As the world transitions towards cleaner and more sustainable transportation solutions, electric vehicles (EVs) have emerged as a key player in reducing greenhouse gas emissions and driving economic development. At Blink Charging, we are proud to be at the forefront of this transformation, providing essential EV charging infrastructure that not only supports the growth of electric mobility but also brings significant benefits to local communities. In this blog, we will explore the positive economic impact that EV charging stations (sometimes referred to as EVCS) have on nearby businesses and communities, as seen by a comprehensive MIT study on EV charging in California.
EV Chargers Boost Local Business Revenue
One of the most compelling findings from the study is the direct positive impact of EV charging stations on local business revenue. The data reveals that the installation of a single charger can lead to a notable increase in annual spending at nearby establishments. Specifically, in 2019, businesses near a charging station experienced a 1.4% increase in spending, amounting to an additional $1,478 per year. Even during the challenging period from January 2021 to June 2023, businesses saw a 0.8% increase in spending, translating to an extra $404 annually.
This boost in revenue is even more pronounced for businesses located within 350 feet of a charging station. In such cases, spending increased by 2.7% in 2019 and an impressive 3.2% from January 2021 to June 2023. These figures highlight the significant economic potential that an EV charging station brings to local businesses, making them more attractive to customers who are looking to recharge their vehicles while shopping or dining.
EV Chargers Attract High-Income Travelers
Public EVCS tend to attract a diverse range of visitors, including higher-income individuals or travelers. These visitors often have disposable income and are more likely to spend money at nearby businesses while their vehicles are charging. This influx of high-income customers can be a game-changer for local businesses, providing them with a steady stream of new and affluent consumers.
EV Chargers Support Underprivileged Communities
Blink is committed to supporting underserved communities and making the EV experience more readily available to all Americans. The MIT study underscores the importance of increasing EV infrastructure in disadvantaged and low-income areas, as designated by both California and the federal Justice40 initiative. In these communities, installing EV charging stations has a particularly significant impact, enhancing local businesses and contributing to economic revitalization.
As MIT found, in 2019, an additional charging port in underprivileged areas led to a 0.17% increase in customer count and a 0.29% increase in spending. From 2021 to 2023, these effects, though slightly diminished, remained notable, resulting in a 0.08% increase in customer count and a 0.09% increase in spending. These findings highlight the potential of EV charging stations to drive economic growth and improve the quality of life in underserved communities as EV adoption continues to rise.
EV Chargers Enhance Customer Convenience and Foot Traffic
The presence of EV charging stations can significantly enhance customer convenience, making businesses more attractive to potential customers. As EV drivers park their vehicles to recharge, they often have spare time to go shopping or dining. This increased foot traffic can breathe new life into local businesses, offering them the opportunity to diversify their income streams and attract a broader customer base.
EV Chargers Create Sustainable and Vibrant Communities
The economic benefits of EV charging stations extend beyond individual businesses to the broader community. By attracting more visitors and increasing spending, EVCS contribute to the overall economic vitality of the area. This, in turn, can lead to job creation, higher property values, and a more vibrant local economy. Moreover, the presence of EV charging solutions align with broader sustainability goals, promoting cleaner transportation and reducing the community's carbon footprint.
Conclusion
At Blink Charging, we believe that the installation of EV charging stations is not just about supporting the growth of electric vehicles; it is about creating sustainable and thriving communities. The positive economic impact that EV charging stations have on local businesses and underserved areas is clear, and we are committed to expanding our network to maximize these benefits.
As we continue to build a comprehensive EV charging infrastructure, we invite business owners, policymakers, and community leaders to join us in harnessing the full potential and positive impacts of commercial EV charging stations. Together, we can drive economic growth, support local businesses, and create a cleaner, more sustainable future for all.