In 2020, when business owners consider electric vehicle charging stations, they might already understand the benefits of installing this new green amenity. Understandably, their main concern is how much commercial charging stations will cost to install and maintain. Bottom line, every business wants to save costs and make money. But EV charging stations are worth the up-front investment.
When budgeting for your company’s new charging stations, it’s important to consider the installation cost, take advantage of rebates, and account for the indirect benefits to your staffing and marketing.
How to Determine Costs of Commercial Charging Stations
First, let’s talk about the components that determine the price of commercial EV charging. The biggest factor comes down to the cost of labor, electrical work, and equipment cost. If your property needs extensive landscaping or requires additional site work to meet local ordinances, your installation will cost more than if your property were already considered “EV Ready.” When budgeting your project, consider the physical labor, the costs of the hardware and electrical materials, and any fees associated with permitting approval. During construction, you may want to add additional stub-outs for future charging stations in order to reduce costs in the future.
In addition, you’ll want to consider the cost of buying your new EV charging stations. Some properties that have already exhausted their annual capital expenditures budget might choose a lease or subscribe to a Charging as a Service solution. Other property managers might decide to start with a few stations, then increase in later years. One benefit to choosing smart charging stations: you can charge users for electricity. You can use your new amenity to monetize parking and offset the cost of electricity.
Finally, you’ll need to consider the costs of maintenance. With SemaConnect, your smart charging stations include the first year of full replacement warranty and network services. You can also purchase a three or five year full service plan, pay up-front à la carte, or simply pay an annual fee. SemaConnect stations can be installed by your electrician, without downtime. Some other EV charging companies may not include a full warranty or network services, or they may be more costly to maintain.
How to Reduce the Cost of EV Charging Solutions
Many government agencies will provide financial support to make energy efficiency more feasible for Americans. For example, the U.S. Department of Energy offers an incentive program that provides up to $7,500 in federal tax credits to those who purchase electric vehicles. But EV owners aren’t the only ones who can benefit financially. Business owners who install commercial charging stations can also take advantage of tax incentives, rebates, and financing options to offset costs. While many states and local utilities now offer rebates for installing EV charging stations at workplaces or multifamily communities, the federal government also offers a $30,000 tax credit. This credit was renewed at the end of 2019 and applies to installations in the 2018, 2019, and 2020 tax years.
Before your installation, you can also reduce the costs of installing and managing commercial charging stations by conducting careful research into EV charging companies, the number of stations your site needs, and the type of stations being installed.
Why Commercial Charging Stations Are Worth the Investment
Commercial charging stations provide some passive income for your business, particularly if you charge drivers a fee for station usage. But keep in mind that there are a number of indirect payoffs of installing charging solutions at your business.
Installing EV stations can allow your business to garner positive press and attract new customers who might otherwise pass by your property without a second thought. You can also attract and retain talented employees who can help you grow. As sales manager Joseph Inglisa says, “What’s the ROI for installing EV charging stations? What’s a new customer or employee worth to you?” Customers want to do business with a company that supports sustainability, and they will continue to choose the company with charging amenities.
Whether your main interest is to be seen as a sustainable brand, increase the triple bottom line, or to maintain foot traffic, installing networked EV charging stations can help you future-proof your property and gain new business for years to come.
Want to learn more about how EV stations can maximize your business’s profitability? Contact SemaConnect today.