Before customers can plug their car in for a charge, it's essential to determine what model of charging station is best suited for your business. There are three levels of EV charging, each with their own costs, charging fees, and applications. Contact online >>
Before customers can plug their car in for a charge, it''s essential to determine what model of charging station is best suited for your business. There are three levels of EV charging, each with their own costs, charging fees, and applications.
Level 1 EV charging stations are the least expensive and most simplified option. They are most commonly used at residences due to their slow charging rate. Level 1 chargers have minimal installation requirements and can often be plugged into a standard wall outlet. It takes approximately 10 hours to obtain a full charge on Level 1 stations, making them ideal for overnight charging.
The mid-range for EV charging stations are Level 2 models. They''re the most popular choice for small- to medium-sized businesses. Level 2 EV charging stations require a dedicated 240-volt circuit with a heavy-duty supply line and professional installation. These mid-range models provide a full charge in 6 hours or less, providing 15-30 miles of range per hour.
EV charging station power demands vary based on your chosen charging level. Level 1 has the lowest power demands, whereas DC chargers are much more energy intensive. Their power demands are directly related to their charging speeds.
Each level of EV charger increases in price. The upfront installation costs listed below account for both equipment and installation costs. Each EV charging level''s cost range accounts for various mounting styles, from stand-alone chargers to wall-mounted options.
Another cost consideration for EV charging stations is charging station software and additional soft costs. EV charger energy management software subscriptions often cost around $28/month depending on the provider. Soft costs for EV chargers include signage, parking blocks, and other visible markers like parking lines. If your charger is in a public area with heavy traffic, you may also want to consider an extended warranty.
The federal government created a variety of tax incentives and grants to encourage widespread adoption of EV infrastructure. Businesses can take advantage of the NEVI Formula Program from the U.S. Department of Transportation. Eligible projects can receive funding to offset 80% of their installation costs. There''s also a 30% investment tax credit (ITC) available for commercial EV charging stations.
State and local governments also offer additional financial incentives for EV infrastructure. To determine the incentives available in your city or state, explore the Database of State Incentives for Renewables & Efficiency (DSIRE). For example, Texas has 5 unique rebate programs for EV charger installation.
Businesses can also opt to finance their EV charger installation through a private loan. Loans help business owners obtain full ownership of their charging equipment with low monthly payments. After applying for governmental incentives, private loans can cover the remaining upfront costs of installation.
Charging-as-a-Service (CaaS) provides an option to implement EV charging with no upfront costs. CaaS is an all-inclusive model, in which businesses pay a monthly fee to have an onsite charging station. The provider company takes care of the installation, equipment, and maintenance while you and your customers benefit from onsite charging services.
Leasing provides another affordable method for EV charger installation. When leasing a charging station, businesses pay a minimal upfront fee and fixed monthly payments. Businesses enter into a leasing contract for a specific time period. At the end of the contract, you can choose to purchase the equipment, extend your lease, or return the charging station. This is a great option for businesses with limited budgets who want to try out a charging station before investing in it.
Businesses can create a new revenue stream with their EV charging station. Paid charging services can help offset your installation costs while increasing your business’ profitability. Choose between flat rates or metered billing structures to find the best solution for you and your customers.
Beyond additional revenue, EV charging stations can attract a new, eco-friendly customer base. Onsite EV charging showcases your business’ commitment to sustainability. Younger generations, like millennials and Gen Z, are driven by sustainability. Millennials are 75% more likely to favor environmentally friendly products and businesses. Similarly, Gen Z is willing to spend 10% more to support sustainable businesses and products. EV charging stations are like a beacon to eco-conscious customers, drawing them to your business.
If you''re still unsure about EV charging installation or which financing method to go for, completing an ROI analysis offers peace of mind. Use the formula below to compare the costs and financial benefits of EV charger installation.
In this formula, the total revenue includes charging fees and advertising revenue. The total costs include equipment, installation, maintenance, and other operational expenses. Completing an ROI analysis will help determine if EV charging is a viable investment for your business.
EV charging stations demonstrate your business’ commitment to a sustainable future and the interests of your customers. As the U.S. continues to pivot towards cleaner and more sustainable energy sources, the sales of EVs will continue to rise. With EV chargers, your business has the chance to tap into a new customer base while supporting community sustainability efforts. In the end, it''s not just about charging cars; it''s about charging your business with potential.
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From consumer sales to federal legislation, 2021 was an exciting year for electric vehicles (EVs). While the sales of internal combustion engines went down from 204 million vehicles in 2019 to 166 million in 2021, the sales of EVs reached a new all-time high. Despite supply chain and the chip-shortage issues, almost 167,000 light duty plug-in electric vehicles were sold in the U.S. in the third quarter of 2021—doubling sales from the same time frame in 2019.
As part of the Infrastructure Investment and Jobs Act (IIJA), $7.5 billion is allocated for the nationwide deployment of EV charging stations—only half of what the White House initially proposed for EV charging. With this limited funding, combined with ambitious EV targets, it is more important than ever to get a better understanding of the actual cost of EV charging infrastructure. Doing so will allow us to maximize the utility of these funds through a proper EV infrastructure planning.
Over the past three years, multiple studies conducted by various non-profit organizations such as the International Council on Clean Transportation (ICCT), the National Renewable Energy Laboratory (NREL), Rocky Mountain Institute (RMI), and the Environmental Defense Fund (EDF) estimated the cost of EV charging infrastructure deployment, including the cost of equipment, installation, needed utility upgrades (e.g., grid interconnections).
Considering the known challenges with EV infrastructure deployment, it is no surprise to see a significant cost variability across these studies. While these studies provided similar estimates for the equipment costs, the installation and utility upgrade costs varied significantly. A list of estimates provided by these studies is shown below in Table 1.
To further elaborate on the variability of EV infrastructure cost, we recently acquired EV charging infrastructure cost data associated with projects funded by the California Energy Commission through the California Electric Vehicle Infrastructure Project (CALeVIP). The CALeVIP, implemented by the Center for Sustainable Energy (CSE), provides incentives for EV charger installations, and works with local partners on projects that support regional EV needs for Level 2 and DC fast-charging units (DCFCs).
Between December 2017 and October 2021, the program funded 244 projects to deploy more than 500 Level 2 chargers with charging capacities ranging from 7 kW to 10 kW and approximately 300 DCFCs with charging capacities ranging from 50 kW to 63 kW. A summary of the cost data from CALeVIP projects are illustrated in the two whisker-box plots below.
While on average, the equipment and installation cost for both Level 2 and DC fast chargers lines up with the recent published studies, this dataset clearly shows the significant variability across different projects. For Level 2 chargers, the total cost of EV charger deployment can vary between $2,700 to $24,000 per charger (excluding outliers), and for DCFCs, it can range from $70,000 to $130,000.
It is apparent that while there are some levels of variability across the equipment cost, the cost of installation is what mainly drives the variability for the total cost of deployment. For example, for DCFCs, while the equipment cost varies from $18,000 to $61,000 (excluding outliers), the installation costs range from as low as $4,000 to as high as $137,000.
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