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How to reduce EV charging infrastructure costs

How to reduce EV charging infrastructure costs

Åsmund Møll Frengstad

25. Jan 2022 | 4 min read

Fleet of EV cars charging with solar panels

It is predicted that the global EV charging infrastructure market will exceed $140 billion by 2030. As a result, EV charging businesses will face tough competition in the future.

In order to gain a competitive advantage, you must keep EV charging infrastructure costs as low as possible while offering exceptional customer service.

Understanding what EV charging infrastructure really costs is one of the best ways to accomplish this. Hardware-wise, it's a job easier said than done, since nearly all EV charging infrastructure components are offered at a wide range of prices. That means comparing costs between vendors isn't very useful.

What is the best way to reduce the cost of EV charging infrastructure?
Here are four ways you can do it:

REDUCE COSTS BY USING A SMART CLOUD-BASED PLATFORM FOR EV CHARGE POINT MANAGEMENT

Charge point operators, service providers and other businesses can significantly reduce operational costs by using an enterprise-level charge point management system.

1. Use smart charging capabilities

A solution offering smart charging capabilities can help you manage power requirements reliably and easily. In smart energy management, charging is encouraged during the grid’s low-demand hours and avoided during peak hours. In doing so, energy is efficiently utilized while also keeping costs down. 

Read more: Why smart charging capabilities are essential for EV fleet operators

2. Optimise energy management

An increased demand for power may require a site to constantly upgrade its power infrastructure, resulting in significant costs. Therefore, energy management becomes a crucial consideration. 

An EV charging management platform can mitigate this by optimizing energy management. The platform balances demand throughout the day so that continuous charging capabilities are guaranteed without requiring additional electrical infrastructure.

Related: Successful fleet electrification: Critical considerations for the fleet operator

3. Comply with open standards 

Make sure the solution you choose complies with OCPP (Open Charge Point Protocol) so you have the flexibility to choose the right hardware and minimize costs. This also makes EV charging operations management easier and smoother. 

OCPP allows you to monitor your charging stations in real time. Remote charge point operation can result in a reduction of up to 80% in on-premise maintenance, thus lowering your maintenance costs.

4. Avoid vendor lock-in

Implement a charge point management platform that is hardware-agnostic, based on open standard communication protocols and compatible with most charger models. 

It is not uncommon for EMSPs and EV charging services hosts to be required to purchase proprietary management software through expensive contracts. Utilizing an open, hardware-agnostic EV charging management platform separate from the hardware can help avoid vendor lock-in.

With a service provider that is independent of the charging station vendor, you can be assured of quality and flexibility without being locked into an expensive and potentially ineffective solution.

Read more: Why you should choose OCPP and independent payment and management services

SUMMARY

A hardware-agnostic, market-leading EV charge point management platform can save you money on charging infrastructure and reduce total operating costs. 

With an open Charge Point Management System that offers freedom of choice for hardware to ensure compatibility with both today's and tomorrow's hardware, and enables you to implement the best solutions to make your customers' experience better, you can minimise your expenses.

 

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