An electric vehicle charging station is a highly profitable business worth considering. It is because the numbers of EV chargers are few in comparison to the number of vehicles. An EV car charging can be at any charging station or home. Charging a car fully can take around 30 minutes or half a day.

Is a charging station profitable?

EV chargers beat petrol pumps concerning business profitability. It is mainly due to the continuous rise in the demand for electric vehicles. The infrastructure for EV charging is growing fast, and soon there will be fast chargers, beating the petrol refueling stations. 

The investment is around Rs. 40-50 lakhs in India to install a public EV charging station. As per the chargers types, the money involved differs. Approximately, the setting up cost of an EV charging station may approximate to Rs. 1 lakh to 40 lakhs.

Why starting an electric vehicle charging station is good news?

There are ways to earn money with charging stations. The possibilities are endless, and Gas charging stations are a real business. Generally, gasoline sale makes a profit as the sale is like any other commodity. But electric vehicle charging is different.  

Here homeowners charge their electric vehicles at home at the consumer price. They charge when the electricity is cheaper at night times. The cost ranges from 8 to 16 kWh, or the estimation is 2 to 4 cents for each mile of driving. People charge at work as employers allow employees the charging for free to promote green driving and as a perk. 

Is there a strong potential for electric vehicle charging stations?

  • Starting electric vehicle charging stations as a business in potential countries is profitable. The places with petroleum products at soaring prices may look to operate electricity to reduce the usage operating cost. It will be an advantage, and the manufacturers will encourage the demand for EV charging stations to enjoy longer usage duration and better battery life.
  • With time, the support is increasing from Indian government bodies, and soon there will be electric vehicle charging stations everywhere. Many countries are gearing up and shifting to electric vehicles, thereby aiming to lessen automobile pollution.
  • Many European countries facilitate easy switching to EVs and as a promotion give tax reimbursements and incentives.
  • The usage of electric vehicles to increase by 2030 is 30% by the Indian government. The Indian government has agreed to provide grants to set up highways and cities with up to 5000 RV charging stations. This investment in developing charging infrastructure will create OEM opportunities and promote a revenue stream.

How to make money with EV charging stations?

Generate revenue consistently from EV charging. Thus, boost profits from the charging station and other products simultaneously. You can set charging fees, such that customers pay them, and bear in mind to set a proper structure pricing. Earn money by figuring out the energy usage for the charging and then setup up the station, making adjustments. It can include a fee for connection or a fixed session. It can be a variable rate as per the usage of energy.

EV charging is not only about location preparation. It should offer a clear way to generate profit and attract customers. The business landscape is competitive today, so consider creative ways of attracting customers and boosting transaction value.

To begin with, here are the 5 steps:

  1. Renovating your location is the straight and simple beginning towards the EV charging destination. 
  2. Increase customers’ time at your location. As the EV drivers stop charging, ensure cross-selling opportunities of services and products. Anyone would love to have some snacks or a lunch break while charging their vehicle. EVs require around 20 minutes of charging as per their battery size. 
  3. Charging large EV batteries also takes an hour. Having charging stations with AC and DC as a mix is also an apt solution. Offering a convenient experience will encourage them to spend money and time in your location as they are waiting.
  4. A fact is that the EVs drivers or owners are wealthier than others that their disposable income is high. It is favorable as these customers driving EVs will readily spend more time and buy goods and services of higher-end. Besides, they become repeat and loyal customers enjoying your valuable service. A recent survey shows more percentage of people consider buying EVs. Consequently, if your location offers charging and more, you will enjoy a frequented oasis of people for EV charging.
  5. Enhance instantly your reputation. It is because EV charging stations put on the map your business. They appear on popular navigation sites enabling drivers to visit nearby charging stations. Promote your brand visibility and get more customers. With charging stations customized you may display logo or brand colors. It helps improve your image as you have a charging station showing your environmental concern to your customers. You may also set up eco-conscious products for sale and earn prestigious sustainability certification.

Generate revenue consistently from EV charging. Thus, boost profits from the charging station and other products simultaneously. You can set charging fees, such that customers pay them, and bear in mind to set a proper structure pricing. Earn money by figuring out the energy usage for the charging and then setup up the station, making adjustments. It can include a fee for connection or a fixed session. It can be a variable rate as per the usage of energy.