Electric vehicles (EVs) are here, and more are coming: A recent report from Lucintel on the EV market forecasts a compound annual growth rate of 29% from 2021 to 2026. A number of factors account for this rise, including President Biden’s proposed $174 billion investment in the U.S. EV market, the increasing availability of public … Read more
As consumers drive sustainable change, electric vehicles (EVs) are growing in popularity. However, because few locations in New York offer electric car charging stations, many companies are missing out on their unique benefits. Here are the top 5 reasons to install an EV charging station in NY.
#1: An EV Charger Attracts and Retains Visitors
By offering a commercial EV charging station, businesses can differentiate themselves from the competition and attract new customers and revenue streams.
EV Chargers Attract Customers, Tenants, and Employees
Limited charging access remains a major barrier to EV adoption. According to a 2020 Deloitte survey, 29% of U.S. drivers cited the lack of charging infrastructure as their primary concern regarding electric cars.
By installing commercial EV charging stations, businesses put themselves on the map—quite literally. Many EV drivers actively search for electric car charging stations, using specialized apps like PlugShare, ChargePoint, and ChargeHub.
Additionally, EV chargers attract potential tenants and employees. An EV driver searching for a condo in Manhattan will select a property with EV-compatible infrastructure over one without it. Installing commercial EV charging stations at the workplace also keeps employees who drive these vehicles happy, facilitating their daily commutes.
EV Chargers Facilitate Access to Commercial Fleets
Many delivery carriers, including Amazon and the United States Postal Service, are shifting from gas-powered vehicles to electric ones. By having a commercial EV charging station on-site, businesses encourage these fleets to visit their locations. Delivery drivers can stop for a quick charge along their daily routes, providing a steady stream of revenue to businesses like convenience stores, restaurants, and private parking lots.
EV Chargers Make Customers Stay Longer
When a driver uses a business’s electric vehicle charging station, they will stay until their vehicle finishes charging. As a result, the driver will spend more time at the business than a customer who does not have an EV to wait for. The longer customers wait at a business, the more opportunities the business will have to impress them—and generate revenue in the process.
#2: EV Chargers in NY Are Heavily Subsidized
Many businesses believe electric car charging stations are too expensive to install. However, to support EV infrastructure, New York offers valuable incentive programs that make installing commercial EV charging stations cheaper and more accessible.
Charge Ready NY
Charge Ready NY provides $4,000 for every level-two charging port a business installs on its property. Operated by the New York State Energy Research and Development Authority, this program also provides an additional $500 per level-two port if the business operates in a disadvantaged community.
EV Make-Ready Program
The EV Make-Ready Program, also known as the Electric Vehicle PowerReady Program, offers additional incentives to New York businesses. This program provides rebates from New York-based energy utilities, including New York State Electric & Gas, National Grid, and Con Edison.
Through the EV Make-Ready Program, private businesses recoup up to 50% of the cost of installing commercial EV charging stations. Public entities may receive incentives covering up to 90% of this cost.
Federal Tax Credits
In addition to New York programs, businesses may also qualify for federal incentives after installing commercial EV charging stations. The Internal Revenue Service offers a 30% tax credit to commercial properties that build electric car charging stations. Eligible businesses may recoup up to $30,000 of their installation expenses.
#3: A Commercial EV Charging Station Improves Public Relations
For today’s consumers, sustainability is vital. According to a 2020 report from IBM, 45% of customers cite environmental responsibility as very important when selecting where to shop. Since EVs are greener than gasoline-powered cars, EV charging stations help companies brand themselves as more eco-friendly than their competitors.
Additionally, EV infrastructure providers like Future Energy offer customizable branding to accompany the physical charging port. By having branded electric car charging stations on-site, businesses signal to the community that they care about sustainability—and subtly market themselves while customers use their amenities.
#4: EV Charging Stations Generate Revenue
An electric vehicle charging station may generate new business. In addition to attracting EV drivers to their properties, companies may increase cash flow by offering charging services. Companies may charge a fee for drivers to use public-facing EV chargers, supplementing their business models with an additional revenue stream.
EV charging stations are few and far between in many parts of New York, especially in rural upstate areas. By offering these charging services, businesses open themselves to a world of growth opportunities.
#5: EV Charging Stations Enable Access to Data and Analytics
As businesses develop electric vehicle charging station networks, they may gain access to valuable data and analytics. Some infrastructure providers, including Future Energy, offer integrated monitoring and visualization solutions so that businesses can better understand EV driver behavior. With this information, companies improve energy efficiency, protect their infrastructure from security threats, and deliver more value to their customers.
Future Energy’s Maestro™ software connects all hardware components of its innovative Charge Parc EV charging environment, from the ports themselves to Internet of Things (IoT) devices and security cameras. Businesses use Maestro to control lights, enforce parking rules, and integrate their EV charging stations with advanced capabilities like artificial intelligence. With access to real-time data about its commercial EV charging station, a business can deploy well-informed decisions to enhance the customer experience.
Invest in the Future with a Commercial EV Charging Station
EV charging stations provide unique benefits, from revenue growth to employee retention. By investing in and installing an electric vehicle charging station—whether you own a dealership in Brooklyn, a shopping mall in upstate New York, or a hotel in Manhattan—your business can reap the benefits of this sustainable mode of transportation.
Now that you’re armed with the top 5 reasons to install an EV charging station in NY, what’s next? Contact Future Energy to learn about Charge Parc and the funding available to build your EV charging environment.