Business Strategies

10 Must-Know Monetization Strategies for EV Chargers

Are you looking for monetization strategies for your EV chargers? In this fast-growing industry, you have a wealth of options to broaden your revenue streams and expand your EV charging business.

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The main revenue-builder will likely be the EV charging services unless you offer free charging to attract customers to your primary business. However, there are additional ways to monetize your EV charging stations that could both attract more customers and increase your revenue. Here are some of our favorites:

1. Offer Full-Service Charging

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Back in the 1950s, self-service fueling stations were a rarity. Pulling up to the pump was a white-glove experience. Attendants would not only pump your fuel but also check your oil, pump air in your tires if needed, and clean your windshield.

By the 1980s, most gas stations had switched to a self-service, pay-at-the-pump model.

The problem with only offering self-service fueling is that it requires a customer to leave their car, remove the (usually) dusty fuel cap, and get all stinky with fuel residues. While EV charging takes care of the fuel residue, having only self-service charging stations still requires customers to touch their dusty cars, clean their windshields, and perform routine checks.

Offering full-service charging for an additional fee allows your customers to keep their hands clean, shop your convenience store’s offerings, and refresh themselves while a trained professional charges their vehicle. For people who might not be familiar with EV charging protocols, full-service charging could make the difference between an EV newbie becoming an EV owner or sticking with a gas-powered car.

2. Give Discounts for Participating in Demand Response Programs

If you have regular customers who can charge their cars during off-peak hours, they will reward you with their loyalty if you give them a discount for participating in a demand response program. That way, you’ll earn more revenue from them in the long run — and reserve more high-demand time for higher-paying customers who can’t wait to charge their cars.

3. Provide Free Parking for Level 2 Charging Customers

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If your charging station offers Level 2 charging and your location is near shopping, recreational, or entertainment venues, they’ll appreciate the chance to park for free close to where they want to go. Their cars can leisurely charge while they comb the shops for the perfect gift or share a meal with a friend without worrying about their parking meter running out of time or extra parking charges at a pricey parking garage.

4. Take Advantage of Carbon Offsets

If you live in a state offering carbon offsets, you can use the program to earn passive income simply by providing EV charging services. Since EV charging reduces carbon emissions, your station can generate revenue without much effort.

Some programs, though, require charging station owners to keep careful records to prove that they are reducing the amount of harmful carbon compounds they release into the environment. However, some carbon offset programs, like Connecticut’s Green Bank, do the math for you, making monetizing each charger your company owns even easier.

5. Install a Car Wash Facility

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Many traditional gas stations have installed car washing facilities on their properties, offering customers discounted — or even free — washes for a fill-up. There’s no reason why EV charging stations shouldn’t follow suit, especially since today’s EVs can handle even an automatic car wash without damage to their electronic components (they’re sealed, as Inside EVs managing editor Eric Loveday points out).

Allowing your customers to wash the winter salt, spring mud, or summer dust off their cars when they stop for a charge can help set your charging station apart from your competitors. And, if you’re a gas station with an existing car wash wanting to branch out into EV charging, now is the time to invest in a few chargers to accommodate the growing number of EV owners nationwide.

6. Provide EV Towing and Repair Services

Take another cue from yesteryear’s gas stations and hire a mechanic to service the cars that need a little TLC. On long road trips, having a fueling station that can change tires, repair slow leaks, or refill fluids can make the difference between a costly hotel stay and a couple of hours’ worth of inconvenience for your customers.

Even minor repairs and towing services can generate significant revenue for your EV charging station. After all, who would want to pay for a tow to an EV dealership when your mechanics can do the job for the same price or less?

7. Provide Dining, Entertainment, and Shopping Options

Until EV drivers have access to technology that allows them to charge their car as fast — or even faster — than drivers with gas-powered cars, you’ll need to give them something beyond a snack machine and a soda cooler.

The more attractive you can make the amenities you provide your customers, the more the word will spread about the fabulous options you offer drivers. Advertise your station on travel websites and publications, and your station will become the charging hub of choice for weary travelers.

8. Feature Digital Ads on Your EV Chargers

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Borrow yet another revenue-building opportunity from your fossil fuel station competitors when you feature entertaining digital ads on every charger. These catchy ads will impact your customers’ buying habits, expand your advertisers’ customer base, and boost your own bottom line.

9. Create a Perks Program to Build Loyalty

If most of your customers are local or if you have a statewide or nationwide franchise, consider starting a perks program that rewards your customers with discounts on merchandise, charging services, or refreshments at your stations.

10. Prepare for Future Monetization Strategies

EV charging technology is growing in scope and efficiency at near-exponential levels. As a company that provides EV charging services or the infrastructure that supports them, you must inform yourself of promising developments and become the first in your area to offer them.

Whether it’s the five-minute battery swap that is fueling EV enthusiasm in both China and Europe, long-range batteries that can take your customers for longer distances than ever before, or liquid EV fuel that can charge a car as fast as a gas- or diesel-fueled vehicle, you need to keep ahead of the game when it comes to new ways to charge your customers’ cars.

That’s where the EV Charging Summit comes into the picture. At our events, you’ll learn how to market your business to gain an edge today while learning about all the exciting developments you’ll want to implement tomorrow. Rub shoulders with the industry’s leading minds, learn about funding opportunities, and network with others whose passions echo your own. Reserve your spot at our next event today!

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