How much will it cost to install an EV charging station in my company's parking lot?

As the number of electric vehicles (EVs) on the road continues to grow, more and more consumers are looking for convenient ways to charge.

Summary:The main areas they are looking at are both places to work and places to shop.

This means that businesses that want to stay ahead of the curve in attracting top talent and maintaining a steady stream of customers need to consider a new benefit: electric vehicle charging stations. Adding charging stations for employees and customers already has many benefits, but is quickly becoming optional.

When the time comes for businesses to add charging stations to their parking lots, many owners ask the obvious question: how much does a charging station cost? The answer depends on many factors, but we're here to help you sort them out.

Consider the cost of Installation of Electric Vehicle Charging Stations

Of course, before you start calculating the cost of an electric vehicle charging station, it's important to consider how this project will affect the bottom line. However, it is equally important to consider how much it will cost. 

 “The potential costs are very high”, says the ENERGY5 sales manager.

First, the opportunity cost is in the form of lost profits. If chargers aren't available, they lose confidence in the growing base of electric vehicles that need convenient charging at work or while shopping. However, they also have a form of future replacement of unknown value.

For example, someone argues that subsidies for installing electric vehicle charging stations will likely change in the future. The requirements to obtain them may increase or become more stringent. The utility already requires a 10-year commitment to subsidies. Failure to act today will likely lead to increased costs in the future, and those costs should be weighed against what you will pay if you act now instead of waiting.

The cost of electric vehicle charging stations at a glance

When trying to calculate the cost of an electric vehicle charging station, it is important to understand the various factors that affect the overall cost. Much depends on the unique needs of your business and your circumstances.

The biggest difference in cost is when a business needs a standard Level 2 charger or a DCFC fast charger: as explained, a Level 2 charger typically costs between $800 and $7,000, while a DCFC can cost anywhere from $30,000 to a cost of $200,000 per charger. Your business decision will depend on the size of your company and the needs of your employees and customers.

In addition to the charger itself, installation costs must be considered. This can also vary widely. These include.

• Extending existing wiring tables, where necessary;
• Running trenches and cables under existing parking lots;
• Adding transformers or other electrical upgrades;
• Technical review and planning;
• Approval and verification;
• Labeling and lighting;
• Ensure compliance with Americans with Disabilities Act (ADA) requirements.

All of these services may not be required. For example, a call center may not require additional work, and the facility may already have the necessary infrastructure. In this case, only a few thousand dollars can be spent on the installation. However, this can change dramatically if additional work is required.

" If a utility company needs a new power supply for a facility, if a new transformer or all that powerful equipment is needed, depending on the size of the project, the cost can be in the five or six figures," an expert says.

The good news is that ENERGY5 can help answer all of these questions and get an accurate idea of how much a car charging station will cost before the project even begins. It can also help you find ways to keep those costs as low as possible.

Opportunities to reduce costs

Because these costs vary widely, we note that it's important to start your electric car installation with a complete and clear process. This helps you plan properly and minimize costs. Whether you're looking for quicker savings or more creative ways of doing things, both can save you the most in the long run if you design ahead.

Look for easy ways to save money

Some of the major factors that affect the cost of electric vehicles are location and quantity.

Regarding location, the more charging points you can put on the table, the more expensive they are. You can save a significant amount of money by not having to dig over most parking lots and run extra cables underneath them.

The cost per station tends to go down as more stations are installed, although the amounts are not as clear-cut. However, it is noted that this is only partially true. The goal is to find the right amount to match the amount of charging infrastructure that can be added to keep the cost of the station as low as possible.

Finally, there are government and utility grants. Keep in mind, however, that not all grants are appropriate for every project. Careful design and a clear picture of the work will also help you determine which grant is best for your plans.

Discover creative collaborations

In addition to these simple ways to save money, partnerships allow you to pursue more creative opportunities. But beyond that, you can discuss ways to share costs with your owners.

This has benefited from the owner's perspective.

