Why Property Managers are Investing in EV Charging Stations

PUBLISHED ON

February 9, 2021

If electric vehicle (EV) charging has sparked your interest recently, you’re not alone. Property managers across the country are giving serious attention to EV charging for good reason. We are living in an increasingly electric environment. More drivers are buying EVs (source), boosting the demand for charging stations. The reality is that EV charging stations are no longer a convenient amenity. Instead, they are an essential asset for any commercial property.

Why Invest?

Investing in EV charging stations has many benefits. Perhaps most important are incentives, positive brand perception, brand loyalty, and increased revenue.

INCENTIVES

Installation is more affordable than you might think. Local municipalities, state, and federal agencies often provide tax and other incentives to facilitate the expansion and promotion of electric vehicles through the country. Commercial properties can take advantage of these savings to bridge any potential financial gap for installation and construction of charging stations.

BRAND IMAGE

Environmental issues are top of mind for many people today. Consumers increasingly opt to buy from and work with brands that fit their personal values. Whether you manage commercial real estate, retail, hotels, or restaurants, installing an EV charging station in your parking lot demonstrates that your brand is concerned about the environment and cutting carbon emissions. Furthermore, EV charging stations may help businesses earn environmental accreditation, which can be promoted alongside your brand.

BRAND LOYALTY

Consider this scenario, a customer is more likely to shop at a store or eat at a restaurant which provides free charging for his or her vehicle over a comparable property without the amenity. In fact, 40% of EV drivers are willing to return to locations with EV charging stations on a weekly basis (source). Similarly, hotel guests that drive long distances prior to arrival must have the ability to re-charge their EVs. No doubt they will choose a property that offers charging stations and remain loyal to that brand throughout their road trip and beyond.

INCREASED REVENUE

EV owners tend to be higher earning than the average population with greater disposable income. This means they have the potential to spend more money at your properties. And, because of the time it takes to charge an EV, these drivers are more likely to stay at your property for a longer period. More time to browse increases the likelihood of purchasing more products or services.

In addition, many EV ports are equipped with LED screens on which digital advertising can be featured. Selling ad space here will generate additional revenue as well.

Lead the Charge:

Let’s Pave can help you install EV charging stations on your parking lots, anywhere in the nation. Our expert teams have decades of experience managing turnkey installation with minimal downtime. Contact Let’s Pave for a free assessment and quote.

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