When considering how companies are using EV charging stations to grow business, one of the most common ways is as an incentive to increase sales. With customers 43% more likely to return weekly to retail locations with EV chargers, this is one of the most obvious draws for a business to have charging stations in their parking lots.
In addition to this strategy, there are still other factors worth considering when deciding whether your business should invest in electric vehicle charge stations. Here are a few other ways to leverage a Henderson Services installed charging station for your business growth.
As a result of the Inflation Reduction Act (IRA), homeowners and business owners are entitled to certain tax breaks when installing EV charging stations. They can receive incentives for 30%, up to 100,000 dollars, of the total cost of the equipment and installation if completed between January 1, 2023, and December 31, 2032. Though for businesses, certain labor requirements must be met to qualify for the tax break. If you decide to claim the federal tax credit for your EV charger, you’ll fill out Form 8911 when filing your taxes.
In addition, the recent National Electric Vehicle Infrastructure Formula Program has received billions of dollars to install charging stations across US highways. If your business is within 1 mile of a major highway, you may be eligible to receive equipment and installation from this program.
In a 2018 study on the effect that time spent in a store has on dollars spent, it was determined that: “...the longer the shoppers stay in a fashion store, the more they will be exposed to in-store stimuli and higher will be the chances that they will buy more products, which supports previous research.”
EV charging stations don’t instantaneously charge a vehicle to full, meaning that people who choose to charge at your place of business will spend more time occupying themselves while waiting.By increasing their time in your store they are likely to spend more money, thus tying your charging stations effectively to increasing your sales.
Electric vehicles are becoming more affordable. However, the average price of an EV is still over 60,000 dollars. This means that people with higher incomes often drive them. So if your business is using EV charging stations to bring in more customers, extend the time they spend in your business, and bring in customers who can spend more money, you are creating the potential for an incredible financial growth opportunity.
Some EV companies have created chargers that can only be used for their vehicles. Drivers of these vehicles enjoy this exclusivity and the feeling that comes with a product built just for you. However, to reach as wide an audience as possible, you’ll want to be sure that you install chargers that can be used for multiple vehicles. That way, whether they are driving a Tesla or a Toyota, they can charge their vehicle.
Installing EV charging stations at your business is an incredible opportunity to grow your business and delight your customers. Henderson Services is the leading electric vehicle charging station contractor in the state of Kentucky. We’ve worked with clients like LG&E and Kroger to install chargers in numerous cities. We can discuss what options will best fit your space and help give your business an exciting new boost.
So if you think installing a charging station at your business is a step you’d like to take, contact us today to get started!
