November 3, 2022

EV Adoption Is Good Business for Building Owners

4 Min. Read

Electric vehicle (EV) adoption is increasing at a rapid pace, with sales increasing by 41% in just the first half of 2022. EV sales are also increasingly taking the place of combustion engine vehicles, and EV sales now make up about 6% of all new vehicle sales and sales forecasts for EV sales to cover more than 50% of all car sales by 2030. While still small, EV adoption is growing swiftly and gaining momentum. This rapid adoption allows building owners to take advantage of these tailwinds to strengthen their brands, increase revenue sources, and attract talent, all while reducing their carbon footprint.

Reducing carbon footprint

Did you know that an EV emits three times less CO2 than a gas-powered vehicle? Not only is this good for the environment, but it is also good for business too. As a commercial building owner, you can make a difference and send a powerful message by taking steps to support EV adoption.

LEED certification

EV chargers can help you earn points toward LEED certification. The LEED program provides two options for gaining points. Your building might qualify if you install EV charging solutions for 5% of your available parking spaces or install the electrical systems required to add charging solutions to 10% of all parking spaces. Review the official LEED website to learn more about the details.

Carbon credits

It is possible to get carbon credits for your efforts, as hosting an EV Level 2 Charging Station helps promote carbon reduction by making it easier for people to switch to an EV. Some organizations, such as the Connecticut Green Bank, have programs where businesses can earn carbon credits for their EV chargers. These programs make it much simpler for businesses to earn and sell carbon credits based on the charging solutions they have implemented.

The number of credits that a charging station can generate depends on the cleanliness of the state’s energy grid where the charging solution is located and on how much energy is dispensed by the station. On average, these charging solutions can generate approximately four carbon credits per year, which will increase in the future as more people adopt EVs. If your company does not need these carbon credits directly, you can generate more money from them by selling them on the open market. Here are some estimates of how much revenue the credits from these charging solutions can generate for your company.

Grants and more

You can also qualify for incentives that range from grants to reduced electrical rates for EV charging. The number of grants available for making EV charging more accessible is higher than ever. Sites, such as the Alternative Fuels Data Center, outline many of the programs that help to make EV charging solutions more readily available.

In addition to grants, many power companies are committed to assisting with the push for electrification. The Salt River Project (SRP) is one of the companies offering such a rebate. For example, SRP will offer $1,500 for each Level 2 Charging Station installed on a 240V circuit.

Attracting talent

With more employees driving EVs, you can send a powerful message about your core values by giving EVs a front parking spot and encouraging more employees to switch to driving an EV. Embracing EV adoption demonstrates that your company is innovative and forward-thinking. You will be able to attract talent by demonstrating these traits.

More and more employees are switching to EVs and want to be able to charge their vehicles while they work. Qmerit’s Charge@Work™ solutions provide a turnkey option for adding EV charging solutions to any commercial space. Do not let the availability of EV charging solutions be a strike against you when talent is deciding where to work.

Strengthening brand

By adding EV charging solutions, your company sends a clear message on the company values and the importance of adopting this new technology. Speaking of company values, ESG (Environmental, Social and Corporate Governance) is something that investors value. The Harvard Law School reports that as investors become more comfortable with ESG and what it means, they increasingly realize that companies with good sustainable credentials are more likely to outperform other companies. Making clear steps toward improving the environment can also attract talent, business partners, and customers.

Increasing revenue streams

EV chargers can increase foot traffic for your business. Level 2 Charging Stations deliver 10 to 20 miles of range per hour. As customers wait, they will browse, shop, and eat. You can explore new revenue streams with customers spending more time in your business, such as by serving food or creating a coworking space. Attract customers with available charging solutions and then find ways to cater to their other needs.

Embrace EV adoption today

Now that you know more about the benefits of adding charging solutions to your building, it’s time to look into finding a reliable installer.

With Qmerit, vetting EV charging station installers is stress-free. Start growing your infrastructure by going with a trusted partner like Qmerit, whose mission is to make electrification accessible and affordable. Figuring out how to offset costs through utility incentives and financing can be hard. Let Qmerit help. Contact us today to learn more.