With the continual advancement in technology, the use of electric vehicles (EVs) is gradually increasing across the world. According to Forbes, in the second quarter of 2021, EV sales accounted for 2.7% but by the second quarter of 2022, it made 5.6% of the total auto market. This indicates clearly the rising projection of EV adoption.
But how much does a commercial EV charging station cost? It’s important to know how much commercial EV charging stations cost to make an informed decision when analyzing your budget.
WHAT INFLUENCES THE COST OF COMMERCIAL EV CHARGING STATIONS
To answer the question, how much does it cost to install a public EV charging station? You must consider factors like the various types of charging stations & their power capacity, the number of EV chargers, and networking & software integration.
Types of Charging Station and Power Capacity
Below are the various types of charging stations with varying power capacities.
- Level 1 Charging: A standard for home charging using a 120-volt outlet and can add about 2-5 miles of range per hour of charging. They are less expensive and easiest to install but charge the slowest. The cost ranges from $300 to $1,500 before considering permits and installation costs.
- Level 2 Charging: A standard for public charging stations using a 240-volt outlet and can add about 10-40 miles of range per hour of charging. They are more expensive than Level 1 chargers but charge faster. The cost is between $400 to $6,500 and it depends on the manufacturer, power rate, and other specifications.
- DC Fast Charging: Also known as Level 3 charging, this uses direct current (DC) electricity, making the charging speed to be extremely fast. They are the most expensive type of charger and can add about 35-100 miles of range per hour of charging.
Usually, only high-volume EV owners like car dealerships and rest shops utilize the added speed. The cost is between $10,000 to $40,000 and this is before considering factors like permits, electrical infrastructure, and some other costs.
Number of EV Chargers
To provide an answer to the question, how much does it cost to install a commercial EV charging station? You need to consider the number of EV chargers used.
The more the number of EV chargers used in the station, the higher the cost required. This is because more chargers require more infrastructure expenses, such as wiring, transformers, and other electrical components.
However, it’s worth noting that the overall cost might reduce following the number of chargers needed. Some costs, like the power supply and installation cost, can be spread out over large numbers of chargers. Also, some manufacturers give discounts for buying many chargers at once.
Networking and Software Integration
Another cogent factor that influences EV charging station installation cost is networking and software integration. This improves users’ experience and makes it easier to manage and monitor the charging stations.
These are some networking and software integration features used:
- Real-time monitoring: This allows for tracking the charging station’s status in real time. It helps in identifying any problems with the chargers and ensuring that they are available for use at all times.
- Remote management: This allows for remotely managing the charging stations from anywhere. It can be used for changing settings, viewing usage data, and fixing problems.
- Seamless payment: This allows for easy processing of payment from EV drivers. It can be achieved through various methods, such as debit cards, credit cards, and RFID tags.
BUDGETING CONSIDERATIONS FOR COMMERCIAL CHARGING STATIONS
Electric vehicles are more energy-efficient than gasoline-powered cars, hence why their use is increasing daily. This makes investing in commercial charging stations profitable. But before investing, consider these factors:
Installation and Maintenance Cost
The cost of installation and maintenance is influenced by some factors, which include:
- The type of charger and power capacity
- The number of chargers
- Networking and software integration
- Electrical infrastructure
- The level of maintenance required
Government Incentives and Rebates
There are a few government incentives and rebates to help lower commercial EV charging station costs. They vary depending on the location, so it’s important to check with your local government or utility company to see the incentives and rebates available.
Some of the popular ones include:
- Federal tax credits
- State and local incentives
Return on Investment
The Return on Investment (ROI) of a commercial EV charging station is dependent on the overall cost of installation and maintenance. The income gained should be more than the cost.
These are some costs for evaluation:
- The cost of the power supply
- Installation and maintenance cost
- The number of EVs that use the chargers
- The average amount of time each EV uses to charge
RELIABLE WHOLESALE EV CHARGER SUPPLIES IN CHINA
Do you want to install a commercial EV charging station but still want to know more about how much does it cost to install a public EV charging station? Don’t worry, BENY has got you covered.
Having 30-plus years of experience in providing high-quality EV chargers, we will take care of the whole process, from design to installation. Coupled with taking advantage of government incentives and rebates, as well as our maintenance support, you will amass high ROI.
Our EV charging solutions have IP65 dust and waterproof housing. They can be customized to be wall-mounted or floor-mounted, depending on your preference.
In this article, we’ve discussed how much does a commercial EV charging station costs. And we’ve explained the various factors that influence the cost. With this piece, you will be able to make a smart and beneficial decision on investing in a public EV charging station.
At BENY, we offer high-grade EV chargers and help set up the best commercial EV charging station. You can contact us to get started.