Electric car charging stations are gaining in popularity. Electric vehicle usage is skyrocketing nationwide, and many entrepreneurs are wondering how they can capitalize on EV charging business opportunities to generate passive income.
Not all EV drivers can charge at home. Residents of multi-family units may not have access to chargers. Home Level 1 EV chargers are extremely slow and sometimes it’s easy to forget to plug your vehicle in. It can leave EV drivers searching for a place to charge their vehicles. It can open up a business opportunity for owners of EV chargers.
EV Charging Business Opportunities
EV drivers frequently look for fast-charging solutions at affordable prices, and it can open up business opportunities for EV charger owners.
Level 1 chargers come standard with most electric vehicles. While inexpensive, Level 1 charging units are slow and inefficient. It typically takes 18 hours or longer to fully charge an electric battery using a Level 1 charger. Level 2 chargers are up to 10x faster, but these units come at a higher price. EV drivers frequently look for Level 3 (DC fast chargers) but these models are not cost-effective for passive income businesses.
However, the growing popularity of EVs and drivers’ willingness to pay for charging are making Level 2 charging stations more affordable for business owners looking to attract consumers and earn additional income.
A survey conducted by E Source in 2020, indicates EV drivers with home Level 2 chargers are paying around 75 cents per hour to charge their vehicles. These drivers are also willing to pay up to $3 per hour to use a public charging station. Businesses willing to install Level 2 chargers can make a passive income by opening the units up to the public.
Using Level 2 Chargers as a Business Opportunity
Home charging often isn’t enough to keep EV drivers on the road. It allows businesses an opportunity to create passive income from their EV chargers. Level 2 chargers in public spaces like shopping centers and the workplace, gives drivers a chance to plug in and recharge their batteries. While their vehicles are being topped off, it can encourage consumers to spend more time and money on your business.
Don’t forget about taking advantage of EV charger navigation sites. Placing your EV chargers on the navigation sites makes it easier for drivers to find your chargers. Think of it as another form of advertising. You are letting current and future customers know you are offering EV charging at a competitive rate.
Learn More About Business Opportunities for EV Chargers in 2023
The popularity of electric vehicles is only expected to increase in the following years. Even though EVs come with a home Level 1 charger, drivers often find they need to top off their batteries. It presents a passive income opportunity for businesses. They can offer their customers a necessary service. Not only can it build customer loyalty, but the charging fees are a stable source of additional revenue.