Yes, you can have a new revenue stream that brings your business an average of $2,000 monthly. Using our EV charging Calculator will give you a clear picture of your potential EV charging station profit, which depends on the number of ports you will install, the customers' charging fees (per kWh or hour), the amount of time your stations will be turned on daily, and weekly, and your local electricity rates.
Additionally, your business can benefit from an electric car’s indirect revenue that our Calculator can't predict, such as the EV charging station profit from attracting new customers, having a steady flow of loyal customers, boosting your business's reputation, and getting noticed on top electric car charging maps.
Installing Level 2 EV charging stations has more financial advantages and ROI than installing Level 1 or Level 3 fast chargers. First, only a few businesses can make a steady profit with Level 1 chargers, which takes between 20-24 hours to fully charge an EV. Second, a Level 2 commercial EV charger has lower equipment and installation costs and is eligible for utility and incentive programs throughout the US.
On the contrary, installing Level 3 fast chargers is expensive, and making an electric car charging station profit will be possible only by setting high fees for your customers. Simply put, the percentage of customers who can afford these charging rates is low, and only some electric cars have the necessary battery capacity to match Level 3 EV stations' power output. Level 2 electric charging stations have the following economic advantages for your business:
Every state in the USA offers tax credits and incentives for installing a commercial EV charging station. There are two types of incentives - utility and state incentives, and to be eligible, you have to meet the application criteria. These criteria differ from program to program. Some incentives cover up to 90% of electric car charger purchase and installation costs - but the application process is challenging. You will be required to upload documents and provide exhaustive site information, such as facility type, charging location, parking type, electric service scenario, project scope, project financials, etc.
Participants have to complete a pre-installation checklist, installation checklist, and post-installation checklist. You will need a contract proposal with the project cost and a site drawing with EV infrastructure location, conduit paths, and a description of futureproofing measures. The requirements are not limited to these parameters. Don't let these things discourage you. Energy5 can find and complete the incentive application for you. For more details, go to our Incentives page.
One of the best ways to make money by installing a Level 2 EV charger is to set charging fees for your customers. Charging at commercial electric charging stations is not free. As the owner, you are at liberty to establish the markup and set charging prices for kWh ($/kWh), hour ($/hrs), fixed session, or use a combination of these fees.
Installing Level 2 electric car charging stations can bring additional profit to your business in other ways. Customers will spend more time at your premises, be it a restaurant, a shopping mall, a spa salon, etc., which results in better sales for your business.
Installing and purchasing electric car charging stations can result in anywhere between $1,000 for Level 1 chargers and $60,000, or even up to $100,000 for DCFC. It depends on various factors, including the charger station Level (Level 1, Level 2, or Level 3), the number of chargers and ports, the charger manufacturer and delivery, on-site modifications, labor, taxes, network connection, etc.
On average, a Level 2 EV charging station installation can cost anywhere from $1,000 to $6,000 for a single charger. The best financial solution for businesses is to apply for incentives that can cover up to 90% of purchase and installation costs. Get in touch with our Energy5 experts and find more details regarding the final price for installing a Level 2 charger.
Using a Level 2 commercial station to fully charge your EV from 0% can cost between $10 and $30. That's an estimated price because every case is individual and depends on EV battery capacity, charging fees, current battery level, charging speed, state electricity prices, etc.
To get accurate numbers for EV charging cost, you should use a calculator and divide your EV's battery capacity (for instance, 65 kWh) by the EV charger's charging speed (let's say a Level 2 charger which supplies 7kW per hour) and get the time your car will need for a full charge (in our case, 9 hours 17 minutes). Now, you have to multiply the charging hours by commercial charging station fees and get the exact amount you might pay for a full battery charge.