Electric vehicle (EV) adoption in British Columbia is surging, with EV sales poised to surpass those of traditional gas-powered cars. But as more drivers make the switch, a critical issue remains: the scarcity of home charging options. This gap is pushing EV owners to seek out convenient charging solutions at their workplaces and favorite commercial spots. In this blog, we’ll explore how offering EV chargers can not only attract these drivers but also turn charging into a lucrative revenue stream for your business.
EV Charger Benefits
Installing EV chargers in workplaces comes with several benefits, which include:
1) Attract and retain valuable employees
2) Enhance corporate image
3) Stay ahead of regulatory compliance & increased demand
4) Improve property value
5) Generage additional revenue
How can EV chargers generate revenue?
Resale of Energy
EV charging services can generate revenue via the resale of energy. A Pay-as-you-go type service with a dollar per hour ($/hr) or a dollar per kilowatt hour ($/kWh) rate set by the site to cover costs or to achieve a return on investment.
Fee for EV Charger Access
In workplace settings, a fee for access to EV charging stations can be billed to tenants. This can be done through an increase in the parking fee or similar mechanism. Site managers can restrict access to the EV charger so that only the user who pays for the parking spot may access the EV charger.
Carbon Compliance Credits
Carbon compliance credits offer an opportunity to generate additional revenue and significantly enhance the ROI of EV charging infrastructure. Both BC and federal carbon compliance credit programs are stackable, allowing EV charging stations to generate credits that can be sold in a public credit market.
How Credits Work
1) Mandated Laws
Carbon compliance credit programs are laws designed to reduce carbon emissions associated with transportation.
2) Generating Credits
Charging site hosts and network operators generate credits by supplying clean fuels, such as electricity, which have lower carbon intensities than traditional fuels.
3) Selling Credits
These credits can be sold to regulated entities that must offset their carbon deficits from the sale and production of high-carbon fuels to comply with regulations.
4) Revenue and Reinvestment
Each year, you can earn revenue from selling your credits and reinvest it in further electrification efforts, generating even more credits and income. Here’s how:
- Expand Your Credit Portfolio: Use your earnings to invest in:
- EV fleets
- Electric Material Handling Equipment
- Additional EV charging stations
- Fund Energy-Efficient Upgrades: Apply your revenue to projects like LED lighting retrofits. Since lighting often accounts for the highest energy cost in a business, upgrading to LED can reduce energy usage by up to 90%, leading to significant savings on your energy bills.
Contact Thrive Electrify to see how these potential revenues can positively affect your ROI.
Limited Time Incentives
EV chargers can help your business generate additional revenue, and the government is offering limited-time incentives to support this initiative. These incentives typically cover up to 50% of project costs and are awarded on a first-come, first-served basis until the funds are exhausted. Note that larger incentive programs have application deadlines. Contact us to see which incentives your business might qualify for.
How can Thrive Help?
Thrive Electrify can help guide you on everything EV.
- Design, procurement, installation, and project management of EV installations
- Incentive applications
- Guidance on revenue generation