A recent study from the Massachusetts Institute of Technology (MIT) has shown that electric vehicle (EV) chargers are not just good for the environment—they’re also great for business. The research, published in Nature Communications, reveals that businesses located near EV charging stations experience a significant uptick in sales compared to those without chargers. By analyzing EV charger locations in California and payment card transaction data, the study found that businesses near chargers saw a sales increase of 1.4% in 2019 and 0.8% from January 2021 to June 2023.
Lead researcher Yunhan Zheng, a postdoctoral associate at MIT, explains that this offers both businesses and governments a financial incentive to install EV chargers, as the investment could be offset by increased sales. Chris Thorson, CMO at Flo, echoes this sentiment, highlighting that EV charging stations can provide customers with a better overall experience while they wait for their vehicles to charge, offering a new way to “fuel up” in more convenient, customer-friendly locations.
The federal government has invested over $1 billion in the installation of EV chargers across the country, with provinces like Ontario also running subsidy programs to promote their installation. This shift in infrastructure could help attract more visitors to local businesses and create new economic opportunities, particularly in underserved communities.
Source: Swifteradio.com
