Study: EV charging stations have a built-in secret business benefit

Despite all the benefits of electric vehicles, one major caveat that makes them a bit more inconvenient is the act of charging itself.

While refueling a gasoline car can only take a few minutes, the charging time is highly dependent on the type of charger you plug an electric vehicle into. A DC “fast charger” can take less than ten minutes, while other public EV chargers in parking lots can take up to several hours.

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That means a lot of time spent not driving. Even with the longest-range electric vehicles on the market, stopping frequently to charge on road trips or long drives can cut into valuable travel time.

However, while potential EV owners may find this aspect of ownership a huge dealbreaker, a new study shows that installing publicly available EV chargers may have unintended benefits.

A driver recharges a Tesla at a Tesla Supercharger station in Pasadena, California.

Mario Tama/Getty Images

Seeing Green

According to a new study from MIT, there is an advantage to having EV chargers located near businesses.

The researchers examined the relationship between local businesses and EV chargers and investigated spending patterns at businesses within 500 meters (about 0.3 miles) of EV charging locations in California, as well as other businesses similar that were not so close to the outlet. .

They found that installing a nearby charging station increased consumer spending by nearly $23,000 in 2019 and $3,400 per year from 2021 to June 2023.

The researchers used data from 2019 to June 2023 and skipped 2020 to minimize the impact of the pandemic. The study’s lead author, Yunhan Zheng, said in a statement that the decline reflected in the data from 2019 to 2021-2023 could be due to a saturation of electric vehicle chargers leading to lower usage, as well as a decrease general overview of business spending and the number of business operations after the COVID-19 pandemic.

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MIT’s findings also show that a few select types of businesses benefit more than others from having an electric vehicle charging station nearby, with coffee shops, restaurants and convenience stores seeing the biggest increase in revenue.

In addition, the researchers found that chargers played a role in shaping local economies and revitalizing certain areas, particularly disadvantaged, disadvantaged and low-income areas.

“The positive effects of EV charging stations on business are not limited to some high-income neighborhoods,” co-author Wang said in a statement. “It highlights the importance for policymakers to develop electric vehicle charging stations in marginalized areas, as they not only promote a cleaner environment, but also serve as a catalyst for increased economic vitality.”

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Although data from MIT researchers shows that EV owners will use the time spent charging to eat, grab a cup of coffee, or visit businesses adjacent to the chargers, additional data suggests that there is also an incentive to electric vehicle charging to feel like it’s filling up. a gas tank at a gas station.

According to data published in the AutoPacific Study of Electric Vehicle Consumption, the majority of American EV owners believe that public chargers should be well-lit, covered like gas stations, display clear pricing signs and provide basic service vehicle care such as windshield cleaning, air pumps and vacuums, and Wi-Fi access.

Additionally, Zheng believes the findings can teach developers what to build around the charging stations they build.

“The joint business model of gas station and convenience store could also be adopted at electric vehicle charging stations,” Zheng said. “Traditionally, many gas stations are affiliated with retail chain stores, which allows owners to sell fuel and attract customers to diversify their revenue stream. EV charging providers could consider a similar approach to internalize the positive impact of EV charging stations.”

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