Strip Malls Should Add EV Fast Charging Stations
To differentiate themselves from their competitors, businesses must think of creative ways to entice customers while also increasing the value of each transaction. Treating your business as an EV fast charging destination is one of the easier ways to do that. For strip malls, this is a no-brainer. Not only will EV fast charging stations bring on new customers, but they can also help in many ways. By embracing the future of electric vehicles, strip malls will be able to see the real benefits of these installations.
Increase in Foot Traffic
EV drivers will actively seek out parking lots with charging stations, especially on long drives with high mileage usage. After being drawn in by charging stations, drivers will wait 30 minutes to an hour for the car to recharge. This allows an opportunity for them to shop around in stores and make purchases that otherwise may not have happened.
According to a study, EV owners are twice as wealthy as the average American, with a median household income of $100,000 or more. With more disposable income than gas-car drivers, the EV driving customers will not only spend more time at a strip mall but also will purchase higher-end products every time they visit. Plus, these drivers are likely to turn into repeat customers once they know this strip mall offers this service.
Monetization of Fast Chargers
Appealing to new customers and increasing time spent at strip malls are all great examples of how EV charging stations can drive profitability. However, the most obvious way charging stations can increase revenue is through the proceeds generated from the stations themselves.
Property managers have the option to have fees for EV drivers to use the charging stations and sell ad space to other local businesses, which in turn offset the cost of installation and drive profits.
Before you can turn a profit from your charging stations, you will need to figure out how you want to bill for charging. As the owner, you can set your charging fees and adjust them. This can include a fixed rate for starting a session or connection fee and a flexible rate for energy used.
One common practice is to charge by the amount of energy being used. For example, you could charge $0.10/kWh and include your mark-up ($0.25/kWh). So if an EV driver were to charge at one of your stations for 50 kWh, that’d be 50 kWh x $0.35/kWh = $17.50.
Another option you can choose is to charge by a flat hourly rate. For example, if your rate was set to $1.25/hr and the charging station is outputting 7.2 kW, and the car needs 50 kWh; to recharge would be: 50 kWh/ 7.2 kW= ~7 hours. They would be paying around $8.75 (~7 hours x $1.25/hr).
One thing to keep in mind is to try to make the pricing as competitive as gas. Some EV drivers will see a larger benefit in charging at home vs. at a strip mall due to cheaper charging costs overnight.
Earn Incentives for Installing EV Charging Stations
Since electric vehicles are an environmentally conscious form of transportation, promoting their use is often incentivized. Offering EV charging stations on your property can earn rebates and tax credits on both the state and federal levels. Some states offer rebates up to $4,000 per port for level two charging stations. You may also be able to earn an income tax credit that is up to $5,000. Take a look at this breakdown to find out what your state is offering in terms of incentives.
Benefits of EV Fast Charging Stations
It can be daunting adding in any new, large project to your commercial property. From the cost, installation, maintenance, etc. there are so many factors to consider. But before you jump into those details, remember to think about the benefits an EV fast-charging station can offer.
Depending on the type of charger that is chosen, it can take anywhere between 30 minutes to over 12 hours to fully charge. However, with a DC charger, this can eliminate the long wait times. This is essential for long-distance/high-mileage drivers and large fleets. The quick turnaround allows the driver to recharge during the day or on small breaks instead of being plugged in overnight for a full charge.
Fast-charging stations are compatible with every major EV maker except Tesla. It uses a direct current to supply power, and it’s the fastest and most efficient way to recharge. Fast-charging stations provide power directly to the battery allowing the charging speed to be a lot faster depending on the battery size and output dispenser.
Strip Mall EV Fast Charging Station Installation Costs
You’re probably wondering, “How much will this cost?” The average cost for installation can range anywhere between $28,000 to over $140,000 per installation. It may seem extremely expensive, but DC Fast Charges are considered “highly electrified pieces of industrial-grade equipment,” thus making installation much more expensive. Because of the high cost, it can only be installed in specific areas, making strip malls along major highways a perfect location.
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