Do you own a business? Are you looking for ways to generate more income? Have you considered the business profits if you install EV charging stations at your property? Need to possess in-depth knowledge of the EV industry? This article will give you an overview of the EV industry and how to take advantage of the EV charging station business.
Indian EV Industry in a Nutshell
The Indian EV market has been exponentially growing in the past few months. The latest buzz is that Kolkata has reached its sale of 837 EVs this year, which is four times more than the 196 EVs sold in 2021. Furthermore, Tata’s Nexon has broken the record of delivering its 50,000th electric car just a few days ago.
From all the buzz on the EV market, I understood that a greater need for EV charging stations comes with increased demand for EVs. Also, the heavier the electric vehicle (cars, trucks, buses, etc.), the more power consumption. The lack of charging stations would help generate considerable revenue for people owning properties on highways or the outskirts of cities, towns and villages.
Government Initiatives on Install EV Charging Stations
The government has declared that every city should install EV charging station at a distance of every 3km. There should be at least two charging stations every 25 km on both sides of the roads on a highway. Government-introduced incentives and subsidies can help manage the costs of installing EV charging stations, regardless of a business’s size.
Government set Incentives and Subsidies
To provide one EV charging station to every 15 EV drivers, the Indian government has released a set of guidelines and policies. Each state of the country has a different range of incentives and subsidies assigned. The General Investment Promotion Subsidy mentions that the government would subsidise a fixed percentage of the amount depending upon the total expenditure on the EV Charging Station.
Likewise, specific state policies offered a 25% capital subsidy on fixed capital investments or the charging station equipment/ machinery of up to INR 10 Lakhs. Furthermore, about 60% of subsidies are available to slow-public and semi-public charging stations, and about 50% are available to moderate-fast semi-public and public charging stations. The early bird basis applies the subsidies.
Public Charging Stations (PCS) are a ‘De-licensed’ Activity:
To further encourage the public to install EV charging stations, the Indian government has stated that one does not require a license to set up EV charging stations. However, the location and property parameters must meet the technical & performance standards, protocols, norms and specifications set by the Ministry of Power and Central Electricity Authority. Moreover, the government has also specified that:
- Any business owner who installs EV charging stations is applicable for the connectivity. The concerned distribution company licensee will prioritise their connectivity and power supply.
- Any charging station or chain of charging stations can access uninterrupted electricity from any generation company via open access.
Benefits of Businesses Who Install EV Charging Stations:
- Your charging stations will get listed on the GPS
- Attract potential and long-term customers
- Increase customer revenue
- Expand brand value
- Become a part of a sustainable and eco-friendly world
- Generate additional income
- Stay ahead of competitors
Advantages of Choosing YoCharge Services:
- YoCharge team takes responsibility for recommending, installing & operating the charger.
- We operate, upgrade and maintain the charging system on a timely basis.
- Our EV software platform is integrated with GPS to enhance the discoverability of customers online.
- Depending upon what kind of business you own, your revenue would boost from the charging and your business services.
- All operations run and are monitored on a real-time basis.
- Monthly reports generation on time.
- Simple and secure accounting and billing operations.
- Revenue collected directly transacted to your account
- No Manpower is required.
- It is an entirely automated system; any malfunctions or failures in the software or equipment will automatically resolve.
- Zero Maintenance
- Services come with a warranty of 5 years.
- Our customer support is available 24×7.
I hope you have gained clarity on how the EV industry runs and throw you can take advantage of the demand for installing EV charging stations across the country. If you are considering installing public charging stations alongside your business, you can explore the seamless services provided by YoCharge. They will assist you with installing EV charging stations and provide you with the necessary equipment and EV CMS (Charging Management Software).