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How Does EV Charging Help Increase Business Revenue?

Did you know opting for EV charging can grant you hefty business revenue?

Posted: 27th October 2023 by Finance Monthly
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Well, you will learn about all the benefits of installing EV charging hardware and gain generous rewards in the form of attracting potential customers, enhanced brand image, and excellent revenue. This guide shares all the relevant details that you must know to prepare smart objectives for incorporating EV charging. 

How To Expand Business Revenue With EV Charging Integration

Have a sneak peek at all how you can reap maximum benefits with EV charging integration.

Multiple Streams of Revenue

EV charging can create a new revenue stream for your business. There are two smart approaches that you can follow. 

You can charge a fee for using their EV charging stations, which can add to the overall revenue generation of your business. On the contrary, you may offer free charging as a customer perk, which, while not directly generating revenue, can indirectly boost sales by attracting more customers.

By developing the EV station with your business, you are opening your business to new horizons. Drivers can locate the station through the GRID app and visit your business establishment to charge their vehicles which will elevate your customer base.

Government Perks

The government has given several tax incentives that encourage businesses to install EV chargers. With these incentives, the business owner can cover the whole cost of the installation. Under the Inflation Reduction Act of 2022, the tax credit for EV charging stations comes under the eligible census tract.

According to the IRS 30 C section, the eligible census tract covers all communities that fulfil one of the following criteria.

  • The median income of the family is less than 80% of the statewide median income of a family.
  • The poverty rate in the community is at least 20%.

All businesses can get up to 30% of the total cost of the EV charging station.

Attract new customers

The introduction of EV charging stations at a business establishment can be a powerful attraction for EV owners which is a growing segment of the population in the USA. According to the source, the USA witnessed nearly 918,500 light electric vehicle sales in 2022 which is two and half times more than 2018. This number is going to increase in the future with the rising popularity of the vehicles.

As the number of EVs steadily increases in the country, so Will the potential customer base for businesses with charging infrastructure. Shopping centres, restaurants, hotels, grocery stores, etc., are some of the major examples of establishments that can reap better fruit and enjoy higher profits from the increased foot traffic generated by EV owners looking to charge their vehicles. 

Moreover, EV charging can foster customer loyalty which is a valuable asset for businesses in the capricious corporate world. EV owners like to visit establishments that cater to their needs. By offering charging services, businesses can create deeper connections with their clientele, encouraging repeat business with their brand.

Source of advertisements 

EV charging stations have several displays and you can take advantage of the space for brand advertisement. You can display your ads at the stations and meet new clientele that can further increase your brand reach. People will know about your brand which will increase the traffic for your business that will lead to higher revenue generation.

Improving overall brand reputation and image

Showcasing a commitment to sustainability can improve a business’s brand reputation and image. Businesses that incorporate EV charging into their operations are making a visible commitment to reducing carbon emissions and promoting sustainability. 

This can resonate with consumers who are increasingly conscious of their environmental impact, driving them to choose businesses that share their values. EV charging stations signify a commitment to reducing carbon footprints and can attract environmentally conscious customers, thereby boosting revenue.

Safe future growth

The switch to electric fleets is a global trend that is not limited to passenger vehicles only. There are several commercial vehicles like vans, buses, trucks, etc., that are making the switch to electric mobility. You can invest in the EV charging infrastructure and future-proof the operations of your business.

The Final Verdict

Now that you are well aware of all how EV charging can boost business revenue, it is time to enforce helpful EV charging strategies. This will help in generating more revenue for your business with long-term EV integration.

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