However, you can think even more creatively. Depending on the electric vehicle charging partner chosen, it may be possible to move the project completely from a capital expenditure to an operating expenditure.

Some electric vehicle charging service providers offer a revenue-sharing model in which the company does not pay its costs directly. The company installs and maintains the stations and then shares a portion of the revenue with the customer in exchange for parking and power usage. This could lead to business owners enjoying using the stations without having to explain the details. 

Instead of a revenue-sharing model, ENERGY5 takes a different approach and helps companies manage their costs. We've already introduced ENERGY5 App. This combines all ongoing O&M costs with a premium warranty to help customers keep their peace of mind.

We went a step further by launching the program. In this option, everything--room design, installation, equipment, and maintenance--is combined into a simple monthly subscription. There's no need to worry about capital costs upfront because they can be spread over the initial operating costs.

Let ENERGY5 help you plan your electric vehicle charging project

Installing and maintaining charging stations for electric vehicles can be costly. However, like any other investment, these initial costs will pay off over time, and you don't have to figure out all the details yourself - contact us today to learn how ENERGY5 can design this important project and prepare your business for the transition to electric vehicles.

The Investment That Pays: Calculating the Cost of EV Charging Stations in Business Parking Lots

If you own or manage a business, installing electric vehicle (EV) charging stations in your parking lot is a smart move. Not only does it boost your corporate social responsibility credentials by promoting sustainability, but it also brings in more customers who are looking to charge their EVs. But before you start planning, you need to consider the cost of installing and running an EV charging station. In this article, we'll take a closer look at the expenses involved and the benefits you can expect.

The Cost of Installing an EV Charging Station

When it comes to the cost of installing an EV charging station, you need to factor in a few things:

• The type and number of charging stations
• The power output of each station
• The cost of electrical permits and installation fees
• The cost of additional equipment like mounting pedestals and cables

The type and number of charging stations you opt for determine a significant part of the cost. Level 1 chargers, which use a standard 120-volt household current, cost around $300 to $600 per unit. On the other hand, Level 2 chargers, which use a 240-volt power source, cost upwards of $1,000 per unit. High-end Level 3 chargers, also known as DC fast chargers, are the priciest, costing more than $40,000 per unit. The power output of each station plays an essential role in determining the installation cost. The more powerful the charger, the more expensive it is. Furthermore, an EV charging station with a higher power output needs a more extensive electrical wiring and may require additional electrical equipment, driving up the cost.

The Cost of Running an EV Charging Station

After making the initial investment, you'll still need to cater to the ongoing costs. In this case, it's the running cost of the EV charging station. These costs include:

• The electricity cost
• The maintenance cost

The electricity cost, which is variable, depends on the price of electricity in your area, and the kWh used to charge the EVs. According to a report by the U.S Department of Energy, the average cost per kWh ranges between $0.08 and $0.27, depending on the state you're in. For example, California has a higher kWh rate, while Wisconsin has a lower rate. The maintenance cost includes cleaning, repairs, and updates of the chargers. This cost varies significantly based on the type and number of units, along with the environment in which they operate.

The Benefits of Installing an EV Charging Station for your Business

The benefits of offering EV chargers at your business's parking lot should outweigh the expenses in the long run. Here are the key takeaways:

• Increased foot traffic: EV owners are always looking for places to charge their cars, and your business can provide that service. By providing charging stations, you can attract a new and loyal customer base.
• Boost your reputation: Being an environmentally friendly business gives you a positive image, increasing your brand awareness and loyalty.
• Reduce emissions and promote sustainability: The development of electric vehicles is part of the solution to the climate crisis. By providing EV charging stations, you help reduce carbon emissions from traditional cars and promote sustainability in your community.

Wrap up

The investment in EV charging stations can be costly, but it's essential to weigh the benefits in the long run. Remember, this investment can pay off by bringing in new customers, reducing carbon emissions, and promoting sustainability. By following the guidelines and considering the expenses involved, you can make a smart decision that positively impacts your business and the environment.

