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
Electric vehicles (EVs) are growing in popularity, and Future Energy is helping organizations prepare for the future. Installing EV charging stations—whether at an apartment building in Brooklyn or an office in Syracuse—will provide significant business benefits. Here’s why you should install an EV charger in New York.
How EV Charging Can Help Business
Electric vehicles are the future of transportation, and electric car charging stations deliver value to residences, workplaces, and private businesses alike.
Makes Businesses Future Ready
According to market research provider IHS Markit, experts project global electric vehicle sales to increase by 70% in 2021. Experts also predict that global EV sales will reach 12.2 million by 2025, compared to an estimated 2.5 million in 2020.
As EVs grow in popularity, more businesses need electric car charging stations. By making early infrastructure investments, businesses establish themselves as reliable charging destinations before their competitors.
Attracts New Customers
If a location does not have a commercial EV charging station, it will not attract EV drivers. But with this infrastructure, businesses gain new customers, tenants, and employees.
For example, if an EV driver is looking for an apartment in Queens, they will look for complexes with an electric vehicle charging station. Visitors to New York will choose hotels that offer this amenity. Additionally, EV-friendly workplaces attract and retain talent that relies on EVs to commute.
If a driver needs a quick charge, they seek out businesses with EV charging stations. In fact, many EV drivers use mobile apps like PlugShare, ChargeHub, and Open Charge Map to find local stations. So by offering an EV charging station, a business increases its visibility.
Promotes Retention and Longer Visits
If a driver stops at a business with a commercial EV charging station, they will need to stay at the location while their vehicle charges. During this time, the driver may enter a store, make a purchase, and learn more about the business.
As a result, businesses unlock opportunities to generate revenue and foster long-term relationships. EV drivers tend to have higher earnings and more disposable income. Data shows that households earning less than $100,000 per year comprise only 44% of plug-in electric vehicle purchases.
NY Incentive Programs for EV Charging Installation
According to McKinsey & Company, stakeholders will need to invest $110 billion to $180 billion from 2020 to 2030 to support global demand for EVs. The New York government offers two incentive programs to make EV charging stations more accessible: Charge Ready NY and the EV Make-Ready Program.
Charge Ready NY
Charge Ready NY is an incentive program that the New York State Energy Research and Development Authority (NYSERDA) operates. Through this program, organizations receive a $4,000 rebate from NYSERDA for every level-two EV charging port they install.
If a business operates in a disadvantaged community, it may receive an additional incentive of $500 for each electric vehicle charging station. Through Charge Ready NY and NYSERDA funding, organizations can implement electric car charging stations at a fraction of the cost.
EV Make-Ready Program
The EV Make-Ready Program is another incentive for commercial EV charging station infrastructure. Through this program—also known as the Electric Vehicle PowerReady Program—businesses receive rebates from energy companies operating in New York, including Central Hudson, Orange & Rockland Con Edison, RG&E, and National Grid.
These utilities provide incentives for every installation of a level-two or direct current fast charging port. Private workplaces may receive incentives for up to 50% of the cost of an electric vehicle charging station. And public locations, such as municipal paid parking lots, may recoup up to 90% of the infrastructure cost.
How to Select a Commercial EV Charging Station Provider
By building EV charging stations, organizations drive the transformation toward sustainable transportation. And businesses can find the right EV partner by looking for these key differentiators.
Many businesses struggle to build an electric vehicle charging station due to the industry’s fragmented nature. Stakeholders often need to speak to multiple contractors for each station component.
However, Future Energy provides a concierge-style service, handling all electric vehicle charging station needs on each partner’s behalf and providing services like these:
- Intelligent lighting
- Site survey, planning, and engineering
- Security hardware with remote monitoring
- Customizable branding graphics
- Energy monitoring
- Parking enforcement services
Data Visualization Capabilities
Installing an EV charging station require more than hardware. For a business to leverage its full potential, it needs access to real-time data from the charging station to inform its decisions. For this, companies need a partner that offers intelligent data visualization and monitoring services.
Future Energy’s Maestro™ software powers all electric vehicle charging station components in one place, enabling stakeholders to do the following:
- Monitor and control electric car charging stations, lighting, and surveillance in real time
- Customize their dashboards to support different languages, protocols, and drivers
- Deploy global energy data strategies, including artificial intelligence and machine learning capabilities
- Integrate electric vehicle charging station components with security, parking enforcement, and Internet of Things (IoT) devices
- Maximize the value of the commercial EV charging station using real-time data
EV charging stations are relatively new, and businesses need to partner with a company that has recognized expertise in this industry.
Future Energy is an approved contractor under the EV Make-Ready Program and NYSERDA’s Charge Ready NY. By choosing Future Energy to develop EV charging stations, businesses receive access to valuable industry expertise and a reputable provider. Future Energy also works with you to find tax incentives, eliminating the burden of independent research.
Become Future-Ready with Electric Car Charging Stations
Now that you know why you should install an EV charger in New York, it’s time to set up an EV charging environment at your New York business. Trust the experts at Future Energy. Our concierge-style installation services offer monitoring software, security services, branded hardware components, and more.
Contact Future Energy today to learn more about our integrated ChargeParc™ environments and develop your EV infrastructure plan.