COX Automotive estimates that more than 1 million EV vehicles will be sold in the US in 2023. By 2040, electric vehicles are projected to account for 54% of all new car sales, according to a report by Bloomberg. These estimates appear accurate, as electric cars are gaining popularity on US roads. As a result, there is an increasing demand for convenient electric car charging stations.
To future-proof your business, you must join the movement toward a greener future with Electric Vehicle Charging Stations (EVCS). As electric cars become more popular, businesses can set themselves apart by showing their commitment to sustainability. With the rise in demand for convenient charging options, implementing EVCS can give your business a competitive edge.
But there’s more to consider than just the chargers themselves. From different charger types to tax incentives, navigating the world of EV charging for commercial and industrial buildings can be overwhelming. Fortunately, Sun-Wind is here to help determine if a solar EV charger is the cost-effective solution you’ve been looking for!
Types of Electric Vehicle Charging
Charging equipment for EVs are categorized into three levels according to the rate at which the batteries are charged. Level 1 and 2 stations are available for all electric cars and offer the same power as home chargers. However, level 3 chargers are much more powerful and can charge an EV much faster. Let’s dive into the specifics of each charging level.
Level 1 Public Chargers:
These are standard wall outlets with 120 volts. While they are the slowest, they are still capable of fully charging a 100% electric vehicle, although it may take tens of hours. Plug-in hybrids will require several hours to charge.
Level 2 Public Chargers:
Level 2 chargers can be found in most homes and garages, making them the typical EV plug. They are faster than level 1 chargers, taking around 5 hours to charge an EV for a range of 200 km (124 miles) and around 11 hours for a range of 400 km (249 miles).
Level 3 Public Chargers:
Level 3 chargers, also known as DCFC or DC Fast Chargers, are the quickest way to charge an electric vehicle. These chargers can charge an EV up to 80% of its range in just 30 minutes for a 200 km (124 miles) range or 1 hour for a 400 km (249 miles) range. However, not all EVs can use level 3 chargers, so they may not be the best option for your business to accommodate the most customers and employees.
How Your Business Can Benefit From a Solar-Powered EV Charging Station
While many people charge their electric vehicles at home, the growing number of EV owners suggests that many individuals are seeking more charging options. You can become the preferred choice for these consumers and employees by offering electric car charging stations at your business.
The benefits of installing an EV charger are extensive, and the cost is lower than you might anticipate. As electric vehicles continue gaining popularity, investing in EV charging stations is wise.
Are you interested in joining the EV charger trend? Here are some benefits of installing an EV charger at your business.
#1 – Tax Incentives
President Biden’s Bipartisan Infrastructure Law strongly emphasizes expanding electric vehicle (EV) infrastructure. These programs complement existing initiatives, providing EV charging station installation tax credits.
While electric vehicle chargers are not fully tax deductible, the tax incentives provided by the Inflation Reduction Act can still significantly offset the upfront cost of EV charging solutions for your commercial building. Read more specifics about tax incentives below.
#2 – Draw Customers
In today’s competitive market, businesses need to find innovative ways to stand out and increase revenue. Becoming an EV charging destination is a simple and effective strategy that you may not have considered. Offering EV charging will make your location more appealing to the growing number of EV drivers.
By establishing your business as an EV charging destination, you not only become a frequented location, but you increase the amount of time spent at your business while customers wait for their EV to charge. This is also an opportunity to position your business as forward-thinking and attract this valuable customer base.
#3 – Put Your Business on the Map
Offering solar EV charging will put your company on the map – literally. By registering your location on public charging maps, potential customers can easily find your business. Whether you’re a restaurant, hotel, store, or other service, you can register your business on popular EV charging maps like Google or Apple maps.
Want to see proof for yourself? Just search “electric vehicle charging stations near me” on Google and witness the potential customer base waiting for you. Public EV chargers listed on charging station maps like ChargeHub, PlugShare, and OpenChargeMap can be a valuable tool in attracting people to your business. And with the option to personalize each EV station with your company branding, the visibility of your business can be even further enhanced.
#4 – Promote Your Business’s Reputation
Get ahead of the trend and show your commitment to EV owners and customers by installing commercial EV charging stations in your parking facility. With EV charging stations, you become part of their schedule and offer a convenience that shows your commitment to your customer’s needs.
These marketing powerhouses are not only seen by the public when they visit your business but also by passersby. By offering EV charging stations, you demonstrate your concern for the environment and reducing air pollution and the use of fossil fuels while also embracing the growth of electric vehicle infrastructure. This will help your brand stay ahead of the curve and show your willingness to advance technology and the future of your industry.
#5 – The Power of Solar Power
At Sun-Wind, we will help you discover the hidden perks of having an EV charging station powered by solar energy. Utilizing solar power to offset some of the purchased power for your EV charging station will save on electricity costs and amplify the environmental benefits of driving an EV. You will receive a bolstered reputation, increased customer loyalty, and greater visibility within the eco-conscious community.
Additionally, installing a solar panel system can significantly enhance the value of your commercial property. Considering the potential energy savings, buyers are more willing to pay a premium for a solar-powered building. As a result, a solar-powered EV charger, integrated into a comprehensive solar power system, can be viewed as a valuable improvement to your commercial or industrial property, ultimately increasing its resale value.
Provide EV charging for multifamily residences
With the growing number of people living in apartment buildings and condominiums, this is a significant market that should not be ignored. Not only does installing EV charging stations meet the demand, but it also offers numerous advantages for both landlords and tenants.
