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The Top Reasons to Invest in a Commercial EV Charging Station in Annapolis

The growing popularity of electric vehicles means a growing need for electric vehicle charging stations. This need is not currently being met. Over 2 million electric cars were sold in Q1 of 2023 alone, but EV charging stations haven’t kept pace. 

A lack of public charger infrastructure remains a top pain point for those who haven’t yet made an EV purchase. This represents the perfect opportunity for businesses to get in on the action by investing in a commercial EV charging station.

The Need for More Charging Infrastructure

One of the biggest considerations for prospective EV buyers is where they’ll be able to charge their new vehicles. Home charging works for short trips, but during longer outings or road trips, EV owners need to rely on EV charging stations provided by businesses or municipalities. There are a few notable drawbacks to public charging, though.

Public EV charging stations are known to be inconsistent in terms of performance and reliability. In 2023, a report by J.D. Power found that 1 in 5 drivers who used public charging stations experienced charging failures or equipment malfunctions that left them unable to charge their vehicles. And even when they do work, there’s no guarantee that a public charging station will feature the lightning-quick “DC fast charging” that consumers expect. Many public facilities offer only level 2 chargers—which take substantially longer.

On top of that, public EV charging stations are operated by a wide range of private entities, each of which has its own rules on which accounts or mobile applications the consumer must use to access the service. Together, these restrictions make it hard for consumers to rely on public charging networks.

A Business Case for EV Charging Investment

There’s clear demand for EV charging in the marketplace, and this demand will only increase as federal mandates continue to accelerate EV adoption nationwide. Businesses can get in on the ground floor if they invest in EV charging infrastructure early and establish their commitment to sustainability.

There are clear benefits to EV investment, particularly when stations are set up by the right commercial electrical company—one that can keep purchase and installation costs low.

Increased Revenue

EV charging stations open the doors to new revenue possibilities in several ways. Some businesses opt to assess fees for EV charging, which can provide a direct source of revenue. But even with free charging, the mere presence of EV chargers can attract drivers, who may then purchase something from that business. After all, drivers need something to do while their vehicle charges, and they may spend more time in that store or restaurant while they wait.

Additionally, the eco-friendliness of EV charging stations can be attractive to customers who value sustainability. Research shows that 77% of consumers are more motivated to purchase from companies that commit to making the world a better place. Leading the charge in EV adoption is a great way to showcase this commitment.

Business Tax Credits

Related to cost reduction, a provision in 2022’s Inflation Reduction Act (IRA) allows qualifying businesses to earn a tax incentive up to 30% of the total cost of equipment and installation. However, certain construction requirements must be met for these terms to apply. Businesses in Annapolis must choose a qualified commercial electrician to install the station correctly so they can reap the tax incentive. 

Better Visibility

A business can boost brand visibility when it allows its charging station to appear on the many mobile apps that track them. This means more exposure for the company, more eyes on their services, and more customers aware of the green initiatives that the business supports.

Competitive Differentiation

Consumers are willing to spend more at companies whose values align with theirs, so the presence of EV charging can be a powerful competitive differentiator. This eco-friendly investment attracts the high-net-worth market of EV owners, but that’s not all.

There is a known disparity in public EV charging station investment. Wealthier areas receive the bulk of charging infrastructure, and areas of poverty and lower incomes have become “charging deserts.” This lack of suitable infrastructure makes EV travel less feasible. Businesses can install their own charging stations and do their part to reduce this disparity.

Which EV Charging Options Are Available?

A business will need to decide on a charging station type since there are many different models. Factors to consider include the number of vehicles, charging speeds, and available locations for installation. We recommend finding an Annapolis, MD electrician to help review the many options. Here’s a rundown on the different types:

  • Level 1 chargers are typically included with EV purchases, are relatively slow, and take 50+ hours to charge a vehicle fully.
  • Level 2 chargers can fully charge a vehicle in around 10 hours, making them a popular choice for EV owners.
  • Level 3, or “DC fast chargers,” can charge a vehicle in as little as two hours and are the fastest option.

DC fast chargers are the clear preference for many vehicle owners, especially high-income EV owners who don’t mind paying a premium for fast charging. However, there are plenty of EV drivers out there who prefer the middle-ground of level 2 chargers, which offer a blend of speed and affordability.

How to Set Up a Commercial EV Charging Station in Annapolis

Businesses interested in installing EV chargers will need to do some research to determine which chargers to use and how to set up a strategy.

For example, it’s common for businesses to offer low-level charging for free while selling fast charging at premium rates. Tesla is the best known example. Its level 3 “Superchargers” cost around $10 to $40 for a full charge.

Exact prices vary based on the efficiency of the vehicle and the going rate of electricity in a given state. In Maryland, the Maryland Transportation Authority offers 15 publicly-available charging stations; its level 2 chargers cost $0.18/kwh, and level 3 chargers cost $0.34/kwh. Companies that install their own stations will need to determine their energy costs and calculate what usage fees, if any, will make their systems profitable.

Bear in mind that the cost of the stationitself will be only part of the cost. Depending on its location, a company may need to perform infrastructure improvements to be sure the new station is compliant with the National Electric Code (NEC) and Americans with Disabilities Act (ADA) accessibility guidelines. This is a vital part of the project, but it’s one that can incur a significant cost. Keep these factors in mind throughout the planning process.

Select the Right Commercial Electrical Company

Whether the goal is an EV charging station, a backup generator, or electrical repairs, it pays to find the right Annapolis, MD electrician to help. An adept electrical contractor will handle the hard work of planning on the business’s behalf. The contractor will weigh in on everything from site assessment to equipment selection and installation timelines.

And beyond the planning process, the contractor will deal with potential challenges that may surface during the project. Whether to manage intricate power distribution systems or mitigate safety issues at the installation site, a commercial electrical company will partner across all phases of the project.

Weisman Electric’s skilled electricians offer a range of services for both residential and commercial entities. Our team has years of experience in Annapolis, MD and can bring our skills to work on nearly any type of commercial electrical task:

  • EV charger installation
  • Electrical repairs
  • Fire alarm systems
  • Generator services
  • LED landscape lighting & retrofits
  • Electrical panel servicing
  • And more

How Weisman Electric Handles EV Charger Installation

Weisman Electric is Tesla® certified and able to install most popular brands and models of commercial EV charging stations, including ChargePoint®, Bosch, Ideal Shield, JuiceBox®, Leviton®, and several others.

This portion of our business has expanded rapidly in recent years, so our teams offer in-depth experience to design, build, and install commercial EV charging stations for businesses, parking garages, and parking lots of all sizes. Office space and parking lot installation have become a breeze for our electrical technicians in Annapolis, but we’re eager to tackle any new installation challenge that comes our way.

Our family-owned business has served the electrical needs of Maryland and Northern Virginia for over 30 years. We remain at the forefront of emerging technology and provide the type of cutting-edge EV solutions that modern consumers expect.

Consider whether an EV charging station suits your business’s long-term marketing strategy. Weisman Electric provides guidance, support, installation, and maintenance services every step of the way. Contact us to explore the future of sustainable energy solutions.