As electric vehicles (EVs) continue to dominate the future of transportation, businesses across the UK are recognising the need to invest in commercial EV charging installations. From destination charging points at retail locations, hotels, and leisure facilities, to workplace charging stations for employees, the demand for accessible EV charging infrastructure is on the rise. With the government’s commitment to phasing out petrol and diesel vehicles by 2030, this trend is set to accelerate, creating significant opportunities for businesses to not only contribute to sustainability but also expand their offerings and attract new customers.
At Sorbus Finance, we understand the challenges faced by commercial operators when considering the installation of EV charging points. Whether you are looking to set up a destination charging hub or provide charging solutions at your workplace or fleet facilities, we offer tailored finance solutions to help you manage costs and ensure that you can grow your EV charging network seamlessly. In this blog, we’ll explore the key considerations for businesses when planning a commercial EV charging installation, how to optimise your investment, and how Sorbus Finance can support you throughout the process. Check out our EV Charging case study!
Understanding the Importance of Destination Charging in Commercial Installations
Destination charging refers to charging points located at places where drivers can park and charge their EVs for extended periods. These are typically found at locations like shopping centres, leisure parks, restaurants, hotels, and other destinations where customers will be parked for more than a short while. As EV adoption grows, these locations are increasingly seen as essential in providing EV owners with accessible and reliable charging points during their visits.
Why Destination Charging Matters
In addition to providing essential infrastructure for EV drivers, destination chargers offer businesses an opportunity to increase footfall. By providing EV charging stations at locations where customers are likely to park for a while, you not only support the growth of electric mobility but also keep your business competitive. More EV drivers will choose to visit your business if they know they can charge their vehicles during their visit.
When planning a destination charging project, it’s crucial to carefully evaluate the utilisation rates of each charging unit to ensure profitability. Properly analysing the volume of foot traffic, the type of customer base, and the duration of customer visits will ensure that the investment in EV chargers results in maximum usage and ROI.
How Sorbus Finance Can Help
At Sorbus Finance, we offer flexible asset finance solutions to help you cover the full cost of destination EV charging installations. Whether you’re installing a few charging points or building out a large network, we provide tailored finance options that allow you to spread the costs over time, ensuring that your investment doesn’t negatively impact your cash flow.
Workplace Charging Solutions: Empowering Employees and Supporting Sustainability Goals
Commercial EV charging installations are not limited to public-facing locations. Many businesses are also looking to install workplace charging stations for their employees. This helps businesses provide added value to staff, reduce their carbon footprint, and align with sustainability initiatives. In addition, installing workplace charging stations can make a business more attractive to environmentally conscious employees.
The Benefits of Workplace Charging
Having EV chargers at your business premises allows employees to charge their vehicles during working hours, making the transition to electric vehicles much more convenient. For businesses with a fleet of electric vehicles, installing charging stations on-site makes it easier to keep vehicles fully charged and ready to go, reducing downtime and improving operational efficiency.
How Sorbus Finance Can Help
Whether you’re installing a few chargers for employees or a large-scale network to support a fleet, Sorbus Finance can offer finance solutions tailored to your needs. Our flexible terms ensure that the upfront costs of installation are manageable, allowing you to spread the cost of the project over an affordable repayment period while still gaining the full benefits of workplace charging.
AC vs. DC Charging Units: Choosing the Right Solution for Your Business
When planning a commercial EV charging installation, one of the key considerations is selecting the right mix of AC (Alternating Current) and DC (Direct Current) charging units. Each type of charger has specific benefits, and the right blend depends on your location, your customers’ needs, and the speed of charging required.
- AC Chargers (Level 2): These chargers are ideal for destination charging locations, such as shopping centres, restaurants, and leisure parks, where customers will park for longer periods. AC chargers are typically more affordable to install and operate, making them a great choice for businesses with moderate charging demands.
- DC Fast Chargers (Level 3): These chargers are designed for locations where EV owners need a fast recharge. They are typically found at high-traffic destinations such as motorway service stations, airports, and petrol stations. DC fast chargers are more expensive to install but provide much faster charging times, making them ideal for customers who are looking for a quick turnaround.
How Sorbus Finance Can Help
Investing in both AC and DC charging units allows businesses to cater to a wider range of customers, from those who need a quick charge on the go to those looking for a more leisurely charge. At Sorbus Finance, we offer comprehensive finance solutions that allow you to install both types of chargers, along with any necessary infrastructure upgrades, in a cost-effective manner. Whether you need to install a few AC units for a destination charging hub or a network of high-speed DC chargers for fast recharging, we can help finance the entire project.
Financing the Entire EV Charging Installation: Beyond Just the Chargers
A successful commercial EV charging installation goes beyond just purchasing and installing the charging units. It also involves site preparation, electrical infrastructure, and ongoing maintenance. All of these components need to be factored into your financing plan to ensure the project runs smoothly and remains cost-effective.
- Site Preparation: Installing EV chargers often requires upgrades to the electrical supply, including new power lines, transformers, and circuit breakers. These upgrades can be a significant cost, but they are necessary to ensure that your charging stations operate efficiently.
- Ongoing Maintenance and Support: EV chargers require regular maintenance and software updates to ensure they remain operational and secure. Factor these ongoing costs into your financial planning to keep your charging points in top working condition.
How Sorbus Finance Can Help
At Sorbus Finance, we offer more than just finance for the charging units themselves. Our asset finance solutions can help you finance the entire project, including the installation costs, electrical upgrades, and ongoing maintenance. We understand that the initial setup can be costly, but with flexible repayment terms and competitive rates, we can help you manage the financial burden and make the transition to EV charging infrastructure as smooth as possible.
The Future of EV Charging: Growing Opportunities for Businesses
As the demand for electric vehicles increases, so too does the need for reliable, accessible charging infrastructure. The future of EV charging is bright, with significant opportunities for businesses to grow and align with the transition to a greener economy. By investing in commercial EV charging installations now, you’re positioning your business for long-term success and sustainability.
How Sorbus Finance Can Support Your Growth
At Sorbus Finance, we understand the evolving landscape of commercial EV charging. Whether you’re looking to install destination charging points, workplace chargers, or high-speed DC fast chargers, we provide the support and flexible finance options you need to scale your business effectively.
Contact us today to learn more about how Sorbus Finance can help you finance your commercial EV charging installations, from chargers to infrastructure, and support your business through this exciting transformation.
P.S If you are looking at a new electric vehicle, check out our vehicle finance page!