Note: In a previous blog post, we discussed several innovative companies backed by Constellation Technology Ventures, a venture investment organization within Exelon Corporation. These forward-thinking companies included ChargePoint, Inc., Powerhouse Dynamics and Stem, Inc., each a leader in technologies that support sustainable mobility and renewable energy innovations. In this three-part series, we’ll dive deeper into these companies and why they represent important growth opportunities for commercial businesses.
The transportation industry is marked by transformation—and ChargePoint is in the driver’s seat. The company has developed the world’s largest, most open electric vehicle (EV) charging network. Its mission is to put every consumer behind the wheel of an EV and give those drivers a place to charge wherever they go.
ChargePoint’s network has grown to more than 31,000 charging stations that serve parking operators, property owners, retailers, multi-family property developers and even residential customers.
If you’re a business owner, here are a few reasons why you should take advantage of electric charging as well.
1. Electric Vehicle Use Is Growing Fast
The stats are in: EVs are becoming more-and-more popular every year. In 2008, we saw the launch of the first mass-market EV in the United States. Today, more than 530,000 plug-in vehicles are on the road.
What’s more, nearly every major automobile manufacturer now offers at least one EV. There are more than 30 different models available to consumers today. Many leaders in the auto industry have also committed to adding a large number of new plug-in models to their portfolios in the years to come. Some are pledging to offer all-electric fleets within a decade.
For the business owner, this momentum provides an opportunity for tremendous growth. Forecasts suggest that EVs will make up approximately 35 percent of all car sales by 2040. Simply put, there’s no shortage of consumers ready to drive electric.
2. Opportunities to Attract New and Repeat Customers
With such a high levels of growth, charging stations may be in high demand among both new and repeat customers. As the share of EV sales grows, the demographic of those drivers continues to broaden. Traditionally, EV drivers tended to be environmentally conscious, well-educated with a high disposable income. In the years to come, as more drivers turn to electric, it will be beneficial for businesses to offer more refueling options. Whether you’re working in hospitality, retail or real estate, EV charging stations can help you attract consistent, high-quality customers.
3. Improve the Customer Experience
Instead of having customers wait on charging stations and check on their cars, you can offer an enhanced guest experience with reservations, text message reminders and even a digital waitlist. Customers can use their mobile phone to get into a queue, enjoy their time at your business and charge their cars without worrying.
4. Offer Convenience to Your Employees
If you’re trying to hire and retain top talent, you need to offer more than a competitive salary. Convenience and flexibility are in high demand. Great employees can benefit from in-house charging stations just as much as your customers will. Plus, what better way is there to foster an environmentally conscious company culture than to provide infrastructure solutions that support the use of alternative transportation solutions to your workers?
5. Achieve Sustainability Goals
Sustainability isn’t just smart from a financial and logistical standpoint; it’s becoming a must-have for marketing to new customers. Millennials in particular look for environmentally conscious companies. Sixty-six percent of respondents to a 2014 study said they’d be willing to pay extra for sustainable offerings.
Luckily, EVs are a great way to curb emissions. Widespread use may reduce carbon emissions by up to 50 percent. Each charging station can cut down on 10 metric tons of CO2 per year, according to a ChargePoint research report.
6. Gain a New Source of Revenue
Last but not least, a charging station can be a great source of revenue in the right location. In an area where parking, charging stations and electrical power are at a premium, you may make a profit while still providing your customers with a better way to charge.
ChargePoint, a Constellation Technology Ventures company, now has more than 31,000 EV charging spots around the world. To learn more about adding a charging station to your commercial building, contact us today.