How to Add Value to Parking Facilities With EV Parking and Charging

How Can Parking Facilities Benefit From EV Parking and EV Charging?

There are approximately 2 billion parking spots in the US, serving less than 300 million vehicles. These are shared among:

• Commercial lots (eg. Walmart) which are typically free to customers

• Parking garages (usually premium rate affairs in prime city center locations)

• Specialized parking facilities (eg. stadiums, airports, hospitals)

• Private spaces for homes or multi-family units

Cities are required to meet minimum planning requirements that allocate a minimum number of parking spots for every building. As a result, drivers have a wide range of options to choose from. EV drivers, however, require more from their parking and are more discerning in their selection. Parking lot operators who can anticipate and satisfy their needs will significantly grow their market share, unlocking the following benefits. 

1. Attract New Customers (And Retain Them)

EV drivers are more proactive in their choice of parking. They tend to pick their spot in advance, since they might have to factor in how much charge they have left to get them there. They are also more likely to plan their route around EV charging facilities. That added value feature can be enough to draw an EV-driving customer away from a rival store, or into a neighborhood they might otherwise have ignored.

Parking lots that offer EV charging literally put their location on the map (or app) that EV drivers use. In turn, any positive reviews further enhance business awareness and reputation. Drivers are by nature creatures of habit. Once they’ve found a business that guarantees parking, a gas station with good coffee, or a store that offers EV charging, they’re likely to return. That gives parking lot operators a chance to future-proof their business revenue. The icing on the cake is that right now, there are even generous federal tax credits available to offset the cost. 

2. Source of Additional Revenue

A new customer is always the most costly acquisition for a business. But if that new customer is driving an electric vehicle, there’s a good opportunity for a parking lot owner to lock in their return business and generate additional revenue. That’s because gas-powered car drivers pay for time, whereas EV drivers are paying for power. They see the hour or two hours they spend parked up at the power station as an investment not a cost. 

In response, parking lot operators can go further by segmenting their rates and offers to target their highest value customers. Drivers will pay a premium for dedicated parking spaces, for example. 

3. Improved Occupancy Rates

Empty spaces are essentially a cost to a business that operates a paid parking lot, while occupied spaces are an opportunity lost for those that offer free parking. By installing electric vehicle charging stations, businesses can solve both these problems with a single solution. 

Charging facilities attract EV drivers into otherwise empty spaces, and they will pay to stay, generating revenue from the time they spend on the lot. This even applies outside business hours. For example, EV drivers will still linger in the parking lot to charge even after the business has closed. Operators can respond by offering dynamic pricing to attract customers after peak hours (and use premium rates to deter drivers from overstaying during busy periods). 

Subscriptions or membership models are another revenue-generating option, particularly when they include discounts or perks for local businesses. They encourage loyalty, build the business brand, and condition the driver to see charging as something to look forward to, instead of a necessary ordeal. 

4 Diversified Services

Not all value derives from payments. Parking lot operators can also extract bonus revenue through improved efficiency and diversified services. In this case, the value generation applies to lots that already have an EV charging solution installed. 

They can subsequently improve margins by minimizing operating costs through:

• Automated access control

• Revenue optimization tools

• Improved payment processing and gateways

• Dynamic pricing modules, and more

Because downtime is also critical, owners can also cut costs by implementing proactive station health monitoring so that issues are fixed before they impact potential revenue. 

Partnering with EV Connect for Seamless Integration

EV Connect, a preferred EV charging provider for prominent entities like Marriott Hotels, offers not just charging solutions but a strategic partnership for parking lot owners. With EV Connect, parking facilities position themselves as forward-thinking and customer-centric spaces that cater to the evolving needs of the modern driver. Additionally, parking lot owners can unlock a host of advantages that go beyond traditional parking services.