In the same way, the iPhone enabled an entire app-store market, EVs will do the same. Creating a brand new market around charging. Not only will the entire convenience-store-as-a-destination model change as EV charging becomes profitable and decentralized, but EV charging will open up new business opportunities, specifically EV charging for property owners.
It only takes a gas vehicle an average of 2-3 minutes to fill up a tank, but an EV takes a significant amount of time for the battery to charge, typically 30 minutes to an hour in ideal circumstances. This will reduce in the future as chargers and batteries advance, but in the immediate time frame, “filling up” can be a significant routine disruption. One that many can take advantage of.
EV charging for property owners
Creating a gas station comes with EPA regulations and great cost, but nearly anyone can add an EV Charger to their business property, posing some fascinating opportunities. Although many homes would need to upgrade their power supplies, EV charging for property owners in commercial zones is more straightforward. Most already have enough power to support one Level 2 charger or more.
Even if they don’t have enough power today, it’s an easier process to upgrade than adding a new underground gas tank.
In most cases our tech scouts have seen, even with only a few charges per day, a property can be net positive selling EV charging alone. When taking advantage of $0 down on a 5-year finance option, they can be cash positive in year 1. When local state, electric company, and Federal incentives are factored in, a property owner could start making a profit sooner.
Emerging markets around destination charging
Because EV charging is a significant disruption to typical commuting routines, it will open new business opportunities. Obviously, in the immediate future, cross-state commuters will likely be drawn to grocery stores, malls, movie theatres, restaurants, etc., instead of standalone fueling stations. Businesses will likely jockey for position closer to charging areas. But that’s only the beginning.
While the right location has shown it can be completely sustainable and profitable off of charging alone, advertisements also present new revenue opportunities. Some charging screens have built-in advertisements already, but the value is limited. Companies and advertisers are always looking for additional ways to get ads in front of potential customers, and given the types of places EV Chargers are being installed, it is an obvious pairing to place the digital advertising boards.
There are other methods marketing professionals could capitalize on, however. Advertisers may partner with EV Charger networks and owners overtime as well. We could see the ability to watch ads or take surveys for free miles, with easy smartphone pairing. Perhaps even on-screen experiences within the EVs themselves.
EV charging for property owners may also involve EV “validation,” similar to how a business validates parking. Buy an item with them, they pay your charge fee. After your shopping experience and a fully charged EV, perhaps a survey appears on your screen asking what stores you visited and if you bought anything.
This is just the beginning.
Chris Moeller is a 5G and IoT researcher at 3 Tree Tech. If you want to integrate IoT technology into your tech or need mobility infrastructure help, he’s willing to lend you his big brain. Reach out!
