As electric vehicles (EVs) continue to grow in popularity, the need for accessible charging infrastructure has never been more crucial. For owners and managers of commercial properties, installing EV charging stations presents a valuable opportunity. Not only do EV charging stations enhance the appeal of your property, but they also offer financial, environmental, and competitive advantages.
In this blog post, we'll explore the key benefits of adding EV charging stations to commercial properties and why investing in this infrastructure is a smart long-term move.
1. Attracting High-Value Tenants and Customers
EV ownership is on the rise, and EV drivers are actively seeking locations where they can easily charge their vehicles while going about their daily activities. By installing EV charging stations at your commercial property, you make it more attractive to potential tenants, employees, and customers who drive electric vehicles.
For retail and hospitality businesses, EV chargers can increase foot traffic as customers may choose your property over competitors that don’t offer charging options. Charging stations encourage longer customer stays, which can lead to increased spending at nearby businesses. Studies show that installing one EVCS boosts annual spending at a nearby establishment by 1.4% ($1,478) in 2019 and 0.8% ($404) from January 2021 to June 2023, demonstrating how EV drivers spend more time and money at businesses where they charge their vehicles (source).
2. Generating New Revenue Streams
Installing EV charging stations provides the opportunity to create an additional revenue stream for your property. Many EV charging stations allow for flexible pricing models, where drivers pay to use the charging service. Charging fees can be set by the hour, session, or based on the amount of energy consumed.
For commercial properties such as shopping centers, office buildings, and hotels, these stations can offset installation costs and contribute to long-term revenue generation. EV charging stations tend to attract higher-income, exploratory visitors and local residents, which can further increase the financial return for properties offering paid charging services (source).
3. Increasing Property Value and Marketability
The addition of EV charging infrastructure can enhance the value of your commercial property. As more businesses and consumers adopt electric vehicles, having EV chargers on-site will become a standard amenity. Properties equipped with charging stations are viewed as more forward-thinking and environmentally conscious, increasing their marketability to tenants who prioritize sustainability.
Offering EV charging also positions your property as future-proof, ready for the continued growth of electric vehicles. Research shows that the installation of an additional EV charging station leads to a 1.4% increase in spending in 2019 and 0.8% in spending from 2021 to 2023, directly boosting the value and marketability of properties (source).
4. Supporting Sustainability and Corporate Social Responsibility
Installing EV charging stations aligns your property with sustainability goals, enhancing your corporate social responsibility (CSR) efforts. Many businesses are focused on reducing their carbon footprint, and providing EV chargers helps to promote eco-friendly transportation and reduce greenhouse gas emissions.
EV charging stations not only foster sustainable mobility but also drive economic growth, particularly in underprivileged communities. By supporting both sustainability and local business development, EV charging infrastructure strengthens CSR initiatives (source).
5. Attracting Higher-Income, Environmentally Conscious Consumers
Research shows that early EV adopters tend to be higher-income individuals who are willing to pay more for premium services and sustainable options. By offering EV charging at your commercial property, you can attract these eco-conscious consumers, who are more likely to shop, dine, and spend time at your location.
Public EV charging stations attract higher-income, exploratory visitors, as well as local residents who tend to spend more, making your property more appealing to these high-value customers (source).
6. Accessing Government Incentives and Rebates
In many regions across Canada, federal, provincial, and municipal governments offer incentives, rebates, and tax credits to encourage the installation of EV charging infrastructure. These programs can significantly reduce the upfront cost of installing charging stations, making it more affordable for businesses to adopt this technology.
For example, Canada's Zero Emission Vehicle Infrastructure Program (ZEVIP) provides funding to support the deployment of EV charging stations in public places, workplaces, and multi-unit residential buildings. Additionally, many provinces, such as British Columbia and Quebec, offer generous rebates for EV charging station installations. These incentives aim to expand EV infrastructure across the country, particularly in underserved or disadvantaged communities, contributing to both economic growth and environmental sustainability.
By leveraging these programs, property owners in Canada can offset installation costs and achieve a faster return on investment while supporting the transition to a cleaner, greener economy.
7. Enhancing Energy Efficiency with Smart Charging Systems
EV charging stations aren’t just about convenience—they’re also an opportunity to enhance energy efficiency. Many modern EV chargers are equipped with smart technology that allows for real-time monitoring of energy usage, dynamic load management, and remote access for maintenance and billing.
These smart charging systems ensure that your property’s electrical infrastructure is optimized, preventing overloads and minimizing energy waste. While the article focused on economic impacts, the positive influence of EV charging stations on customer traffic suggests that they can contribute to operational efficiency and energy optimization for commercial properties (source).
8. Future-Proofing Your Commercial Property
The demand for EV charging stations is only going to grow as the global push for electrification continues. By installing EV charging stations now, you position your property to meet future needs without costly retrofitting later on. The trend toward electric mobility is clear, with automakers, governments, and consumers all moving toward a cleaner, electric-powered future.
As EV adoption increases and EVCS installations continue to grow, these stations provide significant economic benefits to local businesses, ensuring that properties with charging infrastructure are future-proof for the ongoing shift towards electric mobility (source).
Electrum: Your Partner for EV Charging Solutions
At Electrum, we provide end-to-end EV charging solutions for commercial properties. Our Open Charge Point Protocol (OCPP)-compliant chargers offer maximum flexibility and future-proofing, allowing you to integrate with various charging networks as technology evolves.
Our cloud-based management platform makes it easy to monitor usage, manage billing, and optimize energy distribution, ensuring your property runs efficiently while offering a cutting-edge amenity. With Electrum, you can confidently invest in EV charging stations, knowing that you’re partnering with a leader in sustainable charging solutions.
Contact Electrum today to learn more about how we can help you install EV charging stations that add value to your commercial property and prepare you for the future of electric mobility.
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