The number of electric vehicles (EVs) on the road is continuing to rise, and drivers are looking for convenient ways to keep their batteries charged. Two of the main places EV owners want to plug in, is at work and while they are shopping.
It means businesses that want to continue attracting top talent and new customers need to consider adding EV chargers to their parking lots.
While there are plenty of advantages to adding charging stations, businesses also worry about the cost. So, what is the cost of installing EV chargers? The answer depends on a few factors, but don’t worry we’ll help you figure out the potential costs.
The Cost of Not Installing EV Chargers
There are costs associated with installing an EV infrastructure but putting it off could be more expensive in the long run.
Right now, several utility providers are offering rebates. Financial incentives can also extend to local and state governments. You may even qualify for tax benefits. Over time, these incentives can help you see a faster return on your investment. Some incentives have a deadline that’s rapidly approaching.
Another potential cost in the future is meeting utility commitments. Most electrical providers require a ten-year contract for businesses with EVs. You also have to meet the term agreements to qualify for any incentives offered by the electric company. These commitments are expected to increase in the future as demand increases.
Waiting to install EV chargers in your parking lots means you are risking higher costs and longer commitments with utility providers.
A Breakdown of EV Charger Installation Costs
EV charger installation costs vary by location, but one factor plays a large role in how much your business pays.
Other factors that affect installation costs include,
- Planning and creating engineering drawings
- Inspection and permit fees
- Adding lighting and signage
- Electrical service upgrades, including potentially adding transformers
- Running electrical cable underneath the parking lot – trenching
- Potentially expanding the existing electrical panel
- Meeting ADA (Americans with Disability Act) standards
All of these potential EV charger installation costs may not apply to your business. It’s why you should partner with an EV charger provider that can help you navigate the various costs.
How to Reduce EV Charging Station Installation Costs
Maximizing savings on EV installation costs is a priority for most businesses. Companies typically focus on straightforward savings methods, but there are also some creative ways you can reduce EV charging station installation costs.
Straight Forward Savings
You have a few opportunities to reduce EV charger installation costs that go beyond utility and government rebates and incentives. You can also save money by placing the chargers near the electrical panel. You don’t have to dig up large areas of the parking lot to run the conduit from the panel to the charger.
The number of chargers also factors into installation costs. Sometimes it is less expensive to install more EV chargers, but it doesn’t apply in all situations. It’s a good idea to ask your charging partner about any potential benefits.
Explore Creative Ways to Lower EV Charging Installation Costs
Financial incentives and paying attention to EV charger placement will lower installation costs, but you can also take advantage of a few creative methods.
Consider opening your EV chargers to the public. Employees and customers can charge their EVs for free, while others pay a fee. Over time, the chargers will pay for themselves. Making the chargers public is also a great way to advertise your business. Your business name appears on the app when an EV driver is searching for a charging station in your neighborhood.
Let Us Help You Plan Your EV Charger Installation Project
A lot goes into planning and executing a successful and cost-effective EV charger installation.
Contact us today and learn more about how we can help you keep your EV charger installation costs down. Apogee Charging Solutions offers national fully turn-key EV charging solutions customized to fit our clients specific needs, call 484-816-2076, email [email protected], or schedule a call this fits your needs by clicking the button below.