6 Reasons Even Small Businesses Should Consider Installing an EV Charging Station
- April 28, 2020
Businesses are always looking to gain a competitive edge over other businesses or competitors. And what’s a more unique and effective competitive advantage than installing an EV charging station at your business?
An EV charging station offers a wide range of benefits to a business that not only helps it to stand out from the competition but actually also improve its revenue base and attract customers.
Let us discuss some of the major advantages of installing an EV charging station at your business in more detail below.
Boosting Your Customer Base
If you think having EV charging stations at your business is only a matter of offering some additional convenience to a small group of customers, think again. EV charging stations offer you a unique advantage over your competitor businesses that do not have EV stations, as EV drivers would prefer visiting a business where they can charge up their EV.
This is one of the major reasons even many small businesses have been installing EV stations, following large corporations like IKEA, Walmart and Kohl’s. It’s indeed a great way to stand out from your competition to EV drivers, which are one of the highest-spending groups of customers you will find.
And this is actually a great advantage that will only get bigger with time as EVs get more popular.
More Revenue Per Customer (EV Driver)
When you have an EV charging station at your business, your customers that are EV owners would spend much more time at your shop or business, which means higher revenue for your business. As they wait for their vehicles to charge, they are likely to explore more products or services, which makes it easy for you to get more revenue out of their visit, especially considering their higher purchasing power.
Visiting and spending time at a business or shop with an EV charging station becomes even more appealing for EV owners without a convenient home access option to a charging station.
Increased Customer Loyalty
It goes without saying that this group of customers that are EV drivers would also be very loyal to your business since having access to an EV charging station is a great point of convenience for them. This not only means your business will attract more of these high-spending customers over time as they refer other EV drivers to your business or shop, but also that your business will have a better opportunity to gain higher visibility through word of mouth.
This is simply because if these EV drivers like the quality of your product or service, they are also likely to share the word with their friends and family who may not be EV owners.
Free, Effective Advertising
How about being able to get on your potential customers’ maps that your competitors cannot, without having to pay a single penny in terms of advertising costs? Well, that’s exactly what you could do by just having an EV charging station at your business.
EV drivers have their own specific maps that they use to find businesses, shops and restaurants where they can charge their vehicle. So if you have an EV charging station at your business, you can get your business listen in their maps – which none of your competitors without an EV charging station would be able to get on – meaning free and effective advertising for your business.
This not only means that you will be getting many EV customers, but you will also have many EV drivers visiting your business just for charging turning into your customers as well. In other words, even people that wouldn’t otherwise be your customers end up purchasing products or services from your business just because you had an EV charging station at your business.
Rebates and Tax Benefits
In some states, companies and businesses have been receiving as much as $3,000 in rebate from public utility organizations in their state just for installing an EV station. Even the Federal Government has a program that allows businesses installing an EV station to claim 30% of the cost of the charging station as a tax deduction. Furthermore, you can also claim up to $1,000 in total installation costs under the same program.
In addition, buying an EV for business use comes with an even greater tax benefit. And of course, you must have an EV charging station if you want to employ an EV for business use.
Purchasing an EV for business use can allow you to claim anywhere in the range of $2,500 to $7,500 in terms of tax benefit under the American Recovery and Reinvestment Act, depending on some factors like the size of the battery of the vehicle.
Promoting a Clean Environment
If you don’t already know, EVs are an eco-friendly option to vehicles powered by fossil fuels that are causing significant harm to the environment. The gases emitted by the use of these fossil fuels not only result in environmental degrading in the form of ozone depletion, but they also pollute the air, leading to a rise in many respiratory and other illnesses, lowering the quality of life and health of people.
The use of EVs go a long way in reducing the use of fossil fuels and the disastrous effects they have on the environment, and it’s the social responsibility of a business to promote a clean, healthy environment for everyone.
But there’s more to it. When you’re trying to do your bit for the environment – or perhaps actually going beyond what most businesses do for the environment – you’re naturally attracting environment-conscious customers. What’s more, this also helps build a great brand image and reputation, as businesses that care of the environment are respected by customers, governments and other organizations too.
After understanding all these tax benefits and the opportunity to tap into one of the highest-spending groups of customers easily while also getting more revenue out of them, it makes a lot of sense to install an EV charging station at your business.