All business ideas start with the demand from the consumer or the user of that particular product. Taking this as the core element, every single initiative of the business world functions effectively. And now, to brief on the reason as to why you will have to invest your money in EV charging station business is the growing count of electric vehicles. Countries like USA, UK, and few other European countries have now started to manufacture more number of electric vehicles. This indirectly means that there is a door for entrepreneurs like you all to pool in money and invest in this electric vehicle stations. As the count increases, the need for these electric stations will tremendously increase.
The concept here is that the survival of these electric vehicle charging stations can never be doubted. To make it even more specific, the number of these charging centers should be more than the manufacturing units of these electric vehicles. This is because, as a manufacturing concern the manufacturer provides the user only with the vehicle and not the resource for the future use.
If you want to start your own electric vehicle charging station business then grab this opportunity at the earliest as possible. The competition in this business is very low as compared to others. The investment required to start charging station business is dependent on the types of charging facility which you want to provide to consumers.
Types of charging
Technology has never stopped at the point of providing the user what they want. Going beyond expectations of the user makes the maximum of opportunities for the entrepreneurs to exist in the market. On this topic of charging, you will get to know more about the power supply and the rate of charging. There are three types of charging stations in the market right now, these are
- Level 1 charging – 120 volts of current is used. It has low installation cost and has slow charging speed typically 4 – 7 km range per hour.
- Level 2 charging – 240 volts of current is used. High installation cost as compared to level 1 charging system. Typically 13 – 25 km range per hour.
- Level 3 charging – It is also know as 480 volts DC fast charging. It can charge 80% in just 30 minutes. Installation cost of this system is much more as compared to level 1 and level 2 charging. This is something which is very uncommon, but the most wanted. Source
As already mentioned, charging is not just replenishing the battery. It is to be done with care considering the compatibility of the car and the rate of the charging.
The choice of chargers is also an important factor to be considered while charging vehicles. The quality of the pins takes the core place in getting the customer satisfaction. This is because, poor quality charger can definitely create undesirable changes to the vehicle being charged. Two things are to be given more attention,
- Connector which is plugged into the vehicle
- Connector form the source of power supply
If you are to invest in this business, you will find a number of options to choose location.The place of the charging stations matters a lot since they decide the frequency of usage of your charging station.
- In a public charging station, there are a number of charging source and this will enable two three users to charge at the same time. Public stations include stations in malls, and other crowded areas. Parking areas with charging stations allows the owner to charge their vehicles while they finish their work in that place. Here, the time saved is more due to the simultaneity of two tasks.
- Charging stations can be employed in highways and this will be made use of by people who travel long distances. The opportunities here are more since the number of highway stations are less. You can be a core supplier in that location.
- Charging at home – You can do the installation of these charging boxes at the user’s place. This business is also at its peak, since the service provided is at the doorstep of the owner. This type equates with the money you earn with charging stations at public places.
Not all the charging stations will have separate charging facilities for luxury models. The cost associated in the setup of these exclusive stations are high, but the returns will cover up the costs. Thus, you can be one among the few providers of high voltage charge and this will enable you to price your service slightly higher than the rest. If the demand stays high, the price of the service is considered important.
Make it easy and convenient
You can follow the subscription system. Subscriptions work by registering the car owner as one of the subscribers and providing them with the service for a monthly fee. In order to make your firm stand out of the market, you can adopt certain promotional methods like free charging for first 10 times and so on. Your investment decides the choice promotional methods. If you are a person with less or ideal investment just for the setup, you cannot make use of these promotional ideas.
For an entrepreneur, it is very important to have complete knowledge about the business they want to invest in. In includes even the technical aspect of the service. Though you are not the ones who design it, you should know about the process and working to make the optimum use of your money.