With Washington requiring, by 2035, all new cars sold to be electric, hydrogen-fueled, or hybrid, additional Electric Vehicle charging station infrastructure is needed.
Effective October 29, 2023, WAC 51-50-0429 mandates the installation of Electric vehicle supply equipment (EVSE) in new building construction and accessory structures, such as parking lots and garages. New buildings and accessory structures must incorporate EV charging stations in 10% of their total parking spaces. Furthermore, electrical rooms and dedicated electrical equipment must be sized to handle the capacity necessary to serve at least 20% of the total parking spaces with 208/240 V 40-amp or an equivalent electric vehicle charging system.
Electric vehicle (EV) charging stations can offer various income streams depending on ownership, location, and business model. The most straightforward source of income for EV charging stations is charging fees. EV owners pay to charge their vehicles based on factors such as the charging rate (e.g., per kWh or minute) and the location of the charging station. Charging station operators can offer membership or subscription plans that provide discounted rates or other benefits to frequent users. This option can encourage customer loyalty and generate recurring income.
Many companies with large parking lots want to improve their current locations by installing EV stations for their customers or employees. EV charging stations can serve as an additional revenue stream for businesses, especially retail or commercial sectors. EV owners are more likely to patronize businesses that provide charging options while shopping, dining, or enjoying other services. These stations demonstrate a commitment to sustainability and environmental responsibility while enhancing their brand image and reputation. In addition, providing EV charging stations at the workplace can be an attractive employee benefit.
As more residents own electric vehicles, a multi-family residence, such as an apartment complex or condominium, should also look to install electric vehicle (EV) charging stations. Offering EV charging infrastructure can be a significant selling point for potential residents, especially as electric vehicle ownership increases in popularity. It can enhance the property’s appeal and provide a competitive advantage over other residences without EV charging facilities. In addition, EV charging stations can add value to the property and provide an additional income stream.
In some regions, governments offer financial incentives or grants to encourage the installation of EV charging infrastructure. Charging station owners might access these programs to offset initial installation costs.
Time Equipment Company now has an Electric Vehicle charging solution for your needs. Our certified electricians can install single or dual EV Charging stations for your business or residence. In addition, all EV systems come with our optional Advanced EVC Hive Management Platform to optimize energy consumption for your structure and set pricing based on location, time, or power consumption.
For more information about EV Charging Stations or your business or multi-family complex, contact Time Equipment Company at 800-997-8463 or firstname.lastname@example.org.