What ROI Can You Expect From EV Charging Stations in Your Parking Lot?
Electric vehicle charging stations are becoming increasingly valuable amenities for parking facilities, attracting employees, tenants, and customers while generating additional revenue. Here's what you need to know about maximizing ROI on EV chargers.
Electric car charging at station
Despite their high initial cost, several financial incentives make EV chargers a compelling investment:
Federal Tax Credit:
- 30% of total purchase and installation costs
- Maximum credit of $30,000
- Non-refundable credit reducing business tax liability
- Applies retroactively to installations from 2018 onward
Additional Financial Support:
- State government grants
- Local government incentives
- Electric utility company programs
- Combined incentives can cover 30-100% of total costs
Keys to Maximizing ROI:
- Research Available Incentives
- Contact local utility companies
- Check state and local government programs
- Combine multiple incentive programs when possible
- Choose Appropriate Charging Technology
- Level 2 chargers: Lower cost, suitable for longer parking duration
- DC fast chargers: Higher cost, ideal for quick turnover locations
- Implement Networking Solutions
- Enable remote monitoring and management
- Facilitate payment processing
- Track usage and maintenance needs
- Optimize pricing strategies
Best practices for implementation include thoroughly researching available incentives, selecting appropriate charging technology for your location, and utilizing networking solutions to manage and monetize the charging infrastructure effectively.
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