U.S. retailers have the potential to drive wider adoption of electric vehicles (EVs) across the country by installing more charging stations in parking lots, according to a study published by Consumer Reports on Wednesday. The study indicates that this move could also contribute to retailers’ revenue.
The study found that out of 270,000 store locations across major retail categories, EV charging was available on average at one out of every 14 big box store locations, one out of every 15 grocery stores, and one out of every 40 department stores.
Installing EV chargers could be a way for retailers to increase foot traffic by an average of 4% and revenue by 5%, according to independent data cited in the report. Additionally, a significant number of retail locations in the U.S. are eligible for federal benefits that could save them nearly 30%, or $100,000, on installation costs.
Despite these potential benefits, the report noted that there is currently no retail location where all parking spots are equipped with an EV charger. This shortage, along with a lack of confidence in charging infrastructure, has slowed down the adoption of EVs as consumers face “range anxiety,” especially since charging station penetration remains inconsistent across states.
The study suggests that retailers with vast parking lots could help address this shortage by adding an EV charger to each parking spot, potentially encouraging more consumers to switch to electric vehicles.
