5 Ways to Profit from Commercial EV Chargers in 2023

demand for charging stations is growing

If you're reading this, then you're likely someone who's interested in purchasing a commercial electric vehicle (EV) charger.

You may have already realized that as the electric vehicle (EV) market grows, so does the need for charging stations.

profit with ev charging

Electric vehicle sales in the US are expected to grow by 70% this year, according to the International Energy Agency. This presents an opportunity to invest in the EV market, and a commercial EV charger could be the key.

But, before you make your purchase, you need to know whether or not you can make a profit from it. After all, investing in a commercial EV charger is a big decision and requires a significant amount of capital. Here are five ways to profit from commercial EV charging infrastructure and make the most out of market trends.

Charge for the Use of the EV Charger

Offering a pay-per-use pricing model is a simple and straightforward way to generate revenue from a commercial EV charger. It's important to consider the location of the charger and the average length of time customers will charge their EVs.

If your charger is located in a busy urban area, you might charge a higher rate due to the lower availability. If your charger is located in a less busy area, you may need to offer a lower rate to attract customers.

Another pricing model to consider is a membership-based system. This could involve offering discounted rates for regular customers who sign up for a membership program. This approach can help to build a loyal customer base and provide a predictable stream of revenue.

You could also consider partnering with local businesses to offer exclusive discounts to their employees or customers. This can help to increase visibility and attract more customers to your charging station.

However, you'll need to ensure that your pricing covers your operating expenses and generates a profit. Conduct a thorough cost analysis and researching the pricing of other charging stations in your area. This can help you to determine the right pricing strategy for your business.

Offer EV Charging as a Value-Added Service

Offering EV charging as a service can also help businesses to create additional revenue streams. For example, parking garages can charge for both parking and EV charging, which can increase their overall profits. Hotels can attract more guests by offering charging stations as an added amenity. Restaurants and shopping centers can use chargers as a marketing tool and attract customers who want to charge their vehicle.

Businesses can also help to promote sustainability and reduce their environmental impact. This can be especially important for businesses that are looking to align with the values of environmentally conscious consumers.

Additionally, many governments offer incentives for businesses that install EV charging stations, such as tax credits and rebates. Taking advantage of these incentives can help to offset the cost of installation and make offering EV charging even more profitable.

Ultimately, offering EV charging as a service can be a win-win for businesses and their customers. It can help to attract more customers, increase revenue, promote sustainability, and align with the values of environmentally conscious consumers. Offering EV charging is becoming a necessary and valuable service for businesses to consider.

Generate Revenue from Advertising

Generating revenue from advertising is a creative way to profit from a commercial EV charger. You can run advertisements on the charging station itself and display ads on the screen during the charging session. This can be a great way to reach EV owners that spend a lot of time at the charging station.

You could also offer sponsored charging sessions to EV owners. A sponsored charging session is when a business pays for one of its customers to charge their vehicle at its station. Consider partnering with local businesses and offer them ad space on the charger to reach your customers.

Offering advertising opportunities can help to create additional revenue streams for your business while providing value to your customers. However, it's important to ensure that any advertising is relevant to your customers and not intrusive.

You can use advertising to create a positive experience for your customers and generate additional revenue for your business. Another way to profit from a commercial EV charger is to generate revenue from advertising.

Use EV Charging Data to Generate Insights

Data generated by commercial EV chargers can be leveraged by businesses to optimize charging stations and improve customer experience. Usage statistics can help identify peak usage times, enabling businesses to adjust pricing to increase revenue. Demographic data such as age, gender, and location can also be used to tailor marketing efforts. For example, businesses could use social media platforms to target audiences best suited to them.

Data can be sold to third-party companies, including electric vehicle manufacturers or charging station operators. These organizations are interested in understanding customer behavior and analytics companies seeking insights into the EV market.

Ethical data sharing is important to build and maintain trust and loyalty. Businesses must be transparent with customers on how they collect and use data. This way, businesses can create another revenue stream and recover the costs associated with installing and maintaining commercial EV chargers.

Participate in Demand Response Programs

Taking part in a demand response program is a wise strategy to gain extra money with your commercial EV charger. Utilities frequently initiate demand response programs during high electricity demand, like during peak hours or heatwaves, to encourage energy conservation. Through the participation in such programs, corporations can make money by decreasing their power usage during these peak periods.

Entering a demand response program involves collaborating with your utility company to find the right program for your charging station. Programs offer varying incentives, but a utility company can help you select the program that fits your charging needs. Some programs charge a monthly fee to participate, while others depend on the amount of energy saved during peak demand periods.

Joining a demand response program contributes to lowering electricity usage during peak periods and benefits the entire community. Consequently, businesses can acquire additional revenue and help promote the transition to a more sustainable and efficient energy system.

Conclusion

Setting up a commercial EV charging station can be a wise decision for businesses that want to earn extra income. Providing EV charging services enables companies to entice eco-friendly customers, generate additional income, and contribute to sustainable transportation practices.

Nevertheless, to ensure your investment is gainful, it is essential to explore your alternatives and collaborate with specialists. Perform market research on charging services in your area and team up with utility companies for demand response programs.

You can also collaborate with sponsors or advertisers. Your EV charging station can transform into a valuable resource for your business and the community with thoughtful and careful planning!

Ready to earn extra income and contribute to sustainable transportation practices with a commercial EV charging station? Visit PLEMCo's website for expert insights on how to make your investment gainful.