EV Charging for Commercial Properties
Ten questions you should ask when considering EV charging for commercial properties
The number of EV chargers grew more in 2022 than in the three previous years combined. And there still aren’t enough. As EV sales skyrocket, charging infrastructure lags. This creates a headache for EV drivers but a business opportunity for commercial property owners looking to stand out above their competition.
In October of 2022, there were 1.9 million EVs on the road. By 2025, that figure is set to more than triple, reaching 7.8 million vehicles. To support that many EVs, the US will need 700,000 Level 2 chargers and 70,000 Level 3 chargers. Currently, there are only 140,000 EV charging stations in the US.
There’s a long way to go.
Bridging the gap between the current charging infrastructure and the needed charging infrastructure will require significant public-private investment. Commercial properties, such as offices and shopping centers, will play a key role. But adopting EV charging is more than an act for the public good. It’s also good for business.
As EV adoption increases, more people will choose where they live, shop, and work based on the availability of chargers. Companies that offer employees a place to charge will gain a leg up in attracting talent amidst a tight labor market. For stores, EV chargers could be the difference between increased foot traffic and losing out to competitors down the road or online.
The writing has been on the wall for several years now: the EV revolution is coming, and in many ways, it’s here. Nevertheless, many commercial property owners are still unsure how to implement EV charging. Jumping into EV charging without knowing the best practices and available rebates can leave thousands of dollars on the table.
We’re here to help streamline the process.
Ten considerations for commercial properties implementing EV charging
- Who should be involved in the process?
At the outset of an EV charging project, it’s essential to bring all the relevant stakeholders to the table. By nature, these projects affect many areas. From facilities and maintenance teams concerned about the upkeep and installation of chargers to board members looking to meet corporate sustainability initiatives, many parties will want a say in the process. Failing to gather all the relevant stakeholders early on often results in a quick start, followed by project-threatening delays and administrative headaches.
- What are your charging goals?
EV charging is not one-size-fits-all. Before you move on to later steps, you need to know why you’re investing in EV charging in the first place. Is this to generate revenue? Attract employees? Increase foot traffic? EV charging can help with any of these goals, but you need clarity on your primary goal to make downstream decisions.For instance, if you want chargers to be a direct source of revenue, then you’ll want chargers designed for monetization. On the other hand, if you are using chargers to increase foot traffic at a store, that will affect what level charger you go with, as you don’t want one that charges too fast. Otherwise, would-be customers will never even leave their cars.
Note: Level 2 chargers take 3-4 hours to recharge an EV, while Level 3 chargers will recharge an EV in 30 minutes.