Did you know that the electric vehicle (EV) electricity demand could reach 53 billion kilowatt-hours by 2030 across China, Europe, and the United States? This is a 20-fold increase which means the Electric Vehicle Charging Stations infrastructure needs to grow as well.
Technology is changing quickly. Each year brings with it an increase in demand and a variety of new models to choose from. Even Rolls Royce unveiled its first electric car “Spectre”, and they plan on going all-electric by 2030.
With the global trend of countries moving towards zero-emission, there is a push towards electric vehicles. As a property or facility manager, you want to make sure you provide the best for your commercial clients and staff by staying ahead of the trend. The first step in proposing to install EV Charging Stations is understanding the benefits of EV Charging Stations in 2023 and beyond.
What Are the Benefits of Installing EV Charging Stations?
Why should you consider EV Charging Stations for your properties? Well, there are many benefits of installing EV Charging Stations from legal to environmental. With 43,000 public EV Charging Stations and 250,000 EV’s sold in the United States, the EV market is booming.
Are you keeping up with the trends? Are you offering the best opportunities for your clients? Do you know what your clients desire most in the upcoming year or so? Keep on reading to understand some of the benefits of installing commercial EV Charging Stations at your property or facility.
Let’s face it, conventional cars are a big producer of carbon emissions. Conventional cars that run on fossil fuels are a major contributor to air pollution. The reality is that medium and heavy-duty vehicles make up 5% of all cars on the road but emit almost 30% of the carbon dioxide emissions.
EV’s, on the other hand, use rechargeable lithium-ion batteries – the same ones used in your smartphones and laptops. Unlike fuel cars, EVs lithium-ion batteries produce less pollution, are more efficient, and even have a guaranteed lifespan of 8 to 10 years.
Since they don’t run on fuel, they also don’t use many of the same parts of the car that a fuel-based car would have, such as fuel lines, fuel tanks, and tailpipes. Without these parts, you can rest assured that they do not produce carbon dioxide emissions. At the end of the day, these cars are more eco-friendly.
Why does that matter for commercial properties or property managers? A part of supporting EVs means that you’ll be doing something good for the world. You’ll be making the world a better place for the next generation.
More importantly, you will also be supporting the environmental, social, and governance responsibility that is an important element in every company’s annual report to its shareholders or investors. It’s clear now that investors and customers care about the environment.
Most companies are investing in sustainability endeavors, for which has over $30 trillion invested globally. Studies show the positive impact of eco-friendly initiatives on profits, valuations, and reputation. Customers are willing to pay companies to go green.
Along with EV vehicles, you should also consider other go green projects at commercial projects.
Attract New EV Owners to Building
Whether your client is a retail business, an office property, or a workplace, the main goal is to attract EV owners to the building. A retail business will want to attract the most affluent customers to their stores to increase sales.
To do this, they need to offer incentives and show their commitment to new technology and innovation. One of the ways to show this commitment is by installing EV Charging Stations. To understand why EV Charging Stations is the best service to offer to your clients, you need to understand the type of demographic they want to attract.
Over 70% of EV buyers have a 4-year college degree or higher and make more than $100,000 in income. According to TrueCar, Gen X, generally born from the 1960s to early 1980s, is buying the greatest number of EVs at 39.8%. Millennials are a close second at 34.9%.
This same group also has more disposable income to spend. Anything that makes their busy lives more convenient and simpler will attract them. This means that retail businesses, restaurants, theatres, and workplaces that have EV Charging Stations will be more attractive.
EV users prefer to go shopping and run errands while their car is charging. They would also change their shopping habits depending on the location of an EV Charging Station. Having an EV Charging Station will attract the right group of people with disposable income who are not afraid to splurge.
Strips malls should also consider installing EV Fast Charging Stations to increase foot traffic, monetize fast chargers, and many other reasons.
Attract Quality Employees
An office property or workplace will want to attract the best employees to increase profitability. Studies show that having a strong environmental stance attracts top-quality employees. By instilling a sense of purpose in employees through the company’s commitment to the environment, companies will be able to retain those employees and increase productivity. This flows into positive shareholder returns.
