EV charging stations have become a vital and necessary amenity for workplaces as more people make the transition to electric vehicles. To support the growing fleet of electric vehicle drivers, North America is projected to have over 500,000 workplace EV charging stations by 2022 and over 1.25 million at workplaces by 2025.
The statistics make it clear that electric vehicle adoption is revving up and gaining momentum. Businesses that choose to install workplace EV charging stations can receive various benefits and a clear advantage over their less forward-thinking competitors.
5 Reasons to Install EV Charging Stations at Your Workplace
As the EV market continues to expand in North America, innovative workplaces are starting to see the layered value of providing employees and customers a place to recharge their electric vehicles. To ensure early adoption and a competitive advantage, let’s dive right into the top five benefits of adding EV charging stations to your workplace.
1. Generate Additional Revenue
If a workplace notices that many of their employees or customers are driving an electric vehicle, implementing EV charging is a simple way to add a hassle-free second source of income. Workplaces that deploy a payment system for EV charging stations can do so with little to no effort and without the need for additional staff. And better yet, over time the fees gained will offset the cost of EV charging station installation and maintenance.
It’s important to keep in mind that workplaces have the flexibility to choose the payment method which works best for their workplace, whether that be pay-to-charge or free-to-use. Workplaces can choose to offer employees free EV charging while requiring customers to pay. If an employer does choose to deploy a payment system, it is essential that costs are not a barrier to use. It is common for businesses to charge a range of 39-79 cents per kilowatt-hour.
2. Receive Grant Funding and Financial Incentives
The continuation of the electric vehicle revolution relies on strategic EV charging infrastructure in the right mix of locations. To achieve this, federal and state governments have called upon businesses - regardless of industry - to step up and help create the EV charging infrastructure needed to support the growing number of electric vehicle drivers. To persuade businesses, government agencies at the federal and state level, as well as local energy companies, have created various financial incentives through tax credits and grant funding to subsidize the cost of EV charging station installation.
For example, the federal government implemented The Alternative Fuel Vehicle Refueling Property Tax Credit (also referred to as 2020 30C Tax Credit) for workplaces that purchase and install EV charging stations by December 31, 2021. Eligible businesses are able to receive a 30% tax credit of up to $30,000. And better yet, experts in the EV industry are highly optimistic that federal EV charging tax credits will continue and even expand under the Biden administration.
In some cases, financial incentives can cover 100% of the cost, making an investment into EV charging stations a no-brainer for workplaces and commercial businesses. Remember, act fast and with purpose as the rebate programs in place today may not be here tomorrow.
3. Retain Talent and Keep Employees Satisfied
With a global talent and skill shortage, businesses in every industry need innovative ways to attract and retain talent. Younger people with environmental priorities feel less inclined to work for a corporation that does more harm than good. If businesses want to attract the talent they need, they must prioritize what their employees value especially when 70% of the global workforce is projected to compose of Millennials and Gen Z by 2025.
Supplying employees with EV chargers is an incredibly convenient and attractive benefit as more electric drivers hit the road. According to a AAA survey, one in five U.S. drivers would get an EV for their next car and as workforces continue to make the switch to EVs, the ability to charge vehicles at work will be viewed as an essential pull factor for employment. Responsive and committed employers that install workplace EV charging stations will demonstrate to their employees that their values are shared and that their needs are important, ensuring employee satisfaction.
4. Entice Customers and Build Loyalty
Deploying a workplace EV charging station doesn’t only help businesses attract talent, but also new customers. When a workplace invests in sustainability, they're making a statement that appeals to a younger eco-conscious customer base. According to the Natural Marketing Institute, customers are 58% more likely to do business with a sustainable company.
The convenience of workplace EV charging stations also helps build customer loyalty. Workplaces that put EV charging stations on-site allow clients and customers to conveniently charge up while shopping or attending a meeting. Think about it like this; the first exposure a new client or customer has with your company usually happens in the parking lot when they arrive. Seeing a fleet of EV chargers demonstrates a dedication to corporate social responsibility and a willingness to support the segment of customers that have transitioned to electric vehicles. A stronger first impression that’s tied to corporate sustainability will result in a stronger bottom line. A study by Nielsen found that 72% of Gen Z respondents were willing to pay more for products and services that come from companies that are committed to positive social and environmental impact.
5. Solidify a Positive Reputation for Environmental Responsibility and Sustainability
Sustainability is not a trend. Forty-six percent of consumers pay close attention to a brand’s social responsibility efforts when they buy a product. It is essential for businesses to demonstrate a visible commitment to social and environmental issues if they want to retain talent and entice a younger, more environmentally conscious buyer.
Installing EV charging stations is a clear way a workplace can demonstrate its deep commitment to sustainability and conservation. By adding workplace EV charging stations, businesses go beyond just talking about sustainability. They provide a concrete example of an actionable step to reduce carbon emissions, helping to solidify a genuine reputation built on sustainability.
Gain a Competitive Advantage with a Workplace EV Charging Solution
Businesses that choose to install EV charging stations at their workplaces are getting ahead of the curve and positioning themselves as early adopters of the future of transportation. By offering workplace EV charging, businesses can increase employee loyalty, retain talent, generate additional revenue, and engrain a sustainable brand reputation in the minds of their customers and employees.
Businesses ready to install smart EV charging infrastructure at their workplace should partner with experienced EV charging specialists to make the process easy. A qualified partner will provide end-to-end EV charging solutions including design, hardware, installation, software, and services to ensure uninterrupted hassle-free EV charging.