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AR The electric vehicle (EV) market has shown a strong growth trend in recent years.
According to the IEA’s forecast data on electric vehicle outlook, the EV stock grows by 23% annually from 2023 to 2035 on average. By 2035, there will be 525 million EVs on the road, accounting for over a quarter of the total number of cars. [1]
The boom in electric cars has created new opportunities for businesses. Many people may wonder, “Do EV charging stations generate profit?” The answer is, absolutely. Starting an EV charging station business could be highly lucrative by drawing in EV drivers and fulfilling their immediate needs. So, how to make money from EV charging stations? How to start a charging station business? Read on to learn more!
How to Make Money from EV Charging Stations?
The profits of the EV charging station business come from charging costs, higher traffic, advertising revenue, government subsidies, and brand value enhancement. Places that install EV charging stations will be attractive for drivers looking for convenient, fast charging options along major routes.
DC fast chargers have emerged as an attractive business opportunity for entrepreneurs to meet this need and make money with EV charging stations. Here are some of the top ways these EV charging station businesses can generate income:
1. Revenue from EV Charging Station Usage
2. Attracting Potential Customers and Increasing Footfall
Strategically installing fast EV chargers near commercial or public areas, such as retail areas, cafes, and parks, allows operators to benefit from increased visits. Nearby amenities give drivers an incentive to linger longer while their EVs charge.
This captive audience presents opportunities to promote businesses and boost their sales. They incentivize customers to spend more time and money on-site.
In addition, EV chargers in these areas can “cooperate with” existing convenience facilities, such as comfortable rest areas and catering services, allowing customers to enjoy convenience and comfort while waiting. This can potentially affect the user’s future charging habits.
3. Advertising Revenue from EV Charging Stations
In addition to the income generated from charging and user dwell time, you can also make money with EV charging stations through advertising. Large and bright displays that incorporate high-powered chargers can capture the attention of waiting drivers or pedestrians passing by the EV charging points. This valuable time makes EV charging station businesses exciting new platforms for companies wanting to promote brands and services to consumers.
Operators can collaborate with companies or brands to rent out advertising displays on commercial charging stations. It can create additional revenue for operators, and the brand also receives targeted exposure opportunities!
4. Government Subsidies
Many countries actively support widespread public fast-charging networks through subsidies. These incentives lower the initial investment of an EV charging station business and make stations financially more viable.
Operators need to be fully aware of applicable subsidy schemes for their region. For example:
- The UK’s Workplace Charging Scheme (WCS) provides financial support for EV charger installation for businesses. It covers up to 75% of the cost, with a maximum cost of £ 350 per socket (up to 40 sockets). [3]
- The Spanish government directly subsidizes EV charging stations with power below 50 kWat a rate of 30% of the installation cost for large enterprises, 45% for medium-sized enterprises, and 55% for small enterprises. [4]
Some local authorities also offer tax discounts or exemptions for companies providing public charging station amenities.
For example, the NSW government has launched a $20 million funding initiative aimed at promoting electric vehicle charging stations in thousands of tourist destinations in regional NSW. Users who purchase and install EVB’s BCP-P and BCPC-P series of AC chargers will be eligible for subsidies from the NSW government. This will further reduce the initial cost of the EV charging station business.
5. Brand Value Enhancement
Partnering with popular EV charging equipment brands provides a win-win opportunity through the charging station business. The fast and stable charging technology and convenient intelligent management system have created a good charging experience for users, directly affecting their impression and brand reputation.
Over time, the network of EV chargers becomes a trusted destination that strengthens brand value for operators.
How to Start the EV Charging Station Business?
Starting an EV charging station business requires proper work. The right preparation at the initial stages establishes a strong foundation for the company’s long-term growth and profitability.
How to start a charging station business? Investigating the local markets, deploying suitable EV charging stations, and setting competitive pricing are fundamental factors.
1. Investigate the Local Market
Analyzing the scale of local electric vehicles and the availability of public chargers can serve as a reference for the number, location, and pricing of charging facilities. Operators can learn about it through local electric vehicle club forums, government data, or on-site investigations.
Meanwhile, studying the market price of EV charging is crucial for starting the EV charging station business. Generally, the EV charging station costs range from $0.11 to $0.35 per unit.
