Profiting From Electric Vehicle Charging

Profiting from electric vehicle charging in car parks, involves a mix of customer demand, higher quality, and more abundant charging facilities. This is according to a prototype developed at Hong Kong Polytechnic University in China.

Meeting this need for an EV recharge is proving more profitable than simply renting parking spaces. Many large shopping malls in the city are installing extra charging stations, in the hope of attracting more tourists with more electric vehicles.

Model For Profiting From Electric Vehicle Charging

Until quite recently, charging stations in Hong Kong shopping malls merely increased foot traffic. However, as Hong Kong Polytechnic explains, this situation is changing and we quote:

“With technological advancements and the development of artificial intelligence, coupled with decreasing management costs, car parks have started profiting from reselling electricity after getting approval from the authorities.”

As a result of this trend, profiting from electric vehicle charging now exceeds the income gained from merely renting out parking spaces. Electric car batteries are changing the activity from a service to a money-making venture!

Two Ways to Profit From Charging Vehicles

Hong Kong Polytechnic University researchers in China, have identified two profit models from re-selling electricity to electric vehicle drivers:

Reselling the electricity included in a regular hourly parking fee.
Reselling the electricity on the basis of the kilowatt-hours delivered.

The researchers ran the numbers and found the capital cost of a rapid-charging station was recoverable within two-to-three years. This was approximately twenty years faster than simply renting a parking space.

A Smart Way Over a Less Obvious Hurdle

Many Hong Kong parking facilities are aging, and require additional power systems to make the fast charging alternative feasible. The Hong Kong Polytechnic team have developed an AI model that achieves the following:

Adjusts the charging rate based on individual customer requirements.
Achieves this goal selectivity within the limitations of the power supply.

Customers can then select the fastest possible charge, or the regular rate for as long as they park. It’s up to them to pay an extra fee, or the standard rate according to their preferences.