5 Strategic Opportunities for Energy Retailers to Capitalize on EV Charger Market
The increasing demand for electric vehicles (EVs) necessitates building a vast network of EV charging infrastructure. It presents an excellent strategic opportunity for energy retailers to capitalise on this growing market and expand their businesses.
Primarily, energy retailers can attract new customers and generate additional revenue streams by offering EV charging services. Additionally, providing EV charging services early on can help them differentiate themselves from competitors and stay ahead in an intensely competitive scenario.
Furthermore, investing in EV charging infrastructure can support the ongoing transition to electric transportation, which has numerous environmental and societal benefits. This blog explores potential opportunities for energy retailers.
5 Steps for Energy Retailers to Benefit from the EV Charger Market
1. Partner With Automakers to Offer EV Charger Installation as Part of the Vehicle Purchase Process
Forging such partnerships can streamline the process for EV owners and enable them to charge their vehicles on the go. It can also provide a valuable opportunity for energy retailers to increase their customer base and expand their business.
By offering EV charger installation as part of the vehicle purchase process, energy retailers can provide a convenient and integrated solution for EV owners. This can improve the customer experience and convince them to choose the retailer’s charging solutions over the competitors’.
In addition to offering installation as part of the vehicle purchase process, energy retailers can also provide financing options for installing EV chargers. This can make EV charging solutions more accessible and affordable for consumers, which can help to increase demand and grow the retailer’s business.
2. Deliver Convenient Charging Solutions for EV Owners
It is a crucial way for energy retailers to attract and retain customers in the growing EV charger market. By providing accessible and easy-to-use charging solutions, energy retailers can improve the customer experience and make EV owners more likely to choose their charging solutions.
One way to offer convenient charging solutions is to install EV chargers at popular destinations, such as shopping malls and grocery stores. This can make it easier for EV owners to charge their vehicles while on the go and can help increase the visibility and accessibility of the retailer’s charging solutions.
3. Increase Grid Flexibility With Smart Load Management
Electric vehicles can be used as a tool to help manage loads on the power grid by providing additional storage capacity in their batteries. Using the right smart energy management system, energy retailers can regulate energy flow between the grid and EVs to optimise their operations and reduce costs.
For example, during times of high demand, the system can charge EVs using excess energy from the grid. This can help reduce the grid’s strain and avoid the need for expensive and polluting backup generators.
Conversely, during times of low demand, the system can use the stored energy in EV batteries to supply power to the grid, which can help to reduce the need for expensive and polluting peaker plants. Exploiting EVs as a flexible load management tool, energy retailers can improve the efficiency and reliability of the grid while also reducing costs and emissions.
4. Associate with Apartment Buildings and Multi-Unit Dwellings to Install EV Chargers
Many people living in multi-unit dwellings may not be able to install a charger in their homes, so providing charging options in these buildings can help make EVs more accessible for these residents.
By working with property management companies, energy retailers can offer on-premise EV charger installation and maintenance services that are convenient and reliable. This can help improve the customer experience for residents interested in EVs and spread the brand name among new customers.
In addition to installation and maintenance services, energy retailers can offer education and support to property management companies and residents to help them make the most of their EVs. This includes information about charging, maintenance and guidance on using EVs to reduce energy costs and emissions.
5. Increase Commodity Sales With Dynamic Pricing
Increase your sales figure by utilising dynamic pricing methods to offer personalised electric vehicle (EV) charging services to your established customer base. This way, you can improve the customer experience while promoting customer loyalty and returning business.
Dynamic pricing is an excellent path for energy retailers to increase revenue while providing customers with transparent and fair pricing. By adjusting the kilowatt-hours cost based on factors such as time of day, demand, and supply, energy retailers can optimise their operations and take advantage of new opportunities in the EV charging market.
Moreover, facilitating EV charging services to existing customers is a smart way for energy retailers to grow their businesses. With over 80% of all EV charging at home, selling kilowatt-hours is a natural extension of energy retailers’ existing business. By offering this service, energy retailers can increase commodity sales and tap into a new and expanding market.
The Future of Energy Retail: Leveraging the Growth of the EV Market
The growth of the electric vehicle (EV) market presents a significant opportunity for energy retailers to capitalise on the EV charger demand. As EV adoption thrives in years to come, the need for charging solutions will only increase.
Therefore, only the energy retailers well-equipped to offer convenient, accessible, and specialised charging solutions will be able to attract new and existing EV owners and increase their revenue.
How Can Oakter Help Energy Retailers Capitalize on the EV Charger Market?
Oakter is a contract manufacturing company providing energy retailers with a cost-effective and reliable solution for producing lithium-ion battery management systems critical for electric vehicle (EV) chargers.
This could help energy retailers with a high-quality and customisable product that can meet the unique needs of their customers. Additionally, Oakter’s expertise in lithium-ion battery technology and manufacturing processes could guide energy retailers with valuable insights and support for developing and implementing their EV charging solutions.
Contact us to learn more.