Plug Into Profit: Why Installing EV Chargers Is the Smartest Move for Your Property
As Electric Vehicles (EVs) become more popular, commercial property owners have a unique opportunity to meet a growing demand while future-proofing their assets. In 2023 alone, nearly 10% of all vehicles on U.S. roads were electric, and the government aims to increase new car sales to 50% EVs by 2030.
To support this shift, significant funding has been allocated to build a nationwide EV charging network for all these new vehicles, including programs like New York’s EV Make-Ready Program.
If you own a commercial property, you can benefit from this growing trend by installing EV charging stations on your lot. It’s an easy way to attract a new customer base, boost your revenue, and turn parking that’s otherwise not turning a profit into a cash cow.
In this article, we’re going to explore the key reasons you should invest in this transformation, the types of chargers available, and how programs like New York’s EV Make-Ready can help you cover up to 90% of installation costs.
Why Install EV Charging Stations on Your Commercial Property?
Here are three of the top reasons why installing EV chargers is a no-brainer and can add massive value to your property:
1. Attract and Retain Customers
EV charging stations can turn your property into a destination for customers who need to charge their vehicles. As more consumers switch to electric cars, properties without charging options may lose business to those that offer this convenience.
Because of the charge time involved, EV owners seek out shopping places to kill time as they wait. A J.D. Power study found that 90% of EV owners “often” or “always” charge at home, but when they’re out shopping or dining, they look for locations where they can top off their batteries.
EV drivers often plan their stops based on the availability of charging stations, so having one on your property could bring in new customers who might otherwise have gone elsewhere. Additionally, customers are likely to spend more time at your location while their vehicle charges, which could increase overall ticket sales and foot traffic to your businesses.
2. Boost Your Brand
Installing EV chargers signals that your business is forward-thinking and environmentally conscious. Consumers are increasingly drawn to brands that demonstrate a commitment to sustainability. In a 2022 study published in “Marketing Intelligence & Planning,” researchers found that visible sustainability efforts improved brand reputation and increased consumer trust.
For commercial properties, this means that installing EV chargers doesn’t just attract EV owners—it also enhances your brand’s image in the eyes of all customers. Whether they drive electric cars or not, people appreciate businesses that align with eco-friendly values. This could give your property a competitive edge and help you attract tenants or customers who prioritize sustainability.
3. Generate New Revenue Streams
While some property owners might view installing EV chargers as an upfront expense, the potential for generating revenue is significant–and there are currently incentives to drastically reduce that cost. Many EV owners are willing to pay to use charging stations, either through a per-hour fee or as part of a monthly subscription which can also serve to keep them coming back for more shopping and dining.
According to industry data, most EV drivers are comfortable paying around $3 per hour for charging services. If you own a larger commercial property with multiple charging ports, this could quickly add up. Some companies even offer programs where they install the chargers at no upfront cost to you, while you benefit from a share of the revenue—sometimes up to $1,000 per month per charger.
Charging stations allow property owners to monetize existing parking spaces that would otherwise be free. Since EV drivers park while charging, the functionality of the parking area remains unchanged, making it a win-win for both the property owner and the EV users.
Incentives to Offset Installation Costs
One of the biggest barriers to installing EV chargers can be the upfront cost of installation, especially when it involves significant electrical work. Fortunately, programs like Make-Ready offer incentives that cover up to 90% of the costs for installing charging stations in public areas, and up to 50% for private spaces.
These incentives are designed to support the growth of EV infrastructure by making it affordable for commercial property owners to get started. The program covers both Level 2 (L2) and Direct Current Fast Charging (DCFC) stations, which are the two hottest options on the market.
Key Incentives of the Make-Ready Program at a Glance
- Public Access Areas: Up to 90% of costs covered, ideal for shopping centers, restaurants, hotels, and transportation hubs.
- Private Access Areas: Up to 50% of costs covered, including workplaces and privately owned lots.
- Additional Incentives: The New York State Energy Research and Development Authority (NYSERDA) offers $2,000 to $4,000 per charging port through its Charge Ready 2.0 program.
By taking advantage of these incentives, you can significantly reduce the cost of installing EV charging stations, making the decision even more financially appealing.
Choose the Right Charging Station for Your Property
There are two main types of EV chargers available for commercial properties: Level 2 (L2) Destination Charging Stations and Direct Charge Fast Chargers (DCFC). Understanding the differences between these options will help you choose the best solution for your property.
Level 2 (L2) Destination Charging Stations
Level 2 chargers are commonly found at commercial properties, offering 20-25 miles of range per hour of charge. These chargers are ideal for locations where customers are likely to spend a few hours, such as shopping malls, restaurants, and office buildings. Installation of L2 chargers is relatively straightforward, and they provide a steady stream of power at a cost-effective rate.
Direct Charge Fast Chargers (DCFC)
DCFCs are a higher-powered option, delivering up to 100 miles of range in only 30 minutes. These are typically installed along highways or at large commercial centers where drivers may need a quick top-up before continuing their journey. DCFCs are also getting installed more at commercial properties as more EVs hit the road. While they require more complex electrical infrastructure and higher installation costs, they cater to a growing market of long-distance EV drivers who need fast charging options, or EV drivers with busy schedules who simply want to charge quickly and be on their way.
Need a Hand? Get Expert Advice
At Source Forward, we specialize in helping commercial property owners transform their parking lots into EV charging hubs. From initial planning and site assessment to final installation and activation, we handle every step of the process, ensuring you meet all utility and program requirements.
Our team works directly with utility providers to secure incentives, and we oversee construction to ensure your project runs smoothly from start to finish.
With a proven process, we’ve helped significantly increase traffic and revenue for other property owners like you, including:
1. Initial Planning & Scoping – We’ll discuss your goals, and outline the best charging station options for your property, then schedule a site visit if we’re a good fit.
2. Site Design & Application Submission – Our team will handle all design and application tasks, working with the utility company to secure approval.
3. Construction & Activation – Once approved, we’ll build the necessary infrastructure and install the chargers. You’ll be up and running in a few months.
4. Incentive Payment – After installation, we help you document the project to claim your incentive payment from the utility provider.
Future-Proof Your Property
The EV revolution is well underway, and now is the perfect time to position your commercial property as a leader in sustainability and innovation. By installing EV charging stations, you’ll attract more customers, enhance your brand’s reputation, and create a new revenue stream—all while helping to build the infrastructure that supports a greener future for everyone.
Contact us at Source Forward today to learn how we can help you take advantage of incentives like the EV Make-Ready Program and transform your parking lot into an EV charging hub!
