Electric vehicles (EVs) are rapidly becoming a common sight on UK roads. This shift presents a golden opportunity for businesses to tap into the growing demand for charging facilities. From petrol forecourts to supermarkets and motorway services, the potential to generate additional revenue is significant.
By installing commercial EV charging points, you’re not just future-proofing your business; you’re opening up a new revenue stream. Moreover, you’re positioning your company as forward-thinking and environmentally conscious, which can attract a broader customer base and enhance your brand image.
So, let’s look at how you can incorporate this new technology into your operations to boost revenues and make it an excellent commercial decision.
Identifying Prime Locations
Selecting the right location for your EV charging stations is crucial to their success. High-traffic areas naturally attract more potential users, but it’s not just about volume. Consider locations where drivers are likely to spend time. For instance, if you run shopping centres, restaurants, or leisure facilities, you’re at an immediate advantage as customers will likely be on-site for up to an hour or more.
The ideal spot combines visibility, accessibility, and convenience. You’ll want to ensure that your charging stations are easy to find and use. Additionally, think about the amenities you can offer alongside charging. A comfortable waiting area or a café can significantly enhance the customer experience, encouraging longer stays and potentially increasing overall spending.
Choosing the Right Charging Technology
Regarding EV charging technology, one size doesn’t fit all. Fast chargers and rapid chargers each have their place, depending on your location and target audience. Fast chargers are suitable for locations where customers spend an hour or more, while rapid chargers deliver more power and are ideal for quick stops.
Investing in the right technology now can save you money in the long run. While rapid chargers may have a higher initial cost, they can attract more customers and command higher prices. However, it’s essential to balance this with your expected customer dwell time and the capabilities of the local power infrastructure.
Pricing Strategies for Optimal Returns
Your pricing strategy can make or break the success of your EV charging venture. Per-kilowatt-hour pricing is straightforward for customers to understand. Time-based models can encourage quicker turnover, which is beneficial in high-demand areas. Subscription options, on the other hand, can foster customer loyalty and provide a steady income stream.
You may also want to consider implementing dynamic pricing to maximise revenue during peak hours while attracting customers during quieter periods. Whatever strategy you choose, ensure it’s competitive yet profitable. Regularly review and adjust your prices based on usage data and customer feedback to maintain an optimal balance.
Boosting Utilisation and Visibility
Your charging stations need to be used regularly to maximise revenue. In that respect, integration with popular EV charging apps can significantly increase visibility and make it easier for drivers to find and use your facilities. Clear signage and wayfinding, both on-site and on approach roads, are also crucial.
Don’t overlook the power of targeted marketing. Engage with local EV owner groups, partner with car dealerships, and use social media to promote your charging facilities. Consider offering introductory promotions or loyalty schemes to attract and retain customers.
Creating Additional Revenue Streams
EV charging stations can be more than just a place to top up batteries. They present an excellent opportunity for additional revenue streams. Digital displays on charging units can be used for advertising, either for your own products and services or as paid space for other businesses.
Cross-selling is another effective strategy. If you’re a retailer, consider offering exclusive discounts or promotions to customers using your charging stations. For service stations or forecourts, this could mean promoting your food and beverage offerings. Loyalty programmes linking charging usage with other purchases can also encourage repeat business and increase overall spending.
Powering Your EV Charging Success
Implementing a successful EV charging strategy requires careful planning and execution. By choosing the right locations, technology, and pricing strategies, you can create a valuable new revenue stream for your business. You can also continually analyse usage data and customer feedback to refine your approach over time and further drive higher revenues.
To ensure you’re making the most of this opportunity, it’s wise to partner with experts in the field. At Applegarth, we boast extensive experience in commercial EV charger installation and have attained OZEV-approved status, meaning you can secure government funding for a significant portion of your installation costs.
We’re here to provide tailored advice and support throughout the process, from grant application through to the finishing touches of installation. So, if you’re exploring how to best incorporate EV charging as a new revenue stream for your business, please don’t hesitate to contact us on 0151 649 8350 or email info@applegarth.co.uk.
