Everyone is looking for a way to make money while they sleep these days. It's called passive income - you make money “passively” - who doesn't want income that is acquired with minimal labor to earn or maintain? Passive income streams can include rental income, stock dividend payments, book or music royalties or interest from bonds. It also includes blogging and selling digital products, like e-books.
There a tons of passive income ideas floating around now but here, we seek to introduce you to just one viable option: an EV charging station! Electric cars run on batteries that need to be recharged regularly. These batteries need special chargers, either an AC or DC charger, which can be installed on your property. AC chargers provide 6-15 kWh of power while DC chargers provide up to 300 kWh of power! AC chargers may be able to use existing commercial outlets whereas DC chargers may require electrical upgrades to your property. Owners usually modify their parking space(s) to fit the charging station they choose (AC or DC).
An EV charging station owner can charge a fee for each charging session which creates a steady stream of (passive) income.
There is a cost to install the charger and a cost for every time the system is used. But the amount customers pay to charge their vehicles is more than those costs, so the station generates passive income each time it is used.
Although the amount of money you can make depends on factors such as location and size, the EV charging station owner can expect to generate anywhere from 25-50% profit margins... this is a BIG deal in terms of passive income streams!
Furthermore, despite new vehicle sales slumping by 20% in the second quarter of 2022, electric vehicle sales soared. Increasing consumer adoption of EVs is partly in response to high gas prices and growing concerns over global warming. Whatever is causing it, the demand for EV charging stations is growing fast. So, how do you get started on this business?
In simple terms, here goes....
Buy a charging station AND upgrade your electrical output if necessary for about $30k at flo.com, OR becoev.com OR hypercharge.com, but NOT ChargePoint – they have serious issues.
You make about $265/day for 7 days a week in NYC in charging income assuming you charge customers $0.20 per kWh. Plus, reap tax incentives from state and federal governments for lowering gas emissions that damage the atmosphere.
You now gross an extra $96,725 every year, passively :)
About the Author
Kiva V. Waters, a seasoned consumer protection lawyer specializing in bankruptcy law, has been dedicated to serving human needs since 2010. Founding WATERS LAW GROUP, her firm addresses bankruptcy-related concerns while also catering to elite leaders, thinkers, and creators.