Why Fast Chargers are Good for Your Retail Business and the Planet
More people are buying and driving electric vehicles (EVs) than ever before. According to Bloomberg New Energy Finance (NEF), global EV sales went from 3.2 million in 2020 to 10.3 million in 2022. All those EVs will need a place to charge up and retail shopping areas may be the perfect places to do it. EV drivers can charge while they shop and dine, giving them more reasons to visit your shops and restaurants. Chargers are also good for business as they can attract EV drivers, boost sales, and generate additional revenue.
Increase Foot Traffic
People love multitasking. If we can do two things at once, we will. If there’s a direct-current (DC) fast charger at the local retail outlet, EV drivers can charge while they shop. It typically takes between 30 minutes to an hour to fully charge an EV with a DC fast charger, which is more than enough time for a shopping trip or meal. If EV drivers see your charger on the map, they’ll be more likely to visit your stores and restaurants so they can charge up while they shop or dine.
Many large retail, dining, and convenience chains have recognized that DC fast chargers can increase foot traffic and sales. This year convenience store giant 7-Eleven announced their 7Charge EV charging network. The retail giant will install DC fast chargers at their convenience stores across the US. Fast-food restaurant chain Subway also recently announced that they will be installing EV chargers at their stores. Coffee giant Starbucks have also followed suit and are installing EV chargers at some of their store locations.
DC fast chargers can draw more customers, but those customers can also purchase more goods and services while their EVs charge up. EV drivers tend to have higher incomes than average consumers and therefore have higher spending potential. Last year charging network EVgo surveyed users about their charging and spending habits at retail locations. The survey found that chargers enticed EV drivers to the shopping malls and that they spent about $1 a minute shopping while their EVs.
The world is building EV charging infrastructure at a blistering pace. According to the International Energy Agency (IEA), more than 500k chargers were installed globally in 2021 alone. BloombergNEF predicts that the cumulative global investment in charging infrastructure will exceed $1 trillion between today and 2040. They estimate that fast chargers will deliver 50 percent of EV energy demand and will account for 60% of total charging investment.
The world is investing in EV infrastructure to meet charging demand, but it’s also investing in EV infrastructure for profit. Petrol provider BP recently released financial results for its 13,000 EV charging stations and found that they earn just about as much money as a typical petrol station. The company expects to earn between $9 and $10 billion by 2030 from its EV charging stations and renewable energy projects.
EV chargers can generate significant revenue for their owners. A recent survey from E Source found that EV drivers are willing to pay for the conveneince and speed of fast charging even though it costs less to charge at home. The survey found that “24% of EV owners or those considering an EV said they would use a fast charger every time they could, 59% would use it when convenient, and 15% would use it in an emergency.” There is clearly a demand for fast charging among EV owners.
There are also many government incentives and tax credits available for businesses that purchase EV chargers. Your business may qualify for government subsidies to offset the purchase of a DC fast charger. The recent Inflation Reduction Act in the United States provides tax incentives of up to 30% of the total cost of EV charger installation. There are also many incentives for EVs and EV charging equipment in Europe, as outlined by the European Automobile Manufacturers Association here.
Ready to Charge Up?
DC fast chargers can do more than just charge up an EV, they can supercharge your retail business. Chat with one of our experts today to learn more about EV chargers and how they can help you attract more customers and increase revenue.