Key benefits of transforming your site into an EV charge station
As the world strives for a greener and more sustainable future, electric vehicles (EVs) have emerged to be one of the most effective solutions for reducing our transportation footprint.
In the last decade, the EV market in the UK has progressed rapidly, prompting a significant shift in all industries as thousands of organisations embrace the green revolution and invest in EV infrastructure to support the nation’s transition. For landowners and property developers, installing EV charging infrastructure presents a lucrative opportunity to enter the market at an evolutionary time and contribute towards the critical development of the national EV chargepoint network.
In this blog, we explore how landowners and property developers can monetise their land by installing EV infrastructure, discussing how these facilities can generate long-term financial benefits, attract and retain more tenants, future-proof their property, and support the UK’s journey to net zero.
The electrical vehicle market is accelerating at a rapid rate, with over 260,000 new EVs joining the road in 2022, and a predicted number of around 11 million to be registered by 2030. But as demand for EVs grow, so do the concerns around the lack of reliable, accessible, and affordable public EV chargers in the UK, as reports from the Department of Transport show that there was only one new device for every 31 EVs purchased in 2022. Our recent EV whitepaper also found that over three-quarters (77 percent) have been unable or unwilling to access a public EV charge point. 36 percent stated that this was because they are out of order/broken, and for 27 percent it was simply that they weren’t available.
In June 2022, the UK Government introduced a new regulation declaring that all new homes and buildings built must have electric car chargers installed – this includes residential and commercial new builds and re-developments, supermarket and retail outlets, and any building undergoing major renovations.
The new rule was introduced to ramp up the rollout of EV charge points across the UK as the nation sets to ban the sale of all new petrol and diesel cars and vans by 2035. However, to reach this target, a mass number of publicly available chargers need to be installed, and understandably, project developers and landowners have a critical role to play in addressing these accessibility concerns by providing convenient EV chargers for their tenants.
Transform your site into an EV charging station
So, whether you are a landlord with a single site or a portfolio of commercial properties, or a property developer, there is a lucrative opportunity to capitalise on this fast-growing market by installing EV charging infrastructure at your site. Simultaneously, by contributing to the critical development of the EV chargepoint network, you’ll be encouraging more drivers to go green and supporting the nation’s transition to net zero (what’s not to love?).
So, let’s take a deeper look at the key benefits of incorporating EV charge stations into your site.
Why should landowners and property developers install commercial EV charging stations?
1. Generate new revenue streams
Arguably one of the greatest incentives of installing EV charging infrastructure is the financial opportunity. By developing plots into profitable schemes, landowners can unlock a window of new opportunities for success. EV chargepoints generate a profit in a number of ways – depending on the financial model you choose with your EV chargepoint operator (CPO) – whether through direct income from leasing parking bays to sharing the revenue for every payment made when the charger is used.
2. Future-proof your site
After more than a decade of EVs hitting the road, the EV infrastructure market is now reaching its fastest growth phase, it has never been a better time for property developers and landowners to make the most of the opportunities associated with EV charging. Choosing forward-thinking partners and smart technology from the outset will put you one step ahead of your competitors, future-proof your locations, and leverage your position in an ever-evolving market.
Due to the fast-growing nature, it is inevitable that the market will soon reach maturity amid the increasing demand for new power connections. To avoid these barriers to entry, developers and landowners need to act quickly and secure their opportunity now.
3. Tenant attraction and loyalty
If you are a commercial landlord looking to install EV chargers, you will be able to attract new tenants as well as strengthening the relationship, leading to higher retention with your current tenants. As the demand for EVs grow, charging stations have become a significant incentive for potential lessees, and even a necessity.
In addition, as more and more visitors come to your site to charge, it will positively impact any amenities that you operate. Refuelling an EV takes a little longer than an internal combustion engine (ICE) vehicle, drivers will therefore spend more time at the site, leading to an increase in revenues for retail and coffee shops, gyms, and quick service restaurants. EV drivers that have a positive experience are also more likely to return in the future, thus improving loyalty between customers and brands.
4. Support the nation’s transition to net zero
Sustainability is now at the top of (almost) every business’s agenda – and it is no wonder why when 72% of consumers consider sustainability in purchasing decisions. Consumers are actively making and prioritising buying decisions based on the sustainability credentials of what they buy. Businesses need to set good examples and lead the way when it comes to sustainability.
Providing access to high quality EV charging is one of the most significant acts you can make to demonstrate your commitment to the environment. It will enhance the reputation of both your real estate and overall brand image. By facilitating the transition to electric transport, your site will be positively contributing to the environment by encouraging drivers to switch to EVs, and therefore supporting the nation’s journey to net zero carbon emissions.
5. Enhance property value
The provision of EV charging infrastructure helps secure the future stability of opportunities for commercial properties by adding significant value to the site. As new carbon-reducing regulations come into effect, investors and buyers are increasingly looking at sustainability as a key factor in evaluating properties, so if you do not have EV infrastructure in place, you are at a considerable disadvantage to competitors.
6. Government regulations and incentives
In line with the government’s new regulation, all new developments must have EV charging facilities. Therefore, by proactively installing EV charging stations, landlords and property developers can stay ahead of the curve, demonstrating compliance with regulations and gaining a reputation as a forward-thinking business that prioritises sustainability.
To support landlords and property developers in delivering the rollout of EV chargers, the government’s Office for Zero Emissions Vehicles (OZEV) has introduced a range of incentives and grants, such as the EV infrastructure grant for residential car parks and the EV chargepoint grant for landlords. These grants have been designed to reduce the financial burden of purchasing and installing EV charge point infrastructure by covering up to 75% of the costs. Landlords may also be eligible for the workplace infrastructure grant.