2. Procure and Install EV Charging Stations
Procuring reliable commercial charging stations suitable for the installation sites is important. Key factors include “How much does a commercial EV charging station cost?” and “Which charging types should I choose for different customers?” Only Level 2 EV chargers and DC fast charging stations are ideal for commercial use.
Before EV charging station installation, operators mainly need to consider two factors. Firstly, the installation location needs sufficient space for parking. Next are the traffic and the density of charging stations. EV chargers are recommended to be installed near residential areas, commercial parking lots, hotels, workplaces, etc. When distributing commercial charging stations, a route for flexible movement is needed.
3. Set Prices
Developing a reasonable pricing strategy is the most important way to make money with EV charging stations. How profitable are EV charging stations? You need to consider factors such as electricity bills, market competition, and user needs.
Operators can evaluate various EV charging business models, such as time-based pricing, electricity-based pricing, membership-based pricing, etc.
- The time-based pricing model sets prices based on the time period. For example, higher fees are charged during peak electricity usage periods, while lower prices are offered during off-peak periods. In addition to making more money, it also helps maintain the stability of the power grid.
- The electricity-based pricing model charges based on power consumption. For example, fast charging may charge higher fees due to higher power, while slow charging is cheaper. It reflects the charging cost and encourages users to choose a reasonable charging method.
- The membership-based pricingmodel provides users with different prices and service packages. Member users can enjoy lower charging fees, priority charging rights, or other services. It helps to increase user loyalty.
In the early stages of the EV charging business, pricing can be slightly lower than that of competitors to attract more users. After a period of time, prices can be adjusted regularly based on market data to maintain the competitiveness of your EV charging station business.
Profitable Fast Chargers for EV Charging Business
The quality of EV charging facilities and their manufacturers affect the long-term profits of operators. Purchasing a charger is the first and most crucial step.
EVB Charger is a renowned leader in electric vehicle charging infrastructure. Years of experience have equipped our company with extensive industry knowledge and technical expertise.
The 2 Guns Advertising DC EV Charger is our innovative solution that allows for generating revenue from large advertising screens. EV charging station business operators can use this eye-catching platform for product or service promotion or rent it out to those needing promotion.
The product’s seamless blending of advertising and charging establishes a new model for the EV charging station business. Some of its key features include:
- Charging powers ranging from 60kW to 120kW for flexible charging needs
- A 43-inch LCD touchscreen can serve as a new advertising platform
- Modular design enables flexible configurations
- Comprehensive certifications, including CE, CB, UKCA, UV, and RoHS
- Straightforward operation and maintenance via a user-friendly interface
- Seamless integration with energy storage systems (ESS) for flexible deployment in various environments
FAQs
1. How to promote EV charging stations?
- Site selection optimization: Layout in areas with high demand, such as city centers, transportation hubs, commercial districts, etc. It will help you make money with EV charging stations.
- Digital marketing: Promote through channels such as social media, navigation software, and charging apps.
- User experience optimization: Provide convenient payment methods, fast charging services, and a good environment.
- Discount policy: Launch discount in the initial stage to attract users.
2. How to ensure the profitability of EV charging stations?
- Develop competitive prices based on time, electricity, or membership.
- Invest in reliable and intelligent devices, such as EVB chargers.
- Analyze user behavior and optimize operational strategies.
Conclusion
Starting the EV charging station business is a promising opportunity in line with sustainability goals. How to make money from EV charging stations? The top ways include direct charging fees, advertising, government subsidies, and strategically using promotions to increase customer visits and spending.
Partnering with a reputable brand like EVB Charger offers future-proof solutions while also providing extensive support. Contact us now to catch this profitable electric car charging stations business opportunity!
References
[1] Global EV Outlook 2024: Outlook for electric mobility. Available at: https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-mobility (Accessed: 25 February 2025)
[2] Electric vehicle recharging prices. Available at: https://alternative-fuels-observatory.ec.europa.eu/consumer-portal/electric-vehicle-recharging-prices (Accessed: 25 February 2025)
[3] United Kingdom Incentives and Legislation. Available at: https://alternative-fuels-observatory.ec.europa.eu/transport-mode/road/united-kingdom/incentives-legislations (Accessed: 25 February 2025)
[4] Spain Incentives and Legislation. Available at: https://alternative-fuels-observatory.ec.europa.eu/transport-mode/road/spain/incentives-legislations (Accessed: 25 February 2025)
