Electric vehicles are the rave right now among drivers who want to be on the cutting-edge of car technology and environmentally conscious individuals. According to a recent study by Pew Research Center, 7% of Americans already own an electric vehicle (EV), and 39% say they are likely to buy one the next time they shop for a car.
But despite all the talk about EVs, this innovation is still far from adoption by the mainstream. For most people who can afford one but are on the fence about the purchase, the main challenge with owning an electric vehicle is the non-availability of charging stations.
People who buy gas-powered automobiles are always sure to get fuel at a nearby gas station. But this is not the case when you own an electric vehicle. You often have to drive long distances to find a charging station. On arrival, you may discover that another driver is using the station. That is enough to deter all but the most-avid electric vehicle enthusiast.
To achieve the same mass appeal as gas-powered automobiles, manufacturers of electric vehicles must make charging stations more accessible. EV charging stations need to stop being a novelty and become as ubiquitous as gas stations. That is the only way to get more people to buy electric automobiles rather than gas-powered vehicles.
This challenge to make electric vehicles more acceptable is slowly being met. But some of the solutions are coming from the most unexpected quarters. Property managers across the country are taking notice of the problem with the scarcity of EV charging points and taking steps to provide answers.
Why property managers are investing in EV charging stations
Without a doubt, the future of the automobile industry is going to be dominated by electric vehicles. All the major automakers are positioning for a future where people will drive cars with a battery stack rather than an internal combustion engine.
To help make this future a reality, Electric vehicle (EV) charging stations are starting to pop up across major urban centers. Many of these stations are in multi-unit condos, apartment buildings, and retail centers. Why are property managers taking this curious step?
When you think about it, what is the best way to attract forward-thinking individuals to a commercial building than to have an EV charging station on the premises? Multi-unit complexes and retail centers have a tremendous advantage in this regard; they already attract more traffic.
The charging stations on these properties make electric vehicle ownership easier for owners and more attractive for would-be owners. Moreover, the arrangement works out for EV vehicle manufacturers, vehicle charger providers, and property managers.
Benefits of an EV charging station for property managers
Locating an EV charging station on the grounds of a commercial building is a sound business strategy. Property managers who have taken this step are benefitting in several ways.
1. Improved business revenue
With an EV charging station on the premises, the building can attract a stream of quality visitors. These visitors will spend more time on the premises since they have to wait for their vehicles to charge. Given that electric vehicle owners tend to be more affluent than the average population, the presence of an EV charging station means customers with more spending power will be coming to the premises.
2. Brand building opportunities
Consumers increasingly want to identify with brands they view as being environmentally responsible. Installing an EV charging station on the premises is a good way for property managers to position their business as an environmentally conscious enterprise. That alone will earn them the loyalty of people with a strong leaning toward protecting the environment. These kinds of customers often tend to have higher disposable income.
3. An additional source of income
Many EV ports come with LCD screens with the ability to display ads. That is a new way for businesses to reach their potential customers. Using this medium offers specific advantages for companies because it gives them direct access to a narrowed down segment of the population; people who own electric vehicles.
4. Tax and financial incentives
Municipalities, States, and Federal governments offer incentives for individuals and businesses that adopt or promote the adoption of electric vehicles. Property managers with commercial properties under their management can take advantage of these incentives to boost revenue. These government incentives often go a long way to offset some of the costs of installing an EV charging station.
5. Improved occupancy rates
Having an EV charging station on the premises helps property managers attract and retain long-term tenants. That is because the charging stations draw people to the premises. The property often becomes a one-stop center where visitors can get everything they need while charging their cars. Tenants want to take advantage of this steady stream of possible customers.
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