Breaking Down the Cost of Installing EV Charging Stations in Commercial Lots

Electric vehicles are on the rise and as a result, the demand for EV charging stations has skyrocketed. Installing an EV charging station in a commercial lot can not only attract customers but also aid in the promotion of eco-friendliness. However, businesses need to consider the costs before taking the plunge. In this article, we will break down the cost of installing EV charging stations in commercial lots, and what you should expect when planning for one.

Factors Affecting the Cost of Installing EV Charging Stations

• The number of charging ports needed
• The type of charging station required
• Site preparation and installation cost
• Operational cost for maintenance and electricity

These factors can significantly affect the total cost of installing an EV charging station on your commercial lot.

The Average Cost of Installing EV Charging Station in Commercial Lots

The cost of installing an EV charging station is dependent on your commercial lot's specific needs. However, the average cost of installing an EV charging station ranges from $5,000 to $20,000 per charging station. The total cost of installation may vary based on the following:

• The type of charging station you choose from;
• The total parking spots available;
• The current electrical wiring and infrastructure on-site.

The Different Types of Charging Stations

There are two types of EV charging stations: Level 2 and DC fast charging.

Level 2

Level 2 charging stations are the most common type of charging stations on the market. They offer a higher charging rate than a standard household outlet and usually take between four and eight hours to fully charge an electric vehicle. A Level 2 charging station can cost between $600 and $2,000 to install.

DC Fast Charging

DC fast charging stations are designed to provide a quick charge to electric vehicles. They can take between 20 and 45 minutes to charge. DC fast charging stations require a significant amount of electrical power and installation can cost between $25,000 and $50,000 for a dual-port unit.

Site Preparation and Installation Cost

The first thing to consider when installing an EV charging station is the preparation required for the site. The installation process involves tasks such as:

• Electrical system upgrades to support the charging station;
• Excavating the land to lay the necessary groundwork;
• Installation of concrete pads or bollards for the charging equipment;
• The cost of labor involved in installation.

The total cost for site preparation, materials, and equipment can range from $3,000 to $8,000 depending on the requirements of the project.

Operational and Maintenance Cost

In addition to installation costs, there are also ongoing operational and maintenance costs to consider. The amount you will spend depends on factors such as:

• The cost of electricity;
• The frequency of use;
• The cost of equipment maintenance.

Operating costs can range anywhere from $100 to $2,500 annually per unit. These costs can increase if the EV charging station is frequently used.

Benefits of Installing EV Charging Stations in Commercial Lots

• Attract eco-conscious customers;
• Increase property value;
• Promote your business as socially responsible.

The Bottom Line

Investing in EV charging stations on a commercial lot can be a significant expense. However, it can also provide numerous benefits. The total cost of installing and operating depends on various factors, including the type of charger, site preparation, equipment, site requirements, and ongoing electricity and maintenance costs. By weighing these factors and evaluating the potential benefits for your business, you can make an informed decision about whether to install an EV charging station on your commercial lot.

Charging Up For the Future: Budgeting for EV Charging Station Installations

Electric vehicle (EV) technology is rapidly evolving, and it's essential for businesses, cities and households to prepare for the future. As the world's vehicle fleet moves from gasoline-powered vehicles towards EVs, installing EV charging stations will be imperative.

You may be wondering how much it costs to install EV charging stations. Figuring out the cost of EV charging station installations can be intimidating, so we've put together a comprehensive guide to help you budget for EV charging station installations.

The Cost of Installing EV Chargers:

Electric vehicle charging station costs vary based on the charging station type, installation location and charging speed.

