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Analysts predict that the EV market will be worth more than $350 billion by 2028, marking a turning point for the industry. As consumers are switching from gas-powered vehicles to EVs in large numbers, there is an increased demand for the availability of EV chargers. The electric vehicle charging market is growing rapidly due to this demand and is expected to reach nearly $120 billion by 2028.
Now is the time to start an EV charger business or expand your current company to include EV charging if you have been thinking about it. You can tap into a growing market and help usher in a more sustainable tomorrow by providing electric vehicle (EV) charging services. Are you starting an EV charging station business? This article will guide you through the steps, from choosing a business model to selecting the appropriate software and hardware.
Electric vehicle chargers can be one of three varieties, depending on the level of charging that they provide:
This equipment is just basic and slow-charging. It operates on 120 volts of Alternating Current (AC), making it suitable for use in residential settings. This setup can charge a battery in about 8-12 hours. Most EV owners charge their vehicles at home while they sleep.
A 240-volt (V) AC plug fully charges it in about 4 to 6 hours. Any electric vehicle can work with it, including those that require a plug-in adapter. These stations are commonly located in parking garages, apartment complexes, and office towers.
A Direct Current (DC) plug can charge up to 80% of a 480 V DC battery in 20 to 30 minutes. However, it is only usable by some electric vehicles. They can be installed only in public charging stations.
Before installing the right EV charging station, knowing what to look for in a charging solution is important because they are all different. Make sure to choose something dependable, easily accessible, and smart for your company's choice of AC or DC (fast charging) stations. This will represent your company to customers.
Reliability: The stations' reliability requires longevity and adaptability to changing market conditions.
Safety: Meeting all national and international standards for quality and safety is important for the charging equipment. A charger must be durable enough to operate in any climate. It should withstand impact while charging without damage.
Software: The software of the stations should enable remote access for maintenance, management, and control.
The electric vehicle charging industry is growing rapidly due to the low initial investment and ongoing maintenance of charging stations. Fewer people are required to run the business.
Here, we will detail what you need to know to install a charging station.
Area: The location of EV charging stations is crucial. The space needed to charge electric vehicles and accommodate any other activities on the site will vary. The charging equipment requires only about 10 square feet of space, but the more important consideration is where to park and move the vehicles around. You would only need as little as 100 square feet.
Manpower: Most reputable charging infrastructure original equipment manufacturers (OEMs) offer a turnkey solution (equipment + software + mobile app), so a well-designed charging station does not need a human attendant. From handling the entire billing process digitally, from receiving payments to sending them out, everything is done streamlined. Therefore, only personnel responsible for the machine's physical safety are needed.
Marketing: When you first get started, marketing online becomes the most effective way to spread awareness of your brand. However, businesses can expand using YouTube, Facebook, LinkedIn, advertisements, and blogs.
License: This business has a big advantage when getting licenses. There are no license requirements.
Minimum Requirements: When starting a business, you should find a reliable EV charging OEM that can supply a manageable, high-quality solution. To get started, you should select the optimal location for installing the charging station and set up the electrical load according to the capacity of the chargers. Assessing a startup's commercial viability can be aided by a reliable charging infrastructure technology provider.
Factors like location and industry can determine the various forms of business plans for electric vehicle charging stations.
One way to draw in more people immediately is to provide EV charging stations at no cost to employees, guests, or customers. Level 2 chargers are ideal for this format, which customers use when spending more than 45 minutes in your establishment.
EV charging businesses commonly and popularly use a small fee model to recover electricity, maintenance, and other infrastructure costs. Owners of electric vehicles are accustomed to paying cash to recharge. For instance, Tesla shrewdly established charging fees for its entire charging network as part of its cost recovery model.
In this model, the fees are higher than those of competing EV-charging business models to make a profit. If you have a charging station in a remote area with few other options, such as a stretch of highway, operating your EV charging business could be the best way to make money.
Before investing money into a business, conduct market research to identify your ideal clientele, major competitors, growth opportunities, and threats.
Here are some questions to know answers about:
When conducting market research, you have various tools, including online databases, industry reports, surveys, interviews, focus groups, etc.
Placing your electric vehicle charging station is crucial for its viability. It is important to find a convenient spot for people who drive electric vehicles and those who own them. When you decide on a location, it's important to think about things like:
You can easily find the right spot for your EV charging station with the help of online mapping and real estate databases like Google Maps, Apple Maps, Zillow, LoopNet, etc.
A variety of business models can function on your electric vehicle charging station. Professionals in the field recommend additional popular models. You should choose a business structure that suits your objectives, resources, and audience.
What you want to offer at your charging station will determine the features you need. It may also vary from country to country. You can verify if your business complies with local standards in the country where it is based. However, it primarily has three pricing tiers.
You must also consider equipment such as cables, connectors, meters, and signs.
You can purchase or rent EV charging infrastructure depending on your needs and finances. Leasing equipment offers several advantages, including providing lower initial costs, allowing tax deductions, offering maintenance assistance, and giving the option to upgrade or replace machines as needed. Purchasing EV charging equipment outright offers many advantages, including the ability to depreciate the cost over time. You can compare the price, quality, warranty, service, and reputation of various EV charging machine vendors and suppliers.
If you want to maximize the efficiency and profitability of your charging stations, you need essential EV charging management software. The charging station software should give you a bird's-eye view of the entire electric vehicle charging network. With the right charging management software for EV, you can set prices, power output, user permissions, and more for each charging station individually.
Many excellent providers of charging management software exist, and each provider specializes in their area. You can find a service with more features and a lower price than another. When deciding on an EV charging management system, finding the sweet spot between your needs and your willingness to invest is key. The Hyperlocal Cloud's software solutions provide access to information about your EV chargers whenever and wherever you need it, regardless of your location.
After you install a charging station for EVs, you'll want to spread the word to as many people as possible. One option is constructing an EV charging station app that advertises your services, prices, locations, and customer reviews. Use social media sites like Facebook, Twitter, and Instagram to promote your electric vehicle charging services throughout the province or region.
On demand mobile apps have made it possible for owners of electric vehicles to easily locate, use, and pay for charging services in their area. EV charging station apps can include a variety of useful functions, such as providing real-time station availability, allowing users to search for stations based on location, enabling station reservations, giving turn-by-turn directions, offering in-app purchases, providing loyalty programs, and allowing users to write reviews. Mobile apps for EV charging stations can exchange data with the stations themselves using protocols like OCPP (Open Charge Point Protocol). Three of the most downloaded apps for finding electric vehicle charging stations are PlugShare, ChargeHub, and EVgo. Mobile app technology for EV charging stations can help overcome range anxiety and increase EV adoption.
If you need assistance developing an app for your company, such as one that helps people locate charging stations for electric vehicles. In that case, you may hire the best app developers for your electric vehicle charging station business. But how do you determine which one you choose for your business? You must consider many factors, such as their portfolio, reviews, rates, communication style, and availability. Startups need apps tailored to their specific needs to ensure the most efficient operation possible.
Hyperlocal Cloud, an established IT company, serves clients in many sectors by providing state-of-the-art mobile app development services. Our expert developers know what it takes to create a program that will serve our client's needs and exceed their expectations. Contact us for more information to develop your vision of the perfect business app. We are happy to lend a hand in any way we can before, during, and after a project's launch.