The popularity of electric vehicles is rapidly growing and businesses across multiple sectors are considering offering EV charging. From convenience stores, restaurants, shopping centers, hotels, and employers to owners of commercial and multifamily dwelling properties, everyone is looking at ways to include electric vehicle charging as an amenity.

These organizations do not want EV charging as a primary source of revenue, instead, they want to;

• Attract new customers to increase sales
• Provide a convenience for their employees, guests, visitors, and/or tenants
• Support sustainable/green initiatives and reduce carbon emissions
• Promote their green initiatives to boost brand approval

EV charging is also another viable source of revenue for businesses offering the amenity.

However, the installation process can be cost-prohibitive but there are funding options for EV charging. We’ll take a look at available EV charging funding, so you can support the growing electric vehicle movement.

Various Funding Options for EV Charging

It doesn’t matter if you are only planning on offering EV charging at a single or multiple locations, project funding is always the first consideration. An EV infrastructure investment includes obtaining permits. Preparing the site, purchasing equipment, along with the purchase and installation of the necessary hardware and software. You also have to connect the charging stations to your local grid. It can also include upgrade costs.

Partnering with Apogee Charging Solutions can simplify the process, but there’s still the matter of EV charging funding. Here is an overview of your basic funding options.

Landowner or Business Owner Funding

Using this approach, you are responsible for getting the site ready. You pay the electric vehicle service provider (EVSP) for the hardware, installation, and cover the connection costs. You are the owner of the charging equipment and keep 100% of the fees you charge for station access. It’s up to you to purchase and manage the billing software. You are also responsible for station maintenance.

Another option is to pay the EVSP a monthly fee to maintain the equipment, including the software.

Partially Funded (Hybrid) Model

Costs are split between you and the EVSP in a hybrid EV charging funding model, or an EV Charging-as-a-Service model. Depending on the agreement, you may be responsible for preparing the site. It often depends on the EVSP’s assessment of your site. The assessment looks at your property’s potential for generating income from the charging stations. The EVSP is responsible for operational and maintenance costs for the duration of the agreement.

Fully Funded EV Charging

Under this EV charging funding option, the EVSP provides all of the necessary capital for the project. It can include covering costs associated with preparing the site and any necessary onsite electrical upgrades. Property owners looking to install multiple charging stations or add Level 3 fast chargers may find this financing option more cost-effective.

The business agreement could include a revenue-sharing model based on multiple factors, like the scale of the installation project, the number of EV chargers, EV driver density, and proximity to highways. The potential of co-branding the charging stations may also factor into the agreement. However, the EVSP is responsible for operating and maintaining the chargers. There are many factors that go into this model, and it is not viable for every instance.

Funding Your EV Chargers Through Apogee Charging Solutions

If you are considering EV chargers for your organization and would like to discuss funding options, contact Apogee Charging Solutions to learn more today. Call 484-816-2076, email [email protected], or schedule a call that fits your needs by clicking the button below.