Types of Charging Stations:

• Level 1 Charging Station - Level 1 charging station is the slowest EV charging station, it can take up to 8-12 hours to fully charge an EV. The cost for a Level 1 charging station is generally $300 to $600.
• Level 2 Charging Station - Level 2 charging station is faster than Level 1, it can take 3 to 4 hours to fully charge an EV. The cost for a Level 2 charging station varies from $400 to $6,500, with installation costs ranging from $300 to $5,000.
• DC Fast Charging Station - DC fast charging station is the fastest EV charging option available, it can charge most electric cars in as little as 30 minutes. The cost for a DC fast charging station varies from $10,000 to $50,000, the installation cost ranges from $35,000 to $50,000.

Installation Location:

The installation location of the EV charging station greatly affects the cost. For example, installing a charging station in a high-traffic area like a shopping mall or city center can be more expensive than residential EV charger installations.

Charging Speed:

The charging speed can greatly affect the cost of the EV charging station installation. DC fast chargers are much more expensive than Level 2 chargers, which are more expensive than Level 1 chargers. Faster charging stations often require more electrical infrastructure upgrades, which leads to higher installation costs.

Cost Breakdown: How Much Does It Cost to Install EV Charging Stations?

The cost to install EV charging stations varies based on various factors, but here is a general breakdown of the cost:

• Level 1 Charging Station: $300 to $600
• Level 2 Charging Station: $400 to $6,500, with installation costs ranging from $300 to $5,000.
• DC Fast Charging Station: $10,000 to $50,000, with installation costs ranging from $35,000 to $50,000.

The cost of the charging station hardware is only part of the overall cost of installation. Additional costs can include fees for permits, electrical infrastructure upgrades, and ongoing maintenance and service fees.

The Future of EV Charging Stations

In the not-too-distant future, electric vehicles will outnumber petrol-powered vehicles on the roads around the world. Therefore, businesses, municipalities, and households should start thinking about installing EV charging stations now to help support the growing EV market. Installing EV charging stations could provide an additional revenue stream for business owners, so it's worth exploring. Furthermore, it's essential that cities and local governments work together to install publicly accessible EV charging stations to enable the widespread adoption of electric vehicles.

The Bottom Line: Budgeting for EV Charging Station Installations

Installing EV charging stations can be expensive, but it's a worthwhile investment for businesses, municipalities, and households alike. Budgeting for EV charging stations can be intimidating, but our guide outlines how much it generally costs to install different types of EV charging stations. By understanding the costs involved, you can budget appropriately. It's always wise to consult with a professional EV charging station installer to fully understand the costs and what factors can impact the installation costs.

As EVs continue to grow in popularity, it's essential to prepare for the future. Installing an EV charging station will help your community or business stay ahead of the curve and become part of the solution for cleaner air.

The Cost Benefit of Adding EV Charging Stations to Your Business

Are you considering adding Electric Vehicle (EV) charging stations to your business? You might be thinking about the costs associated with installation and maintenance of these charging stations, but have you considered the potential benefits as well? In this article, we will explore the cost benefits of adding EV charging stations to your business and why it might be a smart investment.

The Growing Demand for EVs

The popularity of electric vehicles has been on the rise for years now. According to the International Energy Agency (IEA), the number of electric vehicles on the road globally surpassed 5 million in 2018 and is only continuing to grow. With more consumers opting for eco-friendly alternatives to traditional gasoline-powered vehicles, having EV charging stations available can be a major draw for potential customers.

• Currently, there are over 1.2 million electric vehicles on the road in the United States alone, with more being sold every day.
• 57% of Americans say they are interested in purchasing an electric vehicle for their next car.
• Adding EV charging stations to your business can attract these environmentally-conscious customers who are seeking convenient and accessible charging options.

The Benefits to Your Business

Here are some ways that adding EV charging stations to your business can benefit you:

• Attract more customers: As mentioned above, EV owners are a growing demographic. Providing charging stations can be a significant incentive for them to choose your business over a competitor’s.
• Improve your business’s reputation: By showing that you support sustainable practices, you can enhance your reputation in the community and appeal to customers who value environmentally-friendly businesses.
• Generate additional revenue: Offering charging services can be an additional source of revenue for your business. You can charge a fee for EV owners to use your charging stations, which can help offset installation and maintenance costs.
• Future-proof your business: As more and more consumers switch over to electric vehicles, having charging stations available will become increasingly important. By investing in EV charging infrastructure now, you can prepare your business for this shift and stay ahead of the curve.

