The popularity of electronic car charging stations is skyrocketing as electric vehicle (EV) usage continues to grow at a rapid pace nationwide. The surge away from vehicles with internal combustion engines (ICE) has left many entrepreneurs considering the future, wondering how they can capitalize on electric car charging stations as a business opportunity to generate passive income.
There are many drivers who are unable to effectively charge their EV at home due to slow charging speeds or them forgetting to power up. Most drivers who do charge at their residence use a Level 1 charger, which is what comes standard with the purchase of an EV. Level 2 aftermarket solutions, like the ones offered by EvoCharge, power up as much as 8x faster than Level 1 chargers.
The Opportunity for Passive Income
The promise of fast-charging solutions at affordable prices is alluring for many drivers, however there’s a sweet spot for businesses to find between providing EV charging that is quick, yet affordable versus offering slow, inconvenient charging that drivers won’t find value in. In contrast to standard-issue systems or Level 2 aftermarket chargers, Level 3 chargers are cost-prohibitive for many business leaders who seek electric car charging stations as a business opportunity, as they cost about 10 times as much as Level 2 chargers.
EV drivers typically pursue powering up at the lowest-possible price point in the most convenient places, much like drivers of vehicles with internal combustion engines searching for the cheapest, most convenient option for fueling up with gasoline. The one caveat for EV drivers is they don’t want to be tethered with Level 1 charging — it’s too slow to fit their needs.
According to a survey conducted in 2020 by E Source, the data science firm, most respondent EV owners who already have a Level 2 aftermarket charger at home and are paying roughly 75 cents per hour in utilities costs are willing to pay up to $3 per hour for public charging solutions. For businesses aiming to seize an opportunity at passive income, adding Level 2 chargers provides an affordable option that’s sure to attract drivers.
Level 2 Electric Car Charging Stations as a Business Opportunity
Most drivers who are out and about can’t rely entirely on home charging to power their EV, so they look to top off while shopping, running errands or going to their workplace. As a result, Level 2 charging is sufficient for the majority of them to top off while your business provides a convenience which may encourage them to spend more time and/or money with you.
Another consideration while exploring electric car charging stations as a business opportunity is that many navigation sites, including Google Maps, feature interactive information allowing searchers the ability to locate nearby charging stations. Essentially, if your business offers charging, you can attract more customers while increasing visibility and brand awareness online by listing EV charging on your website, and that information will flag in search engines.
Further, while concern over climate change continues to rise, you’ll gain goodwill with many customers while you grow your business and gain access to passive income from charging.
Use EvoCharge to Power Your Business Opportunity
As the EV market grows and becomes increasingly important, fleshing out business opportunities for electric car charging stations now will help prepare your business for attracting more customers as this shift in driving continues.
EvoCharge offers networked and non-networked Level 2 charging station solutions, including cable management accessories and pedestals.
With Electric Vehicle Supply Equipment (EVSE) hardware and Open Charge Point Protocol (OCPP), enjoy easy integration with your network provider of choice. With the iEVSE or iEVSE Plus charging station, up to 20 vehicles can charge simultaneously.
EvoCharge, founded in 2009, represents one of North America’s original vehicle electrification providers and pioneer of home and commercial charging solutions. As an industry leader in Electric Vehicle Supply Equipment (EVSE) and cable management solutions, EvoCharge provides the most reliable, safe, and cost-effective charging stations and the industry leading EvoReel® cable management system for single family, multi-family, workplace, and other commercial spaces. EvoCharge products are fully compatible with all EV and Plug-in Hybrid Electric Vehicles (PHEV) sold throughout the United States and Canada. EvoCharge is a brand of Phillips and Temro Industries®, a trusted partner to major global OEMs and aftermarket provider of engineered systems for automotive, trucking and off-road vehicles for over 100 years. Learn more about EvoCharge at evocharge.com.