Electric Vehicle Charging Station Costs & Economics: Keeping Costs Low While Getting a High ROI

By December 23, 2019 Blog
EV charging station sign

EV charging station sign

One of the biggest barriers to the expansion of the EV charging station network is the perception that installing and operating vehicle charging stations is cost-prohibitive. However, with advancements in EV technology, rapidly increasing electric vehicle adoption, and benefits of scale, the economics of EV charging stations now favor businesses who choose to make the investment.

In addition to researching incentives such as tax rebates, there are some surefire ways to ensure that your installation and operation costs are ultimately offset by a positive return on investment (ROI). Below, we’ll take a look at a few tips for getting more out of your electric vehicle charging station investment.

Earn Positive PR

A line of electric vehicles charging on the streetAn EV charging station at your business says a lot about your values: everyone is welcome at your business; sustainability is important to your business; the concerns of employees and guests alike matter to your business. This enhances your brand perception and generates positive PR for your company.

Choose the Right EV Charging Station Type

EV charging stations in parking garage

First things first: when considering vehicle charging station costs, you need to choose the right EV charging station for your business. A DC Fast-Charging station can provide enormous value to EV drivers who may be prospective customers, but the costs are going to be significant. That, and most drivers do not expect to receive a full charge at your business. A Level 2 Charging Station may be a more practical – and affordable – option that will generate a higher ROI in the long run.

Consider Partnership Options

An EV charging station is not just a benefit to your business; it’s a benefit to the businesses around yours, as well. Electric vehicle drivers will seek out locations where they charge while they shop. As the owner of an electric vehicle charging station, you could restrict the parking space to customers of your business. Or, by striking up a partnership with some of your neighboring retail outlets, you can distribute the electric vehicle charging station costs across multiple stakeholders.

Improve Retention Rates

One of the biggest challenges businesses face is managing retention. That includes both employee retention and client retention. Hiring and training employees who do their jobs well and fit within the company culture can be a significant drain on a business. Similarly, finding and retaining clients in an increasingly competitive environment can make or break the potential profitability of a business.

An EV charging station shows that your company is a forward-thinking organization that puts the needs of employees and clients first. It also serves as an indication that your company puts its money where its mouth is when it comes to environmental responsibility. This improves retention rates and thereby increases the ROI on your charging station investment.

Choose EV Connect

EV Connect is committed to working with businesses to find innovative solutions that expand EV charging networks around the world. Our cloud-based software for managing EV charging stations is one of the best ways to keep vehicle charging stations costs under control.

To learn more about how EV Connect works, give us a call at (888) 780-0062 or reach out today via email today.

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