Despite the notable advantages of electric vehicles (EVs), the act of charging them presents a significant inconvenience compared to traditional refueling. Filling a gasoline-powered vehicle takes just a few minutes, whereas charging times for EVs vary vastly depending on the charger type. A Direct Current (DC) fast charger can replenish a battery in under ten minutes, while other public EV chargers may take several hours.
A new study indicates that the installation of publicly available EV chargers brings unintentional benefits. Research from the Massachusetts Institute of Technology (MIT) revealed that placing EV chargers near businesses can significantly boost consumer spending. The study analyzed spending habits at businesses within 500 meters (approximately 0.3 miles) of charging stations in California compared to businesses farther away from such facilities.
Findings demonstrated that nearby charging stations increased consumer spending by nearly $23,000 in 2019 and $3,400 annually from 2021 to June 2023. The research excluded the year 2020 to mitigate the pandemic’s impact. Yunhan Zheng, the study’s lead author, noted that the spending decline might be attributed to the saturation of EV chargers leading to lower utilization and a general decrease in spending per business and the number of operating businesses post-pandemic.
MIT’s analysis also identified that certain types of businesses, notably coffee shops, restaurants, and convenience stores, benefited the most from proximity to EV charging stations. The presence of chargers positively influenced local economies and revitalized underserved, disadvantaged, and low-income areas.
Co-author Wang emphasized that the benefits of EV charging stations are not restricted to high-income neighborhoods. The findings underscore the importance for policymakers to develop charging infrastructure in marginalized communities to promote environmental cleanliness and economic vitality.
While the data suggest EV owners utilize charging time to frequent nearby businesses, making EV charging more akin to traditional refueling could be beneficial. According to AutoPacific’s EV Consumer Insights Study, American EV owners favor public chargers that are well-lit, covered, display clear pricing, and offer basic vehicle care services, including windshield cleaners, air pumps, vacuums, and Wi-Fi access.
Zheng also highlighted that the study’s findings could guide developers on what to construct around charging stations. He proposed that the gas station and convenience store business model could be adapted for EV charging stations. Traditionally, many gas stations are integrated with retail chains, allowing owners to not only sell fuel but also attract customers and diversify revenue streams. EV charging providers could adopt a similar strategy to capitalize on the positive impacts of EV charging stations.
