EV Connect announced the first “EV Charging-as-a-Service” or “EV CaaS”, with a goal of cutting up-front costs and simplifying the process of purchasing and installing EV charging stations. Their business model transforms a capital expenditure to an operating expense.
In other words, instead of paying for charging station you will pay a flat monthly rate, starting from $99 per month.
"In collaboration with GE and SparkFund, the EV CaaS program starts at $99 per month per charge station port (not including installation), which includes GE’s full line of WattStationTM and DuraStationTM EV charging stations, and EV Connect’s base management software and service. The new EV CaaS service offers business owners and government entities a full-service resource to assist with financing, deployment and management of EV charging solutions. EV Connect has also launched an online resource for customers at www.EVCaaS.com"
"EV Connect is the first EV solution provider to offer a turn-key solution from procurement to installation to EV payment management and maintenance as an operating expense without up-front capital investment. The solution is powered by SparkFund financing and EV Connect’s management software. In addition to handling the procurement, installation and permitting, EV Connect will manage all aspects of the charging station ecosystem and service, including driver support, station management and usage."
How it works:
- Procurement - Once approved, we buy charge stations based on your site's specific needs.
- Installation - Our contractors will come out to install the charge stations, or you can use your own contractor.
- Driver Payments & Support - Accept for use of your stations, or provide them as free-of-charge amenity.
- Management & Maintenance - We will provide on-going care and management 24/7, you don't need to worry about your charge station!
$99 for 3 years (or more) quickly turns into $3,564 ($1,188 annually), so one would need to calculate the offer for a given period with assumed revenues from users.
Jordan Ramer, EV Connect President said:
“The single biggest hesitation facility owners have when considering EV charging station installation is up-front cost. The EV CaaS program, in collaboration with SparkFund and GE, offers a pay-as-you go alternative to capital purchases and greatly simplifies the decision-making process.”
Pier LaFarge, SparkFund Co-founder and CEO commented:
“Welcome to a new world of financing for EV charging infrastructure. EV CaaS puts EV charging within reach of any facility by shifting financing from an upfront capital expenditures to a pay-over-time operating expense.”
Seth Cutler, Senior Product Manager, Growth Initiatives for GE’s Industrial Solutions business remarked:
“This new turn-key financing solution will further the effort to provide cost-effective solutions to enable EV charging networks to grow. The industry is increasingly looking for a simplified, cost-effective and efficient approach to building an EV charging infrastructure which includes ongoing service for this equipment.”