5 Best Ways To Make Money With An EV Charging Station

5 Best Ways To Make Money With An EV Charging Station

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We have been witnesses to an unprecedented movement in transportation over the last few years. According to the International Energy Agency (IEA), there are now more than 10 million electric vehicles on the road around the world, with an increase of 50% in new purchases in the last two years. With brands like Tesla leading the way, the charging station industry is projected to be worth approximately 111.9 billion dollars by the year 2028, according to Globe Newswire. However, charging is only one way in which you can make money with a charging station.

The five best ways to make money and increase your revenue with an EV charging station include the following:

  • Make your charging stations convenient for your customers. 
  • Offer something your competitors don’t have. 
  • Increase the amount of time your customers spend at your charging station. 
  • Make your charging stations family-friendly. 
  • Plan for the future. 

In this article, we will examine each of these five methods that you can employ if you want to increase revenue and profit for your electric vehicle charging station. In each section, I will provide you with a few ideas that you can put into practice to make your EV charging station as profitable as possible while maintaining the Integrity and the reputation of your business. Let’s read along to see how you can turn your charging station into a profitable and successful business venture, shall we?

Convenience Is Key

5 Best Ways To Make Money With An EV Charging Station

When you are on a road trip, or if you are simply running errands around town, what is the primary reason you stop at your gas station or charging station of choice? Well, the answer to that question is probably right in front of your eyes. We now live in a world where an unusually large amount of emphasis is placed on convenience. When given a choice, most people will choose to stop at the place that is most convenient for them to get in and out of quickly over many other factors, including price. After all, there’s a reason why gas stations are also known as convenience stores.

So, what are some of the ways that you can make your EV charging station convenient to potential customers? Perhaps the most obvious answer to this question would be to make your charging station easy for customers to get in and out of. Of course, this starts with the first area of your station your customers will see, your parking lot. Every aspect of this area needs to cater to the convenience of your customers, from the placement of your charging stations to handicap-accessible parking in the east at which people can come in and out of your store; it must all be designed to flow efficiently.

As a paying customer, I can say with complete honesty that there are places I refuse to stop because of how difficult it can be to get in and out of some of these locations. Not everybody who is stopping at your charging station will need to top off their battery. Some of them simply want to run in and grab a drink or a quick snack. Make sure that you have adequate parking near the front of your store. Because it takes much longer to charge an electric vehicle than it does to fill a gasoline-powered vehicle with fuel, be sure to place your charging docks somewhere where they do not interfere with your store’s foot traffic.

Set Yourself Apart from the Others 

Some of the very first rules of only one successful business are to find something that people want and make money by offering that product or service. Think about what makes your favorite store successful, and pattern your charging station after that location. For example, Buc-ee’s is known for having impeccably clean restrooms and for offering several options for hungry travelers. When my family is on a road trip, we will stop there so we can have a clean restroom experience and I can get some of their delicious breakfast tacos.

Sure, there are several other places along our route where we can stop. However, we make it a point to stop at Buc-ee’s because we know that they offer something that we can’t get anywhere else. Another great idea that is starting to gain more traction is to merge fast food restaurants with truck stops. One way that you can set your EV charging station apart from the others in your area is by offering a popular, well-known option that is not easily found anywhere around your location. Try to put yourself into your customer’s shoes, and be sure to give them what they want.

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Time Equals Money 

Another business model that you can look to for inspiration is in the last place you may think. One of the first rules of owning a grocery store is that the longer your customers spend in your store, the more money they will spend. By offering something as simple as a rest area with comfortable seating, you are encouraging them to spend as much time as possible in your location while their vehicles are charging. Expanding on the previous section, you can even partner with a coffee chain like Starbucks. This way, you are encouraging people to spend more time in your store and giving them something unique and different.

There is an unusually wide variance in the charging rates of electric vehicles. Customers can spend anywhere from 20 minutes to six hours charging their electric vehicles, per the website EV Box. Standard Level 2 AC charging stations will usually add approximately 25 miles of range per hour charged. This means that your customers are spending more time in your store, which usually equates to more money spent. Just be sure that your store has enough options to keep your customers engaged. The last thing you want is for them to become frustrated and leave. Remember, just like with everything else in business, there is a fine balance between making your customers wait and making them frustrated.

Focus On Family

One of the most important aspects that are often overlooked by many businesses is that they do not focus on providing their customers with a family-friendly atmosphere. Being the father of three children has taught me one valuable lesson in life. If your children are miserable, they will make sure that you are miserable as well, especially on long road trips. Keeping children entertained will usually mean that you are also able to keep their parents spending money, which is great for the bottom line of your electric vehicle charging station.

By having an outdoor or an indoor play area, you can ensure that children will be entertained while their parents are charging their vehicles. For the older kids, you may want to consider having an area inside where they can charge their electronic devices while they grab a snack and a drink. Another idea that can help kids and parents both pass time while their vehicle is charging is by having an arcade or game area installed in your store, complete with a snack counter. Any of these things can make your charging station a preferred rest stop for families for years to come.

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Plan For the Future

5 Best Ways To Make Money With An EV Charging Station

When it comes to your business, the last thing you want to do is to limit future growth because of poor planning. As I have heard several times before, nobody goes into business planning to lose money. That’s why you should always leave room in your operating budget for expansion. One of the last things you would want to happen is for your customers’ needs to outgrow your businesses ability to meet those needs. Because there are more electric vehicles on the road each year, you will need to be sure that your business is prepared for that growth.

Now, you may be asking yourself, “How can I make sure that my business is prepared to meet my customers’ needs in the future?” The answer is fairly simple. First, make sure that you have enough charging stations to meet the ever-expanding demand for electric vehicle charging. Next, be sure that you have adequate parking., but certainly not least, make your customers’ experience at your location as pleasant as possible. This falls back on the first method of making more money with your charging station, which is replacing a significant emphasis on convenience.

Conclusion 

In conclusion, electric vehicle charging stations can be a wise business investment, especially with the shift in the way we use transportation. More people are making the change to electric vehicles, which means more people will be using the charging stations. If you decide to invest in one of these charging stations, there are other ways that you can increase your Revenue stream to maximize profits for your location. One of the first things you can do is to make everything about your charging station as convenient as possible for your customers.

Next, try to set yourself apart from other charging stations by offering something they don’t have. It’s also important to remember that the more time your customers spend at your charging station, the more money they are likely to spend as well. You can also increase profits by focusing on a family-friendly atmosphere, and by planning for the future. One of the last things you want is to not allow yourself room to expand. By remembering these five simple methods for increasing profits and maximizing revenue for your eating charging station, you are ensuring that you’re charging station will be as successful as you want it to be.

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Which charging company is the largest market for electric vehicle charging stations?

Electric vehicle charging stations are an ever-expanding business, projected to be valued at over 111.9 billion dollars by 2028.ChargePoint is the largest electric vehicle charging station company, with over 68,000 locations. The company is based out of California, which is the nation’s largest market for EV charging stations.

Which city in the United States has the most electric vehicle charging stations?

Los Angeles, which is located in California, has the most electric vehicle charging stations of any city in the United states. This city has over 1,400 EV charging stations, which easily makes it the country’s biggest market for electric vehicles. Of course, the state with the most electric vehicle charging stations is California.

To learn more on how to plan your own EV Charging business click here!

Please note that the contents of this blog are for informational and entertainment purposes only and should not be construed as legal advice. Any action taken based on the information provided in this blog is solely at your own risk. Additionally, all images used in this blog are generated under the CC0 license of Creative Commons, which means they are free to use for any purpose without attribution.