The ability to charge EVs at your business can be an untapped revenue source for business owners and parking lot owners.
Demand for electronic vehicles (EVs) continues to run high. Sales of EVs increased 60% from 2022 to 2023, and the United States is considered to be one of the world’s top three markets for EVs.
Electronic vehicles aren’t a fad; they are a growing trend consumers have embraced as providing another step towards a more sustainable future — one less solely dependent upon fossil fuels.
If you’re looking for additional ways to boost your company’s sustainability efforts while bringing in extra revenue, the answer may be right outside your window.
As of February 2024, there are more than 61,000 public EV charging stations across the country — a number that has doubled since 2020 — with more than 168,300 total charging outlets in the U.S. for plug-in EVs.
The demand for EVs continues to grow. An estimated one out of every nine cars sold in the U.S. is electric, and global demand for EVs grew by 35% last year. As more and more EVs come onto the road, the need for places to charge them also grows.
Parking lots are generally considered a “sunk cost,” meaning an expense that can’t be recovered. While they are necessary for your business, they also require continued upkeep and maintenance — spaces that only lose money, unless the owner charges for parking.
For businesses offering EV charging, that means commercial building owners and/or operators have an opportunity to make money every month from a space previously thought of as a sunk cost. Even parking lots that carry a parking charge can benefit by adding EV charging stations, producing income on top of income.
While many EVs are charged at people’s homes, the availability of public charging stations — sometimes referred to as “destination chargers” — increases the positive public perception of EVs themselves, creating circuitous demand: the easier it is to own and operate EVs, the more demand will continue to increase.
Currently, nearly 60% of EV owners use public charging stations.
You can tap into this demand and build an additional revenue stream for your business.
“Electric vehicle charging station infrastructure across the U.S. has increased at a 43.7% compound annual growth rate (CAGR) from 2018 to 2023.”
– Consumer Affairs
Certified Energy Procurement (CEP) professional and resident ePro+ expert Bretton DeNomme predicts that by 2025, 30% of parking lots will feature EV chargers — that’s 30% of parking lots making money for the owner/operator of the lot. The availability of these charges can appeal to building tenants, employees, and visitors to your parking lot.
“Several studies show businesses offering EV charging attract new tenants,” DeNomme said. “Those new tenants are going to want the availability of EV charging either for themselves or their employees. People want to charge their cars like they charge their phones — at the place where they are the most.”
DeNomme summarizes the wins of EV charging in your lot as follows:
Offering EV charging in your parking lot not only attracts tenants, employees, and customers to park, generating revenue, it also drives tenant retention and increases your property’s resale value.
Consumers are more likely to buy from companies that are known for their sustainability efforts. According to research, 85% of consumers are more likely to purchase from a sustainable company than a neutral one.
Renewable energy sources and reducing our dependency on fossil fuels mean investing in infrastructure for a greener future. Installing EV chargers in a parking lot helps businesses show their commitment to sustainability:
If you’re looking to build out your infrastructure to accommodate the growing need for EV charging stations in your parking lot, ePro+ experts can explain the when and the why of EV charging, and how you can use these parking spots to help bring in easy extra revenue.
Ready to reap the revenue of EV charging in your lot?
Capture a piece of the growing EV charging market and answer the needs of renewable energy consumers with a quote from the ePro+ experts.
Contact ePro+ today to receive a complimentary quote for a turnkey EV charging station
and retail energy supply contract in as little as one week.
