Charging stations are popping up everywhere, and they provide a convenient way for EV owners to recharge their vehicles. But did you know that charging stations can also provide new profit opportunities for nearby businesses? These businesses can capitalize on the captive audience of EV owners waiting for their vehicles to recharge. For example, a coffee shop or restaurant near a charging station can offer a special discount to EV owners. A convenience store or supermarket near a charging station could offer discounts on food and beverages to EV owners, or on charging if they visit those businesses while charging. A hotel near a charging station could offer discounts on room rates to EV owners (if they don’t already have free charging,) or vice versa. The possibilities are endless!

According to an article from InsideEVs, “EV charging stations aren't just better for the environment; they're also money printers. And it's not just charging network providers who see green—so do nearby shops.” This is based on the research done by MIT on vehicle data. The data looked at many different EV charging and business operations. The study itself found that “the spending increases were particularly pronounced for businesses within 100 yards of charging stations, and for businesses in low-income areas.”

“What's fascinating is how charging is reshaping local economies as EV traffic becomes heavier across the U.S. The research found that existing businesses were seeing a bump in customers, and new businesses began to pop up in the area as it became more of an EV hot spot.” With the increased foot traffic comes increased revenue. EV drivers (just like gas station users) are a captive audience for nearby businesses, especially if the location itself provides a shopping experience (think gas station convenience store.) Since charging times can be longer than traditional fuel stops, this gives customers more time to explore and spend.