Commercial electric vehicle charging stations can make your business more attractive to potential customers, and the benefits of providing charging stations will only increase as the EV market continues to grow. Between local and federal financial incentives, widespread adoption of standardized charging equipment, and a massive increase in embracing EV technology from the public, there’s never been a better time to add EV charging stations to your business.

Despite the financial incentives and array of options for commercial EV charging stations, you may find that EV charging stations cost more than the capital you’re willing to spend outright. If so, you’re not the only business who feels that way – which is why there are also some great programs for financing charging stations.

If you aren’t already familiar with equipment financing, check out our FAQs on equipment financing here. You might find that you’d benefit more from a lease than a loan, depending on the specifics of your business. For Michigan-based businesses, you can potentially get an even better deal through the MI Saves program. (Team Financial Group is a MI Saves financing partner, and we’ll explain what that means for you shortly.)

The Benefits of Adding Commercial EV Charging Stations to Your Business

If you already drive an electric vehicle, then you are part of a fast-growing group of owners who don’t need further convincing that EV is the way to go. And it probably won’t surprise you to learn that for gearheads across the nation, taking vintage vehicles and converting them to electric has become a popular new hobby. On top of that, the USPS has announced that it is on its way to owning the largest electric vehicle fleet in the world, with intentions to have over 60,000 Next Gen Delivery Vehicles on the road by 2028. At this rate, gas stations could soon be a thing of the past!

With such widespread adoption of electric vehicles, the need for charging stations is set to grow commensurately. Adding commercial EV charging stations to your business can provide you with numerous benefits:

While electric vehicle supply equipment may be an exciting project for your business, the out-of-pocket cost – especially for DC fast chargers – can make you do a double-take. That means it’s worthwhile to learn about all the financial incentives available to you and your business.

A qualified financing partner can help you find every cost saving advantage in your local area, like the ones listed below.

RELATED: 7 Tips for Purchasing New Equipment for Your Business

Financing Commercial EV Charging Stations in Michigan

Team Financial Group is here to help you find the best opportunities for financing your commercial EV charging station. We can help you take advantage of many of the regional incentives, and as a MI Saves-authorized lender we can help you get a better interest rate on your clean energy projects.

Michigan Saves (Green Bank)

Any commercial property user or owner can utilize MI Saves for better financing for their clean energy projects, including EV charging stations.

A big benefit is that MI Saves has a network of authorized contractors to help you ensure the quality of workmanship, as well as timeliness of installation.

In addition, since MI Saves functions as insurance for independent lenders, your financing partner can offer you better interest rates on your charging station loan. This includes upgrades to existing electrical infrastructure, net metering system software, and related projects.

RELATED: How To Save Money With MI Saves Financing

Charge Up Michigan Program

This grant is specifically for increasing the availability of DC fast charging stations across Michigan by providing funding to qualified applicants. To be eligible, an organization must simply host publicly accessible charging stations.

The program is currently prioritizing funding for projects in more remote areas of Michigan, to ensure there are no “unfulfilled nodes” or EV charging station deserts. The grant is for either 33.3% of the total cost or a direct match of what the electric utility is paying (up to $70,000), whichever is the lesser amount, for eligible EV charging equipment.

As with many grants, there is some red tape to jump through. Awardees are expected to provide monthly progress updates and site metrics, as well as documentation of expenditures. While larger organizations might have the bandwidth to meet these requirements, small to medium businesses might not have the resources to dedicate to detailed monthly reports.

If you’ve been turned down for this grant or can’t justify the resources to meet the program requirements, you can always turn to Team Financial Group for fast and flexible financing. Even without this grant, you may be able to take advantage of other incentives, like the recently extended Inflation Reduction Act tax credit for your commercial charging stations. Contact Team Financial Group to learn more!

RELATED: A Smarter Way to Finance Equipment for Business

Power Up Your Business With Shockingly Affordable Financing

Finding the right financing partner for your commercial EV charging station doesn’t have to be a challenge. Team Financial Group is well-versed in green energy projects like the DC fast chargers needed for the fast-paced electric car industry. We can help you right-size your commercial EV chargers for your location and find you the optimal financing to make the project affordable.

If you already have the project scoped out and just need some help with the EV charging station cost, Team Financial has the flexibility to get you what you need – we often can even get same-day approvals on your equipment financing loan.

Get in touch with us today for any questions about federal and local incentives for commercial EV charging station installations, or to talk about the different financing options that can help power up your business.

Our team of financing experts is here to help you transition to an electric future, just give us a call at 616-735-2393 or fill out our short online contact form to connect with us.


ChargePoint, Inc. (2015). Leading Retailer Partners with ChargePoint to Attract and Retain Loyal Customers. Campbell, CA: ChargePoint. Retrieved from

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