Increase Revenue with EV Charger Installation

With gas prices soaring to an outrageous $4.328/gallon according to the U.S. Energy Information Administration, consumers are increasingly shifting to electric vehicles. In fact, nearly 3 million electric vehicles are on U.S. roads today, and in five years, that number is expected to grow exponentially to an incredible 13 million according to EVAdoption. With this trend comes a new market for home EV charger installation. Are you tapping into this new avenue of revenue generation?

Installation

Typically, equipping a home with an EV charger translates to creating a dedicated 220-volt circuit in the home’s service panel. Some customers may want a level-2 charger, which is also a relatively uncomplicated installation. However, a bi-directional V2H charger may require the expertise of your in-house electrician, if you have one.

Equipment

With installation basically equating to installing a new 220-volt circuit, HVAC and solar contractors should already own the needed tools and supplies.

Challenges

EV charger installation comes with the same potential challenges that face all electricians. If the breaker box is particularly far away from the location of the new 220-volt outlet, then contractors may need to open up walls to safely run the new circuit.

If the home’s service panel lacks an available circuit breaker, the homeowner will need to purchase a panel upgrade to a higher amperage, significantly increasing the cost of installation. This challenge most frequently affects older homes and typically involves coordination with the utility.

Competition

Competition in the EV installation market varies by geographic region, but in general, competition includes solar installation companies and electricians.

Marketing

If introducing EV installation to your service offerings, effectively marketing the new service is paramount to the operation’s success. In addition to informing current and potential customers that your business now provides this new service, also make sure to update your website and strategically incorporate keywords to optimize your site’s search engine optimization to rank it for EV charger installation on the most popular search engines.

Profit Margins

Companies performing EV charger installation generally aim for a 30% profit margin. Charging a flat rate fails to adequately address atypical installations, such as ones that require longer than the “standard” length of a circuit run or a breaker of a specific size and length. In these scenarios, a custom charge should be calculated in order to cover the additional expenses.

EV charger installation offers HVAC and solar companies another potential revenue source with minimal investment required.

To learn more about adding EV charger installation to your service offerings and other strategies to drive revenue, plan to attend The Solar Forum, a solar event for HVAC contractors.