The Costs of Installing EV Charging Stations

While installing EV charging stations may seem like a significant upfront cost, it’s important to consider the long-term benefits that these stations will bring. Here are some of the costs associated with installation and maintenance:

• Hardware costs: This includes the cost of the charging station hardware, as well as any additional equipment required for installation.
• Installation costs: Depending on the location of your business and the complexity of the installation process, installation costs can vary widely.
• Maintenance: As with any piece of equipment, regular maintenance is required to ensure proper functioning. This can include things like cleaning, software updates, and occasional repairs.

The ROI of Adding EV Charging Stations

So how long will it take to recoup the costs of installing EV charging stations?

• The ROI will vary depending on factors such as your location, the cost of electricity in your area, and the amount you charge for charging services.
• Studies have shown that the average ROI for commercial EV charging stations is between 3-7 years.
• After the initial investment has been offset, charging stations can generate significant revenue for your business.

The Bottom Line

Adding EV charging stations to your business can be a game-changer in terms of attracting new customers, improving your reputation, and generating additional revenue. While there are upfront costs associated with installation and maintenance, the long-term benefits make this investment well worth considering. With the growing demand for electric vehicles, being proactive and accommodating this demographic can help you future-proof your business and stay ahead of the competition.

From Installation to Maintenance: Understanding the True Cost of EV Chargers

Electric vehicles (EVs) are growing in popularity as people become more concerned about the environment and seek alternatives to gas-powered cars. EVs, however, need to be charged at regular intervals to keep running. This creates the need for EV chargers.

EV chargers offer benefits such as quicker charging times, reduced carbon emissions, and cost savings on fuel. But before purchasing any EV charger, it's important to weigh the costs associated with installation and maintenance to determine the true cost of ownership.

Installation Costs

The cost of installing an EV charger varies depending on the type of charger, the location, and the available power supply. Here are some installation cost factors to consider:

• The cost of the EV charger equipment itself
• The cost of wiring and electrical work to provide power supply to the EV charger
• The cost of digging and preparing the ground for the charger's foundation
• The cost of permits required by the local government
• The cost of labor, including electrician fees and installation fees

The installation cost can be daunting, but many states and utilities offer incentives to cover the cost of installation. An example is California, which offers rebates to cover the cost of purchasing and installing an EV charger.

Maintenance Costs

Maintenance costs are ongoing costs that are necessary to ensure the EV charger stays functional. Here are some maintenance cost components to consider:

• Equipment maintenance costs, including replacing worn-out parts.
• Cable maintenance, which includes checking cables for wear and tare to avoid any electricity wastage.
• Cleaning the charging terminal to ensure the connection between the EV and charger is optimal
• The cost of electricity that is used to charge EVs

While maintenance costs can vary depending on the type of charger and the location, the electricity costs will most likely be the most significant maintenance cost component.

Assessing the Total Cost of Ownership

The total cost of ownership (TCO) of an EV charger includes the installation and maintenance costs. When assessing the TCO of an EV charger, here are some critical factors to consider:

• The cost of the charger equipment (including installation and interface)
• The electrical service (wiring, permits, and electrical work)
• The cost of maintenance
• The length of the warranty
• The reliability of the brand

It's essential to note that choosing a cheaper charger upfront could offer savings initially. However, this could lead to higher maintenance costs in the future. Choosing a reliable brand, though a little more expensive, can save you a substantial amount in maintenance and repair costs in the long run.

Conclusion

Electric vehicles offer many benefits, including lower carbon emissions and cost savings on fuel. However, it's essential to be aware of the installation and maintenance costs of EV chargers to get a clear understanding of the true cost of ownership. With the above factors in mind, it's easier to determine which type of EV charger to bring home.