EV Charging | Is It Time to Upgrade Your Facility?
At this point, it's less a matter of IF electric vehicles will take off in the U.S. and more a matter of WHEN. In just 5 years, analysts predict the cost to produce lithium-ion batteries will have fallen enough to make the price of electric vehicles competitive with their gasoline-fueled counterparts, even without tax breaks and other incentives.
What's more, thanks in large part to the Tesla Model-E, the number of electric cars sold in the United States was already doubling in 2018, to the tune of almost 360,000 units. All this is a big reason why we covered the basics of EV charging stations in a previous article.
As electric vehicles continue to grow and find their way into more garages, it’s time to dig deeper into three reasons why installing EV charging stations is an increasingly savvy move for parking business owners.
1. Early Adoption of a Better Customer Experience
Despite all the momentum behind EVs at the moment, not everyone is chomping at the bit to pre-emptively challenge an industry that's been both stable and relatively low-tech for decades.
But parking as an industry is unavoidably linked to consumer mobility. While initial consumer changes that rippled through the industry centered around parking location and payment innovations, value-add services (like easy and abundant access to electric charging stations) will quickly become a de facto aspect of better customer service and, by extension, a solid competitive advantage.
Parking businesses that want to separate themselves from the competition can do so by providing the best experience to the widest range of customers. For your facility, that could mean being the first in your neighborhood to install EV charging stations.
2. The Early Bird Gets the Worm
Playing catch-up usually costs more than being ahead of the curve, especially when you're losing customers to the competition. Embracing the idea of installing EV charging stations now could help you incorporate essential upgrades, like increasing your electrical capacity and laying specific conduits, into upcoming construction projects or retrofits.
This "head start" mentality could also provide time to ensure potential EV installations fit your business model and brand, helping you to avoid surprising or hidden costs when you do make the move to EV charging.
3. Going Green Could Continue to Pay Off
As demand for electric vehicles surges and climate change concerns continue to grow, pressure will increase for elected officials to provide (or augment) incentives for consumers to purchase environmentally-friendly cars. Less discussed are tax breaks for businesses that will play a fundamental role in establishing an EV infrastructure.
As of the time of this writing, the Alternative Fuel Infrastructure Tax Credit is available to business owners who install EV charging stations (among other forms of environmentally-friendly fuel sources) through December 31, 2021. To those who qualify, this credit will cover up to 30% of the installation cost of an EV charging station. What's more, the AFITC is applicable at each location an installation takes place.
And while everything we’ve touched on makes for a great reason not to hesitate in incorporating EV charging capabilities in your own business, not all stations are created equally.
Power Up Your Business with an EV Charging Station
In our experience, parking lots that want to become “charging lots” are perfectly suited to EV charging stations. Many charging stations have cloud-based features that let business owners easily update pricing, manage charging waitlists, access station usage analytics, and much more, all with the touch of a button.
Depending on your charging clientele and your goals, you can opt for a traditional charging station or an express station with DC charging capability.
(EV) Charge Into the Future
If you’re ready to bring your parking facility into the modern era, then it’s time to add an EV charging station. Get in touch with us to discuss which EV charging station is the best fit for your business.
