The initial introduction of electric vehicles came with a bit of hesitation from the drivers on the market for a new vehicle. Because of the innovation of the vehicle, EV charging stations had to provide charging services for a relatively low price.
This became a selling point for electric vehicles. The cost of charging your vehicle was considerably lower than filling most vehicles with gasoline. This was initially one of the major selling points for electric vehicles. Over time, more and more buyers have become interested in acquiring electric vehicles and the market is starting to change at a faster pace.
Many of the more reputable vehicle companies have begun to reveal plans for electric vehicles in all price ranges. The market is evidence that consumers are becoming more interested in EV for reasons beyond the cost factor. So, how can EV charging stations begin to make their money’s worth out of their investments?
EV Charging Station Supply and Demand
With more and more electric vehicles on the road, there is a significant need for EV charging services across the US. The initial low return on the investment of an EV charging service has made many entrepreneurs hesitant. But now that there is so much demand for the service, making money on an EV charging service is easier than ever.
There are many different structures that a business can use to begin monetizing their EV charging stations. Some business models choose to charge users based on the estimate of energy used to charge their vehicle. Other business models choose to use time as the measure of cost. There are nearly an infinite number of models available for monetizing your EV charging station.
How to Monetize Your EV Charger Network
The easiest way to monetize your EV charging station investment is to partner with a technology solution provider like Noodoe. There are a few different companies that provide these types of services, so explore your options before making a choice.
Our EV charging stations come with the Noodoe operating system, that offers advantages such as, intelligent energy management, autonomous revenue generation, automatic peak-hour price adjustments, and so much more. For more information on our EV chargers and our installation process you can schedule a call that fits your needs by clicking the button below!
1. Determine Your EV Charging Model
No matter which service you choose, you will need to determine how your business model is set up. The most common model is for customers to pay by the minute that they spend charging their vehicle. Many customers seem to appreciate this model because it most closely matches the traditional model of gas filling stations as well.
Many business owners will also modify their prices based on the popularity of the time and day. For example, more families travel on the weekend and during the summer months. So those dates and times might cost more per minute for the customer to charge their vehicle. This model is based on supply and demand, a basic concept in economics.
2. Evaluate The Available EV Charging Technology and Apps
Depending on which service you choose to use as your payment platform, there may be an app that is available for customers to use. If you choose Noodoe, for example, customers can choose to pay using the app or using the actual charging station. If your service comes with an app, then you will probably want to spend some time familiarizing yourself with the capabilities of the app yourself.
3. Determine Your EV Charging Networks Payment Options
Drivers will appreciate the ability to choose from a diverse range of payment options. Again, the tech service that you choose will likely have a selection of available options for customers to pay. Be sure that you fully understand the terms of these payments before you agree to go into business with the company.
4. Secure Your Charging Stations Funds Transfer
There will also be specific guidelines for the EV station owner to transfer funds into his/her own bank account. Before you choose which service you will be using, you will want to understand how these transfers are made. The ease of monetary transfer will greatly impact the satisfaction of your investment.
Schedule Your EV Charging Network Call
The market for EV charging stations has changed significantly since the beginning of the EV market. Drivers no longer have an expectation for their EV charging to be much cheaper than a tank of gas. There has been a significant shift in the motivations of the customer to purchase and EV that has made investment in the business much more practical.