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Wednesday, 18 September 2024

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EV charging could power retail finds new US study

A study in California has found that the presence of a new public charging station increased annual spending at each nearby business by an average of $1,500 in 2019, although this figure fell to a still-healthy $400 between 2021 and 2023.
EV charging could power retail finds new US study
Courtesy of Virta.

The research team from Massachusetts Institute of Technology (MIT) examined data from more 4,000 charging stations and 140,000 businesses in California between 2019 and June 2023, leaving out the pandemic-hit 2020.

The spending increases were particularly pronounced for businesses within 100 yards of charging stations, and for businesses in low-income areas.

The study’s authors said they hoped the research would paint a more holistic picture of the benefits of EV charging stations, beyond environmental factors.

“These increases are equal to a significant chunk of the cost of installing an EV charger, and I hope this study sheds light on these economic benefits” said lead author Yunhan Zheng.

“For more than 80 percent of EV drivers globally, charging has an impact on where they buy their goods and services” added Suki Sangha, from Global EV charging pioneer Virta, saying that UK businesses should sit up and take notice. “Charging is a necessity for EV drivers. At the moment, drivers mostly charge their vehicles at home, but it will become a standard practice to charge wherever they park  – be it a grocery store, shopping centre, or any other retail site.In the next few years, providing EV charging at retail sites will no longer be a benefit but a commercial advantage. By offering EV charging, retailers are automatically making their business more accessible to EV drivers, who are only passing by with the need to charge their car. But as the US study shows, once they stop, they will most likely stay and shop while they wait for their battery to fill. With EV charging, retailers can attract a completely new clientele, while becoming more attractive to their established customers.”

Virta has published its own guide highlighting the benefits of EV charge points to retail businesses. The company operates in 35 countries across the globe with more than 500,000 charging points through roaming and for five years was named as one of Europe’s fastest growing companies by the Financial Times.

For additional information:

Virta

Massachusetts Institute of Technology (MIT)

Study: EV charging stations boost spending at nearby businesses
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