5 Ways to Increase Revenue After Installing EV Charging

According to a recent Expedia study, 90% of respondents look for sustainable options when traveling. More than half of respondents would be willing to pay more for more sustainable transportation, activity, and lodging options. 

Travelers are increasingly seeking sustainable opportunities. To meet the rising demand Hertz has made a bold commitment. They plan to purchase up to 175,000 electric vehicles from General Motors in the next five years. 

As a property manager, or owner of short-term rental properties, you may be wondering, can you make money with EV charging stations? The rise of electric vehicles offers an excellent way to increase revenue. By adding  EV charging stations, you can tap into a new market and bring in more income while catering to guests' needs.

In this blog post, we look at five strategies you can use to maximize the ROI on your EV charging investment. And, how you can drive further profits from your rental properties. Read on to discover how adding these modern amenities could help give your short-term rentals the boost they need!

Adding EV charging to your short-term rental will allow you to increase revenue in these five ways: 

1. Premium pricing: Properties with EV chargers can charge a premium for charging. Adding EV Charging as an amenity caters to a more environmentally conscious and tech-savvy clientele willing to pay extra for this convenience. No one wants to leave for a charge while vacationing. It's easy to set a fee (either per kilowatt or setting a daily rate). That means the guests' charging times will cover the electricity fee and more!
   
2. Increased demand: Adding EV chargers increases demand for short-term rentals, especially as more people purchase EVs and value properties with charging facilities. 50% of vehicles will be EV by 2030, so this trend will only continue to rise. 
   
3. Attracting longer stays: EV owners often take longer trips and need to recharge their vehicles overnight. By providing EV charging facilities, short-term rental properties can attract customers looking for a more extended stay, leading to increased revenue. With 80% of drivers preferring to charge while they stay, it's safe to say that adding EV Chargers to your property is a wise investment
   
4. Marketing opportunity: Properties with EV chargers can leverage this unique selling point in their marketing and advertising efforts to stand out from the competition and attract new customers. After all, many hosting and vacation platforms, such as Airbnb, let guests filter properties by EV charging now. That means you'll decrease your competition and stand out from other properties in your area. 
5. Network effects: By joining a network of EV-friendly properties, short-term rentals can benefit from referrals. Your vacation rental can also benefit from word-of-mouth marketing from satisfied customers. Over time, this will lead to brand loyalty and repeat customers. 

Offering EV charging for a short-term rental property is a wise financial decision, especially considering the long-term benefits. By providing charging stations at your properties, you are offering an amenity that more and more guests will need. Take advantage of the growing market of EV users by positioning your properties as forward-thinking and eco-friendly.