Show Your Commitment to the Owners and Customers
According to the International Energy Agency, the number of EVs around the world will reach 125 million by 2030. EVs need to be charged 150 to 375 miles. For many people, the option to have an EV Charging Station will change from “nice to have” to essential in a few years.
People with EVs have started to schedule around public EV charging stations. It’s part and parcel of being an EV owner. The lack of EV Charging Stations means that any place that has a charging station will become part of their schedule.
By installing EV Charging Stations, you are showing your commitment to the owners and customers. By installing EV Charging Stations now, you are showing them that you’re ahead of the trend. You are showing your commitment to their schedules, their convenience, and their comfort.
For commercial organizations, they will need to figure out how they can support their customers on an ongoing basis. This can be seen as working hand in hand with increasing profitability. If customers are more likely to frequent your location because you offer EV Charging Stations, then you will balance commitment to your customers with an increase in revenue.
Commercial establishments can become the go-to choice for customers who want to run errands, do groceries, go see a movie or meet friends for dinner. They can do this by offering the option to charge their customer’s EV while they run these errands. The important thing here is to know what your customer wants and provide this to them – this shows your commitment to owners and customers.
Federal, State, and Local Move Towards Clean Regulations
The federal government and many states are moving towards implementing more regulations to support EVs. The federal government wants to move from 133,000 charging stations in 2020 to 500,000 EV Charging Stations by 2030.
Many cities like Los Angeles, San Francisco, and Seattle have more EV users and want to have 100% EV sales by 2030. Even carmakers like Volkswagen and General Motors plan to stop selling conventional fuel cars by 2035. There is a very clear trend moving towards more EVs.
California also has large commitments to protect public health and state climate targets of reducing greenhouse gases by 40% by 2030 and 50% reduction of petroleum use by 2030. California has 15.1% EV cars already and is ahead of the curve by proposing a zero-emission vehicle (ZEV) sales requirement for heavy-duty vehicles.
California’s Advanced Clean Truck Regulations will require manufacturers of certain heavy-duty vehicles to sell 55% ZEV by 2035. Companies including retailers, manufacturers, and brokers will have to report about ZEV in their fleet operations starting 2024.
State and Local Incentives for Installing EV Charging Stations
To support their commitment towards clean energy, the federal government and many states offer incentives.
In April of 2021, President Biden released the American Jobs Plan. It included a $15 billion investment to build a national network of 500,000 charging stations in the United States. This means the federal government will be providing additional grants and incentive programs for state and local governments and the private sector.
With these incentives, the federal government wants to encourage EV Charging Stations in apartment buildings, public parking lots, and fast-charging stations across national highways and roadways.
The federal government also provides the Alternative Fuel Vehicle Refueling Property Tax Credit that allows you to offset up to 30% of the cost of installing charging stations up to a maximum of $30,000.
Currently, 45 states and the District of Columbia provide some sort of incentive for EVs. This is either through tax credits, rebates, or exemptions from emission testing. These programs make it cheaper to install EV Charging Stations in commercial organizations.
California has provided $1.2 billion over the years to build the infrastructure for EVs across the state. Arkansas provides a rebate program to government, private practice, and non-profit for construction and installation costs from $3,375 for a multi-unit dwelling to $9,300 for the government. Florida offers rebates for the purchase of EVs including up to $100,000 for an electric public transit bus. Commercial organizations can take advantage of these incentives and ensure they can implement an EV infrastructure most cost-effectively.
Free EV Charging Station Installation Quote
Interested in learning more about Capstone's EV Charging Stations and their cutting-edge technology? If yes, please contact Mark Carvalho at Capstone Engineered Solutions at firstname.lastname@example.org and (714) 317-0369 or his associate Corey L. Wilson at CLW Enterprises at email@example.com and (951) 415-3002 for a no obligation and hassle-free consultation.