Electric vehicles are no longer the stuff of science fiction. Since Tesla became a mainstream, mass-produced vehicle that prompted other automakers to release new EV models, electric vehicles have started flooding the streets.
Australia is one of many nations quickly adopting this new type of vehicle. According to statistics, in 2020, the top three countries in terms of electric vehicle sales included China at 1.25 million, Germany at 395,000, and the U.S. at 328,000.
The forecast on the Australian market predicts that more than 20% of the population will be driving electric cars by 2030.
What does this mean for businesses?
Installing electric vehicle charging stations will be a game changer for body corporates in all sectors. Here’s all you need to know about EV chargers and why your business should have a charging station installed.
The pace of growth of the EV market is tremendous. In 2019, about 2.2 million passenger plug-in electric vehicles were sold globally. The number has snowballed in 2022, with September alone recording sales of 1 million cars.
The forecast for the Australian market shows that plug-in EVs will reach upfront price parity with traditional combustion engine vehicles by 2024.
EVs attract a huge consumer base because of their financial and ecological benefits. EVs are significantly cheaper to run and maintain, emitting fewer carbon emissions than their internal combustion engine counterparts.
By switching to an electric vehicle, the average driver can save up to $1300 annually on fuel costs and about $300 on operation costs.
Australia has a significant footprint of EVs and EV charging stations, with the latter mostly being home-based. Businesses have a significant opportunity to step up, promote EV adoption, and benefit while doing so.
Businesses have a lot to gain from installing EV charging points, from a local restaurant, or major supermarket chain, to rental properties. Allowing existing and potential customers to charge their cars while at your premises will keep them there for longer.
Statistics show that 85% of EV owners earn an average income of at least $100,000 annually. Therefore, they have disposable income to buy at your business or rent your property.
If you’re in the service industry, for instance, operating a café, running an EV charging station can be a great incentive for travelers to stop at your restaurant over the competition because of the convenience of charging their vehicles while enjoying a meal or coffee.
For commercial landlords or property companies, installing an EV charging station will attract higher-income renters and raise your property’s value. Hotels can also attract more EV drivers on road trips due to the convenience of charging their vehicles overnight while resting or enjoying their vacation.
Installing EV chargers in your business is also a matter of impression. Data shows that 85% of customers have shifted their buying preferences to sustainability, with one-third willing to spend more on businesses that show they care about environmental issues.
If you intend to transform your fleet into more economical, cheaper, and eco-friendly plug-in electric vehicles, installing an EV charging station will also be highly beneficial.
Installing EV charging stations can be exciting and complicated. Here are a few core things you should consider.
Installing an EV charging station should be aligned with your business’s needs and wants. The following questions can help you assess whether your company needs EV chargers:
Your business’s target demographic should have behaviors and concerns that necessitate an EV charging station. For instance, an EV driver at a shopping mall will have different charging needs than an EV fleet driver.
Knowing who’ll be using your charging station and their needs allows you to choose the right charger type and speed.
Knowing the number of vehicles that are estimated to use your EV chargers will help determine the quantity and type of chargers required. Your body corporate should aim to have enough charging stations without overspending on unnecessary ones.
Data shows that 74% of EV owners prefer a workplace with EV charging stations. If your goal is to attract and retain new eco-conscious talent, you should consider installing an EV charging station.
There are various funding approaches you can take to install EV chargers. If ROI is not your main priority, you can foot the steep initial costs and wait for long-term returns by attracting more customers, retaining talent, and solidifying a positive environmental reputation.
However, if you want quicker returns, you can leverage government incentives and implement a flexible payment strategy to raise more revenue for the installation.
There may be several barriers that may thwart your EV installation efforts. They include the following:
You must have the landlord’s permission to install an EV charging station if renting your business’s premises. The length of your tenancy should also be a factor when considering feasibility.
Your parking bay or land should be sizeable to fit the charging infrastructure and close to a power supply.
Your EV charging infrastructure will have to grow as demand increases. Therefore, you should have effective ways of scaling the site.
You must know the different EV charger types to identify the best solution for the users’ needs. EV chargers have varying charging levels and varying smart charging capabilities.
EV chargers are typically classified in terms of charging levels. They include Level 1, Level 2, and Level 3. The higher the charging level, the faster the vehicle will charge.
It’s not always the best solution to default to the fastest or most advanced EV charger. Several factors will dictate your choice. They include:
Some properties may benefit from a mix of different charger types. Typically, you want to satisfy the users in terms of speed and accessibility of the chargers.
Installing an EV charging station in your business premises will increase its electric load. You must calculate how much extra power you need and at what times of the day to develop a feasible solution.
You may have to change your current connection, enhance it, or seek on-site power generation options. For instance, you can use solar to boost your electricity supply and provide enough power for the EV chargers.
Setting up an EV charging station in your business premises requires careful planning. Contact an expert and learn how to implement a robust charging infrastructure in your business.
Over to You…
Do you agree with Things Your Body Corporate Should Know Before Installing EV Chargers in Your Commercial Building or Business Premises? Or is there something missing, or you would like to add?? Would love to hear from you in the comments – any feedback is greatly appreciated.
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