When many people heard “electric vehicles,” they tended to think of a sporty luxury car and a flashy billionaire. Then, Lightning struck.
This spring, Ford launched a new electric work truck, the F150 Lightning. Since 1 out of 16 vehicles in America are F150’s, this would be significant even if only Ford was making this move. But other manufacturers are committing billions to EV development. The number of EV’s in America is expected to increase by 4 million by 2025 and they should reach 40-50% market penetration by 2030.
Every business has an opportunity to profit from this trend by installing electric vehicle charging stations. And the time to act on this opportunity is now.
Tax Incentives Are Sunsetting
Currently, businesses that install charging stations can seek a federal tax rebate for up to 30% of the cost. Unfortunately, these incentives will end on December 31st, 2021.
It was possible Congress would renew the incentives in the infrastructure bill, but as of this writing the bill has passed the Senate without any such language. It seems increasingly unlikely they will be renewed for 2022.
First Mover Advantage
Taking the initiative leads to advantage, and EV technology is now in the maturity sweet spot. It’s mature enough to be past the growing pains, but new enough for you to receive advantages from early adoption.
With charging stations at your facility, you’ll be one of the few in the Rockford area to offer them to a rapidly growing segment.
Attract Upscale, Green-minded Renters and Buyers
Americans’ financial decisions are increasingly based on environmental impact, including in the rental space. Sixty-one percent of residential renters say they will pay more to live in a green apartment, according to surveys by Apartmentdata.com. The majority of EV owners earn more than $100,000 per year, meaning they will be an excellent target market for higher end rental properties and single-family homes that accommodate their vehicles.
For businesses already seeking sustainable locations (or using an electric vehicle fleet), charging stations might be the factor that decides who will land their long-term lease.
Increase Your Retail Traffic with Affluent Customers Brought Right to You
Electric vehicle manufacturers supply apps that direct drivers to local charging stations. Typically, the vehicle will need to charge for at least 30 minutes. Once you’ve installed charging stations, someone else sends you customers who have an above average income and time on their hands. It’s a perfect situation for retail profit.
Getting in May Be Free
A number of EV manufacturers install stations for free to make life easier for their customers and sell more cars. You may be able to get all the benefits with zero upfront cost.
If this sounds interesting to you, contact Thayer Energy Solutions today and “Get Plugged In!”