Whether you own a retail business, rental property or another large-scale organization that requires a place for travelers to park their car, you may consider investing in an EV charging station.
Car and Driver reports that about 1% of all cars, SUVs and smaller trucks in the U.S. are electric, and by 2035, as much as 45% of new car sales could have the more eco-friendly option. By 2050, it’s expected that more than 50% of all vehicles on the road in the U.S. will be electric.
While implementing EV charging stations likely won’t come with gained profit (most companies break even on higher commercial grade chargers) there are still indirect benefits. Providing your customers and building tenants with this amenity may be the most significant advantage, but there are also incentives that may be involved depending on where you live.
Let’s take a closer looking at the incentives for installing an EV charger at your business.
Gain a Tax Credit
The biggest incentive for electric vehicle charging stations is the federal tax credit. The 26 U.S. IRS Code § 30C states that businesses that roll out an alternative fuel vehicle refueling property on site are given a tax credit:
“There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year.”
Most states have some type of incentive to inspire more drivers to take the eco-friendly route; businesses and homeowners alike can gain a monetary incentive, rebate or another reward by installing an EV charging station. See the state-by-state breakdown of incentives here to learn how your business can benefit from going green.
Extending Your Reach and Bringing in More Customers
One of the often overlooked incentives for electric car charging stations is the fact that it can bring in more customers. Making a visit to your store more convenient and accessible for EV car drivers can inspire them to browse, shop, and help you meet your bottom line.
With more people driving electric cars than ever before - with an expectation set to continue increasing - having fast charging stations will make it more convenient for a wide selection of consumers to make use of your space. Encouraging EV drivers to park at your store increases their chances of visiting your store and potentially making a purchase.
From a residential property perspective, renters with EVs will love the convenience of having a charging station on site. This can make them more inclined to pursue your property and stick around for the long run.
Contact Cache Valley Electric for an EV Charging Station
The incentives for electric car chargers can help you make the move to installation. Are you ready?
At Cache Valley Electric we focus on excellence—the highest quality work always completed with integrity, performance, and precision.
We pride ourselves in sitting at the forefront of electric vehicle charging station infrastructure, with knowledgeable and experienced technicians and support staff who provide design, utility integration, installation and network communication services to help you invest in your charging station.
For more information on our EV charging station installation process, contact us today.
