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How to Choose the Best Consumer Financing Company for Installing More Residential EV Charging Stations

Electricians are still in high demand for traditional needs, but the growing demand for residential electric vehicle (EV) chargers has created a new niche for these contractors. As more and more homeowners seek installations for residential EV charging stations, electricians must position themselves to provide those services at rates these shoppers can realistically and reasonably afford.

Consumer financing increases access to EV charging station installation, allowing you to increase your sales while serving the most customers possible. Choosing the right financing partner is critical in helping you market your business, sell more services, and increase your revenue.

Read on to learn more about choosing the best consumer financing company for installing more residential EV charging stations and how doing so will help you establish a sustainable process that will serve you for years.

Why Consumer Financing is Essential for Installing Residential EV Charging Stations

When plug-in EVs came into the mainstream around 2010, the market was slow to explore the many benefits EVs bring to the table. In 2024, EVs have been fully adopted into the automobile market. As the volume of EVs on the road continues to increase, everything from ownership demographics to charging locations will change.

The growing appeal and supply of EVs means these vehicles are becoming more affordable. More cars on the market translates to a greater need for at-home EV charging stations. As buyers from lower income and age brackets purchase EVs, electrical contractors must make their services accessible and affordable to these groups. Consumer financing is the ideal solution that allows individuals to install these stations at home where they need them most.

Public charging stations are becoming more and more prevalent. But fully charging an EV at these units can take hours. A Level 1 residential station connected to a standard outlet only provides a 5-mile charge after an hour. A Level 2 unit with a dedicated circuit installed by an electrician ensures the EV has a fully-charged battery daily without interrupting the user’s schedule. In-home EV charging stations allow users to charge their batteries on their timeline and at their convenience (typically while the owner sleeps.)

For these reasons, Level 2 residential charging stations are ideal for EV owners, but installation costs create obstacles to purchase, especially on the heels of financing or when preparing to finance the vehicle itself. Parts for an electric double-pole breaker on an electric panel, wiring, the EV charger unit, and labor create high up-front costs that aren’t feasible for many of your customers.

Regardless of the high investment prices, residential EV charging stations are necessary for EV owners. Electrical contractors must provide payment options that make these purchases possible without affecting service, sales, or profits.

How to Choose the Best Consumer Financing Firm for EV Charging Station Services

Partnering with the right financing firm is vital for your business. You need a company that can anticipate your and your customers’ needs and provide service and support that keeps your business running smoothly. Below, we highlight the “must-haves” for a consumer financing firm for EV charging station services.

1. Choose a Company with High Approval Rates

Consumer financing makes your services more inclusive to a broader client base. Nearly half of Americans can’t cover a $1,000 emergency. An even greater number don’t have the funds for other urgent purchases, including installing an in-home charging station.

When EV owners purchase their vehicle, they’ve already committed to a down payment and monthly payment plan. They need realistic options that allow them to choose the convenience of an at-home charging station at a price that won’t significantly disrupt their budgets.

As you consider consumer financing partners, look for a firm with high approval rates. Financing options are essential for shoppers without lump sum cash or access to a traditional loan to cover these costs. Choosing a company boasting high approval rates means you can attract and serve more clients who seek your services.

2. Fast, Simple, Accessible Financing Applications

With a big-ticket purchase like an EV charging station, you want to make the process seamless and as stress-free as possible. Choose a financing company that offers straightforward, simple financing options that allow you to guide your customers toward purchase.

United Consumer Financial Services has built our application process to serve your customers, removing friction and delivering simplicity and convenience at every step.

UCFS provides a fast, straightforward online application and prompt notice of approval so that you can begin service quickly. Once your client is approved, you can schedule their installation and give them clear, easy-to-follow instructions for loan repayment.

Our financing application process is simple:

  1. Enter the customer’s credit application, or have them enter it themselves
  2. Receive near-immediate communication of customer credit approval
  3. Customer eSigns the contract right from their phone
  4. Move forward quickly with the project
  5. Get paid by UCFS within 1-3 days after the project is complete
  6. Consumers make payments through autopay, with the first payment 30 days after the project is complete

UCFS simplifies repayment with a streamlined financing process that helps you close the sale.

3. Choose Financing that Supports Your Business

Your financing partner should simplify the process for your customers, but they should also prioritize you and support your business goals.

United Consumer Financial Services delivers financing solutions that help you sell more without compromising customer service or profits. Our team makes financing simple and accessible for businesses like yours with no surprise fees and live support staff based out of Cleveland, Ohio.

Offering financing through UCFS helps you:

  • Maintain and improve cash flow, a crucial factor for healthy, sustainable businesses.
  • Increase sales by providing additional purchase options for your customers. Upsell and cross-sell your services while maintaining affordable prices for your clients.
  • Expedite the sales process because it’s easier for a homeowner to envision low monthly payments rather than a large up-front sum.

UCFS comes alongside you to offer financing solutions that serve your customers and benefit your business starting today.

Build Your Business and Install More EV Chargers with Consumer Financing from UCFS

Your customers want and need financing options. Make financing a standard part of your service package and show them how affordable an in-home EV charging station can be.

When you partner with United Consumer Financial Services for consumer financing, you empower your customers to get the service they need to make the most of their new EV. We offer more than four decades of experience and service, providing you with the financing tools to sell more and better serve your clients.

Reach out to our team today to learn how we can provide the financing options and support you need to stand out and thrive in this market.