By Naomi Nye, EV charging expert at Drax Electric Vehicles
With electric vehicle (EV) adoption accelerating, businesses investing in EV infrastructure have a unique opportunity to turn their assets into profitable revenue streams.
The UK’s battery electric vehicle (BEV) market share is anticipated to reach 28% by 2026, which means the revenue potential from EV charging points will also continue to grow. However, many who have invested don’t know it can be a sustainable and lucrative source of long-term income.
Businesses must move at pace to leverage rising EV sales and optimise their share of new market opportunities. Monetising existing EV infrastructure requires an in-depth understanding of potential revenue streams, ensuring they are future-proof and profitable. So, what’s the best approach? How can you implement an effective model?
What are the Options for New Revenue Streams From EV Charging?
Provide Public Access to Charging
Publicly available EV chargers for consumer use during off-peak hours (for example, evenings and weekends) can increase usage and revenue when charging points are underutilised. Organisations could introduce a ‘pay-per-use’ scheme with minimal operational costs.
Integrate Your Charge Points with Charging Networks
One of the easiest ways to increase your EV chargers’ usage is by integrating them into established charging networks like ZapMap. Platforms like this allow drivers to locate and access chargers through an app, ensuring your charge points are visible to a broader audience.
Swap to Tiered Pricing and Membership Plans
Some businesses with publicly available chargers can boost revenue with demand-driven pricing and subscription models t. Based on usage, time, or subscription levels, your pricing can offer a tailored model to different customer needs.
Offer Branded Partnerships and Advertising
EV chargers can be a valuable location for business advertising. Partners you work with can promote your charge points through on-site signage, logos, and branded messaging. If you’re a business with EV infrastructure or upcoming installation plans, you can bundle these elements and offer them as sponsorship contracts.
Secure Corporate Partnerships for Dedicated Charging
For businesses in high-traffic areas like airports, retail centres, business districts, and logistics hubs, there is a prime opportunity to establish corporate partnerships with companies that have EV fleets. One example is to offer exclusive or priority access to your EV chargers for these companies in exchange for a contracted fee or revenue-sharing model. These partnerships can provide a steady, predictable revenue stream.
Don’t Forget the Upcoming Opportunity of Vehicle-To-Grid (V2G) Charging
When there is high energy demand across the UK, if you have a bi-directional charger (required for V2G charging), you can send energy back to the network from your electric fleet, as well as charge when grid demand is low. This is an opportunity to generate additional revenue by providing grid stability services.
Expert Advice for Funding EV Charger Installations
Partner with the Experts
It pays to engage an expert to support you in implementing charging facilities. Expert partners will analyse your operational requirements and tailor an electrification roadmap that suits your budget and goals while helping you avoid costly mistakes.
Spread the Cost and the Risk
Last year, Drax’s research revealed that the most cited reason for installation hesitancy is, predictably, cost. The initial outlay required for necessary groundworks, hardware purchase and installation is often more than organisations can cover within a single financial year. That’s where financing options can be a lifesaver.
Government Grant Opportunities
Don’t forget to check and use available government grants, tax credits, and incentives to facilitate the installation and expansion of your EV infrastructure. This is a cost-effective way to expand or upgrade.
The Bottom Line
Ignoring the revenue potential of EV infrastructure is a costly oversight. The question isn’t whether EV charging will become a revenue stream; it’s whether businesses will seize the opportunity before their competitors do.
