The exponential growth of electric vehicle (EV) adoption means more and more homeowners want (and need) at-home charging options. And because EV charging stations require professional expertise, electrical contractors serve a new market of eager consumers with an urgent need.
However time-sensitive and necessary they may be, these installations come with a price tag that many homeowners find challenging to cover. Providing financing options allows electrical contractors to meet customer needs and make the sale, and no one has to compromise.
This post explores how electrical contractors can install more EV charging stations in homes by offering financing. Read on to discover how financing can help you sell more installations and make EV ownership simple and convenient for your customers.
EV Charging: Growing Demand for At-Home Charging
It’s no secret: the EV market has skyrocketed over the last few years. Vehicles once sought after primarily by uber-earth-conscious consumers are now commonplace on our highways. The EV market is expected to reach a revenue of $70.1 billion by 2024 in the U.S. alone. And from 2024 to 2028, with a CAGR of 18.17 percent, estimates project that number will reach $161.6 billion by 2028.
This exponential growth significantly impacts the demand for improved residential EV charging infrastructure. Homeowners with EVs in the garage want the convenience of charging up at home, which means an increased need for electrical contractors to execute safe, fast charging station installs.
In the same way an electrician must install dryer hookups in a home, electrical contractors are the only people certified to install EV charging stations. As EVs continue to gain traction in the automotive market, more and more homeowners will seek out electrical contractors for charging station installation services.
How can contractors make their services accessible and attractive to this growing audience? Discover more below.
The Biggest Obstacle to In-Home EV Charging Station Installation
EV charging stations are becoming more prevalent in public spaces. And while more and more are becoming accessible, fully charging a vehicle can take hours, making public chargers less than ideal for daily use. A Level 1 charging unit for a home – a standard household outlet, will typically charge just a 5-mile equivalent in 1 hour. The allure of in-home EV charging stations lies in the convenience. Overnight charging using a level 2 charging unit with a dedicated electric circuit ensures vehicles have a full battery daily, and the charging occurs while the owner sleeps.
In-home charging stations are preferred for these reasons, but installation costs are a barrier for many EV owners. Installing quality charging stations can include the cost of parts for a new electric double-pole breaker on an electric panel, wiring, the EV charger unit, and labor, especially getting stronger electric power from the electric panel in perhaps a basement to a garage wall. An installation can run homeowners upwards of several thousand dollars, a high lump-sum cost for many individuals.
Despite the high prices, residential charging stations are necessary for EV owners. It’s up to electrical contractors to provide options that serve their clients without compromising on their profits. Consumer financing options meet the needs of customers and contractors, ensuring all parties come out on top.
How Offering Financing Helps You Install More In-Home EV Charging Stations
Your services are wanted, needed, and sought after as more homeowners pursue in-home EV charging stations. Financing positions your business as the ideal choice for those seeking your services. Below are a few ways financing options help you install more residential EV charging stations.
1. Attract a Larger Customer Base
Financing makes big-ticket purchases more affordable for shoppers. By presenting your financing offerings early and often, you instill confidence in consumers that they can now afford a charger in their homes. And if they’ve financed a new electric vehicle, they might need this charging station!
Installment loans break down lump sum totals into smaller, more affordable payments that empower shoppers to choose EV charging station installation on their timelines.
2. Increase Project Revenue
Financing options increase homeowner’s purchasing power. Installment loans allow clients to access your expertise at low monthly payments that won’t disrupt their budgets or savings. Affordability translates to confidence. When shoppers have confidence in their purchase decisions, they will commit to purchasing more quickly and are more likely to have a positive experience with your company.
3. Build a Loyal Customer Base
Even as 2024 has seen a drastic increase in EV and in-home charging adoption, this is just the beginning. As electric vehicles rise in popularity, more and more homeowners will seek electrical contractors to install in-home charging stations.
Providing financing that empowers the purchase of your services helps you build a loyal customer base today that will utilize your expertise long into the future – for EV charging stations as well as other home improvement or electrical projects. As your customers need further assistance with EV charging and station installation, they will go to the name they trust: yours.
Providing Financing that Serves Your Customers
Financing isn’t a one-size-fits-all approach. Electrical contractors must provide low monthly payments supporting their company and customers. Partnering with a financing firm like United Consumer Financial Services delivers simplicity and convenience.
UCFS offers a fast, straightforward application with prompt notice of approval. From there, you can schedule their installation and provide clear instructions for loan repayment. Here are the steps:
- Enter the customer’s credit application, or have them enter it themselves
- Almost immediate communication of customer credit approval
- Customer eSigns the contract right from their phone
- Move forward quickly with your project
- Get paid by UCFS within 1-3 days after the project is complete
- Consumers make payments through autopay, with the first payment 30 days after the project is complete.
With UCFS, there are no surprise fees for your business, consistent rates/APR for your customers, a commitment to transparency, and live support staff based in Cleveland, Ohio for your questions.
Our team makes financing simple and accessible for businesses like you and the customers you serve. And while financing options make EV charging station installations accessible to your clients, you reap many benefits, too.
Offering financing through UCFS helps you:
- Maintain and improve cashflow, a crucial factor for healthy, sustainable businesses
- Increase sales by providing an additional purchase option for your customers. Upsell and cross-sell your services
- Expedite the sales process because it’s easier for a homeowner to envision low monthly payments rather than a large up-front sum.
Install More Residential EV Charging Stations with Financing that Works
Electrical contractors have a unique opportunity: access to a new, rapidly expanding market demanding services only they can provide. As the competition to earn these new customers increases, you must differentiate your business with options that make your services affordable and accessible.
Offering financing serves your EV charging installation clients while helping you maximize sales and revenue. Partnering with United Consumer Financial Services enables you to present financing options that work for your customers so you can increase sales and install more residential EV charging stations.
If you’re ready to explore how consumer financing can enhance your business, contact United Consumer Financial Services today.