Investing in EV Chargers – Business Basics Still Apply
October 7, 2021
You want to treat investing in EV chargers the same as your other business systems. For example, you don’t let your financial software provider dictate where you bank, so why should your EV charging provider dictate how your system is set up?
How the EV Chargers are Setup Matters
Businesses are investing in EV chargers and earning returns on charging fees, and occasionally for parking spaces. Retail traffic increases after charging stations are installed, and you can also take advantage of manufacturer, state, and federal rebates.
You can install EV charging stations almost anywhere there is access to electricity. The chargers are designed to stand alone. Generally, it means there isn’t a station attendant on duty if a problem occurs with a charging station. Instead, drivers call a customer support number to rectify the issue. In most cases, the problem is resolved, but your charging station’s reputation could be damaged. You need to consider the placement of your changers, as well as taking a deep-dive into how your charging stations operating system runs and what options it gives you as the owner.
When looking at another setup scenario, the walled garden design was initially a common EV charging approach (Think Tesla). But this approach can severely limit driver access to the chargers. It also shortens the lifespan of the charger reducing your ROI on the EV chargers. Instead, look for an EV charger with charging ports suitable for multiple types of vehicles, or ones that come with adapters.
To see a return on your charging station investment, you want a practical charging station setup that works for you and your customers.
There are a lot of different aspects of EV charging that need to be considered before purchasing and installing EV chargers. In our EV charging blog feed we cover all of the need-to-know questions you might have before deciding on an EV charging unit.
The Software Determines the Return on Your Investment
The EV market is growing, but it’s still small enough you can get by simply by making your EV charging infrastructure work okay for drivers.
Unlike gas pumps, electric charging stations do not have attendants. The station is dependent on internal software. The software takes care of everything from supply electricity and tracking usage, along with troubleshooting problems.
Getting by with outdated charging stations will not help you maximize your investment. Older EV stations are not Wi-Fi enabled. You may not know there is a problem with the infrastructure until you see the monthly electric bill. The problems are often difficult and expensive to repair, and you also have to spend time and money revamping the charging station’s reputation on the EV apps.
Newer EV charging stations come with full internet connections. You can track the charger’s performance in real-time. You can see how often a charging station is in use and if there are any errors in the software. Consumers can track the charging stations on the connected and tell if it is open or currently in use.
This allows you to track your charging station investment, while also realizing the maximum ROI on your EV chargers.
Upgrade to Connected Charging Stations
You still are not taking advantage of all of the benefits you get with an EV charging infrastructure if the chargers are not connected to the same network and software.
Non-connected chargers still come with multiple repair challenges you don’t have with connected ones.
Even if you only have a couple of EV charging stations, maintenance is time-consuming and expensive. Nationwide businesses, with multiple chargers at each of their locations across the country, are risking their reputation with customers if their infrastructure doesn’t perform. It also puts the company’s charging station investment at risk.
When problems with EV charging infrastructure occur, it is often caused by the provider. Companies manufacturing EV chargers can dictate the type of chargers you can purchase, the software, and even how the infrastructure is installed. You are limiting your charging station investment.
Our EV chargers are run on a state-of-the-art operating system the offers automatic infrastructure diagnostics, intelligent energy management, load balancing, and so much more. Let us help you navigate the EV charger landscape; you can schedule a call with one of our EV charger specialists by clicking the button below.
Applying Business Basics to Your Charging Station Investment
Investing in EV chargers means applying business basics. You want to ignore the logos on the stations, along with its sleek, modern design. What matters is the infrastructure’s flexibility, along with how easy they are to manage.
You ask questions before purchasing financial software, and you want to apply this to your charging station investment.
Some questions you want to ask before investing in EV chargers are,
- Who controls the asset?
- What software and hardware combination offers the most flexibility?
- Is it easy to manage large numbers of charging stations?
- Will the back-end system provide insights into the chargers’ performance?
- Is the system compatible with your existing systems?
- Will the infrastructure add value without increasing overhead?
The decisions you make at the beginning affect your revenue stream from the chargers. It applies for as long as you operate or own the stations. If your provider is trying to lock you into a garden-walled design, look for one offering more flexibility.
Your ROI on EV chargers decreases if you end up with several stations that do not meet the needs of consumers or your business.
When Investing in EV Chargers Look Towards the Future
The electric vehicle market is continuing to grow, along with the charging infrastructure. It is also opening up additional opportunities for businesses. The right EV charging infrastructure will give businesses confidence knowing they made a smart investing decision.
Treat EV infrastructure the same as any other investment. Ask questions, compare hardware and software, and find out about referral services. Don’t get taken in by glossy brochures, and you can enjoy a long-term return on your charging station investment.
Action Services Group is dedicated to educating our customers on EV charging. This is not an easy decision to make, and we know you have questions. Our EV charger specialists are available to help point you in the right direction. To speak with an Action Services Group expert about EV charging stations, call 610-558-9773, email [email protected], or schedule a call that fits your needs by clicking the button below.
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“The EV charging stations are attractive, run efficiently, and the OS allows for customized tracking. We will be installing more charging stations within the coming months both for private and public use!”
Property Manager – Boston Massachusetts REIT