Here are some key benefits of adding ev charging stations to a multifamily residence:
Improved Tenant Satisfaction: By installing EV charging stations at multifamily properties, tenants can conveniently and quickly charge their vehicles without relying on overcrowded public access chargers. This leads to higher resident retention rates and increased tenant satisfaction.
Added Amenity: Adding EV chargers to your property makes it more desirable to eco-conscious tenants. This increased attractiveness allows you to charge higher rent, generating additional income.
Decreased Energy Costs: Solar EV chargers allow property owners and managers the luxury of lower electricity costs with today’s rapidly fluctuating energy prices.
Increased Property Value: Having EV charging solutions installed can make your property more appealing to potential tenants and increase its long-term value.
EV Fleet Charging
EVs are the perfect solution for fleets, offering numerous advantages for daily driving needs. From light-duty to medium/heavy-duty and even off-road applications, EVs can fill a variety of roles. Incentives at the federal, state, and local level can lower the purchase price of EV fleets and the installation of solar EV chargers. Not only that, but EVs also boast high fuel economy, resulting in lower operating costs. Plus, EVs excel in stop-and-go driving conditions, typical for fleet applications, maximizing fuel economy.
Power your fleet with clean energy to cut emissions and save money. By combining solar generation, energy storage, and electric vehicle charging, you can achieve greater returns on your investments while reducing your carbon footprint. Sun-Wind can help optimize your energy usage and total cost of ownership for electric vehicle fleet operations. Your business can lower costs and decrease maintenance and fuel expenses by utilizing solar generation and battery storage.
Cost of Installing a Commercial EV Charger
The average cost to install a Level II charger starts at $6,000. But with government incentives, you won’t have to foot the entire bill. The federal EV tax credit used to cover up to $30,000 of the cost, and now the Alternative Fuel Vehicle Refueling Property Tax Credit can give you a credit of up to $100,000 for installations after 2022.
But what about the other costs? Installing a solar EV charging station involves three main expenses:
This is the upfront work needed to prepare the site. It includes things like electrical infrastructure, pouring new concrete, restriping the parking lot, and installing signs. A detailed quote will outline all the costs associated with getting your location ready.
Once the site is prepped, it’s time to bring in the solar panel chargers and get them up and running. The cost of this step varies depending on factors like electrical service, the number of chargers, location, materials, labor, permits, taxes, and any local initiatives.
Networked Charging Stations:
If you want to take advantage of all the incentives available, you’ll need chargers with Wi-Fi connectivity. This allows you to control access, charge users for electricity, monitor performance, and create usage reports. Just keep in mind that networked charging stations do come at an additional cost.
So, how much will your charging station cost? While the price of materials, infrastructure, and installation can add up, there are ways to minimize expenses. Sun-Wind can help you use existing electrical infrastructure and point you to tax incentives to minimize your initial investment.
EV Charging Station Tax Incentives
If you’re turned off by the costly construction of a solar EV charger, some incredible federal incentives are available to save money on commercial solar power! The Investment Tax Credit (ITC) offers up to a 30% tax credit on solar energy system installation costs, resulting in substantial savings for businesses. This credit applies to equipment and installation expenses, even for leased systems.
One exciting development is the increased accessibility of EV chargers for commercial use. The tax credit for commercial entities has been raised to $100,000 or 6 percent per unit, a significant jump from the previous maximum of $30,000 per property. This change will encourage more commercial properties to install fast and reliable chargers.
The Modified Accelerated Cost Recovery System (MACRS) allows businesses to depreciate solar system costs over five years, leading to significant tax deductions. You can claim this deduction in the first year of service, getting your money back quicker.
The Inflation Reduction Act also contains tax credits to support the widespread adoption of EVs. Individuals and businesses that install EV chargers can benefit from the Alternative Fuel Vehicle Refueling Property Credit, which has been expanded and extended until 2032. The charging equipment must be depreciable, new, and installed in low-income or non-urban areas to qualify for the tax credits.
FIRA also offers grants and low-interest loans. Grants can cover up to 50% of total project costs, while lower interest rates on loans make them an appealing option. These incentives empower developers to finance their projects efficiently.
In addition to the federal tax credits, Connecticut is one of the best states for tax incentives. With a groundbreaking nine-year program in place, Connecticut is leading the way in supporting the installation of electric vehicle charging infrastructure. The Connecticut Electric Vehicle (EV) Charging Program is a comprehensive initiative offering incentives for infrastructure and fast charging stations. This program’s rebate helps reduce some upfront costs of preparing your site for charging station installation.
Fuel Up with Sun-Wind!
Invest in the booming electric vehicle market and watch your business thrive with a solar EV charging station. At Sun-Wind, we specialize in helping businesses like yours make the most of this ground-breaking technology. By installing commercial solar charging stations, we can help you create new revenue streams and improve your company’s image.
Our experienced technicians will transform your parking lot into a hub of opportunity. With their expertise, we handle everything from the initial site evaluation to commissioning by local authorities. You can trust us to deliver results that boost revenue, uplift employee morale, and impress your clients and the public.
Simply call us at (203) 255-3714 or contact us online for a free consultation. We’ll assess your property to verify that it is suitable for a charging station powered by solar photovoltaic energy. If it is, we’ll schedule a visit and conduct a thorough evaluation, all without any commitment from you. Start your journey towards a greener future and more green in your pocket with Sun-Wind Solutions!