As electric vehicles (EVs) become increasingly popular, many businesses are wondering if they should invest in EV charging stations. After all, EVs are still a relatively new technology, and there’s no guarantee that customers will want to charge their cars at your business. However, there are a few key reasons why investing in EV charging stations could be a wise business decision.
One of the most important factors to consider when deciding whether or not to invest in EV charging stations is customer demand. Are your customers asking for charging stations? If so, that’s a good sign that there’s interest in using them.
The Colorado Auto Dealers Association (CADA) figures put EV and plug-in hybrid sales at 6.5% of total registrations for 2021. The Colorado Energy Office says that combined market share was 8.1%. In a market of 244,000 new car registrations, the difference in growth estimates means thousands of cars a year (source: Colorado Sun).
Another reason to invest in EV charging stations is to show that your business is committed to environmental responsibility. Climate change is a major concern for many people.
In a recent poll conducted by the College of Colorado, 82% of Coloradoans polled believe climate change is a serious problem (Source: Denver Channel News).
EVs are seen as a more environmentally-friendly alternative to gasoline-powered cars. By installing EV charging stations, you’ll be sending a message that your business cares about the environment and is taking steps to reduce its carbon footprint.
Future-Proofing Your Business
It’s important to remember that EVs are still a relatively new technology. However, they’re becoming increasingly popular, and they’ll likely continue to grow in popularity in the years to come. Especially with government incentives like tax breaks and federal refunds, by investing in EV charging stations now, you’ll be future-proofing your business and ensuring that it can meet the needs of tomorrow’s customer base.
EVs in Colorado
As of 2022, there are currently 61,454 registered electric vehicles in Colorado. This number is projected to grow with the government incentives provided for consumers and the federal funding to increase the number of EVs in the state.
The Colorado 2020 EV Plan includes the large-scale transition of Colorado’s transportation system to zero-emission vehicles, with a long-term goal of 100% of light-duty vehicles being electric and 100% of medium- and heavy-duty vehicles being zero emission.
The Charge Ahead Colorado Program provides financial support for charging stations to fund 80% of the cost of a charging station – up to $9,000 for a Level 2 Dual Port Station. There may also be additional incentives available from your local utility.
Since its inception in 2013, the Charge Ahead Colorado program has made awards for more than 1000 EV charging stations across the state.
As electric vehicles become more popular, many businesses wonder if they should invest in EV charging stations. A few key reasons why investing in EV charging stations could be a wise business decision, including customer demand, environmental responsibility, and future-proofing your business. If you’re considering installing EV charging stations at your business, keep these factors in mind.
If you are ready to make the investment, Mac Electric & Lighting can help you find the right solution for your business. We offer a variety of services, including EV charger installation, and our team of experts is always available to answer your questions. Contact us today to get a free quote on an EV charging station and installation.