installation and maintenance costs or even generate profits.

Besides, charging stations encourage EV drivers to stay longer, which is associated with a higher chance to spend money at nearby shops or restaurants. This indirect revenue, generated from increased customer dwell time, can benefit retail business, malls, and dining establishments significantly.

Moreover, for commercial property owners, investing in EV charging stations can enhance property value and attract more tenants who have a need for charging their EV or someone who value sustainability.

5.Take Advantage of Incentives and Rebates

In BC, BC Hydro offers rebates and incentives for business to install EV charging stations. These incentives can significantly reduce installation costs, making it more affordable to invest in EV charging infrastructure.

According to BC Hydro, business can apply for up to 50% of the cost for a level 2 charger installation, up to $2,000 per charger, and up to a total of $14,000 per commercial building.

6.Align with Corporate Social Responsibility Principles

By investing in EV charging infrastructure, businesses can actively promote sustainable transportation and support the transition to electric vehicles, which directly contributes to reducing greenhouse gas emissions. The presence of accessible EV charging stations enables more people to switch to EVs with the confidence of reliable charging options, ultimately lowering dependence on fossil fuels. Additionally, businesses that invest in EV charging infrastructure demonstrate a commitment to meeting environmental goals, which aligns with corporate social responsibility (CSR) principles.

Conclusion

Overall, investing in EV charging infrastructure proactively enhances a business’s reputation and creates new opportunities on the long run. Not only does it help with achieving environmental goals, but it also enables customer attraction & retention and leads to revenue generation. As EV becomes mainstream, businesses with EV charging stations are likely to see both direct and indirect benefits.