As the electric vehicle (EV) revolution accelerates, commercial property owners have a unique opportunity to capitalize on this growing trend. Installing EV charging stations at commercial properties not only supports sustainability initiatives but also offers tangible business benefits that can increase foot traffic, boost sales, and enhance the customer experience.
Increase Revenue with EV Charging Stations
A recent study by the Massachusetts Institute of Technology (MIT) has shown that businesses near EV charging stations see a direct positive impact on sales. According to the research, businesses close to EV chargers experienced a 1.4% increase in annual spending in 2019—an average increase of approximately $1,478 per business. This amounted to nearly $23,000 in additional spending across all businesses near a single EV charger. This increased spending was seen even in lower-income neighbourhoods, showcasing the broad appeal of EV charging infrastructure. Read the full study here.
Why EV Charging Stations Attract Customers
- Increased Foot Traffic: EV drivers actively seek out convenient charging locations. By providing EV charging stations, your property becomes a destination, attracting customers who otherwise might pass by.
- Extended Dwell Time: Unlike traditional fuelling, EV charging takes time—ranging from 30 minutes to multiple hours. During this time, customers are likely to explore shops, dine at nearby restaurants, or use services on the property. This extended stay means more opportunities for sales.
- Attracting a Premium Demographic: Many EV owners have higher disposable incomes and are willing to spend more on premium products and services. Providing EV charging can help attract this valuable customer segment.
Boost Revenue with Dynamic Pricing
Electrum Charging Solutions offers a flexible, bespoke charger management solution with dynamic pricing. This feature allows property managers to increase or decrease charging rates during specific hours, days of the week, or any date(s), maximizing revenue potential. For instance, during peak events or special promotions, charging rates can be adjusted to align with demand—providing additional income while enhancing the value of the service for customers.
Enhance Brand Image and Customer Loyalty
- Positive Brand Image: Installing EV charging stations signals that your business is forward-thinking and environmentally conscious, which can enhance your brand's reputation and attract eco-minded consumers.
- Customer Loyalty: Providing convenient EV charging services can differentiate your property from competitors, making it a preferred stop for EV drivers. Customers appreciate the added convenience and are more likely to return, creating long-term loyalty.
Access Incentives and Future-Proof Your Property
Various federal and provincial programs offer financial incentives for businesses installing EV charging stations - learn more about these incentives here. These grants and rebates can significantly offset installation costs, making this a financially sound investment. With increasing government pressure for EV adoption, installing charging stations now ensures compliance with future regulations and gives your property a competitive edge. Check out our case studies to see how we have helped other properties prepare for the future.
Take Advantage of Electrum's Lower Operating Costs
Unlike other providers, Electrum offers EV charging services with no monthly or annual fees, which significantly lowers operating costs for property managers. Our smart EV charging solutions are tailored to meet the unique needs of your commercial property, ensuring seamless integration and maximum benefits.
Ready to Boost Your Business with EV Charging Solutions?
At Electrum, we specialize in providing comprehensive EV charging solutions that help transform commercial properties into profitable, sustainable destinations. Our expertise and flexible solutions ensure seamless installation, lower operating costs, and increased revenue potential. As a certified carbon credit aggregator, we also facilitate the monetization of carbon credits from the energy dispensed by charging stations on your properties - providing an additional revenue stream.
👉 Contact us today to learn how Electrum Charging Solutions can help you take advantage of this growing trend.
Stay tuned to our blog for more insights on EV charging trends and best practices, and learn how to drive traffic and revenue for your commercial property.
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