Is an EV Charging Station Worth the Investment for Homeowners & Businesses?
The more we charge into the future, the less reliant our society tries to be on gas and oil. Electric car sales spanning over a decade ago started to increase steadily. Now, electric cars are gaining momentum in popularity.
According to Consumer Reports, electric vehicle models will make up half, or nearly half, of all sales by 2030. With the inevitable takeover of electric vehicles on the roads, home, and business owners are asking, “Is installing an EV (electric vehicle charge) worth it?”
The answer depends on your unique situation with your finances and home, so let SoCal delve into the investment risk of EV charging stations at home!
What Is an EV Charging Station Like for the Home?
Simply put, EV charging stations are stops at stores or other rest areas specifically to charge your electric vehicle. The time it takes to charge at this stage varies greatly from as little as 30 minutes to twelve hours for a full charge. Additionally, homeowners can install a charging station right in their garage for an efficient and easy-to-use power source!
Installing an EV Charger at Home: The Pros
As you may already know, installing an EV charging station provides many benefits to your home if you own an electric vehicle or want an upgraded electrical system, such as:
Increased Property Value
As more homes become connected through technologies like home automation, many potential buyers are looking for an electric vehicle charging station in their home search. Installing a charging station will improve your property value while making your home more of an eye-catcher.
Convenience
An EV charging station in your home allows you to charge your electric vehicle overnight without waiting at a store or stopping for sufficient battery life.
Installing an EV Charger at Home: The Cons
There are some drawbacks to consider before installing an EV charger in your home, including:
Rapidly Evolving Technology
Electric vehicles and their technology have finally hit their stride this decade as far as advancements go. Perhaps installing one in your home now may lead to an early upgrade, costing you more money down the road.
Cost
The cost of installing an EV charging station varies greatly, from $500 to $5,000. The bottom line depends on the location of your home, the construction involved in making it functional, and the overall quality of the charger. Even if you strike a fair, quality price from a trusted electrical technician, it’s still a large amount of money to consider.
What Is an EV Charging Station Like for Commercial Businesses?
Unlike their residential counterparts, EV charging stations are designed for office buildings, parking lots, and retail centers.
In most cases, the stations are higher powered than the residential design and have charging speeds that range between 20 kW to 350 kW, meaning with some vehicles; the charge can be completed within 20 to 30 minutes, making them a much faster option.
And while both stations will need a professional installation, the commercial version may require additional infrastructure support for the higher power consumption.
Installing an EV Charger at Your Business: The Pros
There are plenty of reasons to invest in an EV charger for your business, and the top advantages are:
Attract EV Employees and Customers
Naturally, the biggest benefit of the EV station is attracting individuals who need or support your services. Employees and customers will know that you're concerned about their needs, and they will also appreciate how convenient it is to charge their vehicles while dining, shopping, or working.
Stronger Visibility
EV stations also make your business more visible, especially on apps that list locations where customers can charge their vehicles while doing business. You can also add a waitlist option, and consumers can pay for the time via the app before arrival, making their experience easier.
Energy-Efficiency Leadership
Let's face it; electric vehicles are all about being eco-friendly, and investing in charging stations helps you stand out from competitors. It shows you how awareness of the environment and finding ways to be greener make you an attractive commodity to potential buyers.
Incentives and Rebates
Getting money back is always good, and businesses taking advantage of EV charging stations will also receive tax breaks, rebates, and incentives on the federal and, in some cases, state levels.
Installing an EV Charger at Your Business: The Cons
Even with all the benefits, you might be wondering what the drawbacks are and if you should invest, so the most common cons include:
The Cost
One of the biggest downsides to EV charging stations is the upfront cost. This investment can be quite pricey and may be more of a challenge for smaller property or business owners.
Upkeep
The units will also require maintenance, just like any other type of machine, which can cost time and money.
Having the Space
The stations require a specific amount of space, and for owners with smaller businesses, finding a place to install them can be a challenge.
Inconsistent Demand
There's also a question about the demand, and while the number of electric cars is growing, how often they use the stations cannot be predicted. This makes assessing how much the station will be used more difficult, and lower usage means less revenue.
Install Your EV Charging Station With SoCal Electrical & Lighting
For EV Charging installation, custom lighting, or any other residential or commercial electrical work in the Coachella Valley area, contact SoCal Electrical & Lighting!
Request an estimate online or call us at 760-699-2686 today!