Image source: Getty Images
Costco is sending mixed messages to electric vehicle (EV) drivers. The warehouse club now offers fast charging stations, but only at some stores. The company has partnered with all sorts of EV charging providers, including Tesla and Electrify America, but it has done zero advertising of the service.
Is Costco secretly ramping up its charging station installations, or is it taking a wait-and-see approach? And how much value, if any, do these stations offer Costco shoppers’ personal finances?
Costco is testing out EV charging stations
In Costco’s Q4 2023 earnings call, Costco CFO Richard Galanti says, “As it relates to EV charging, we’re testing it in a number of locations.”
Considering the trends currently shrinking costs, people, myself included, will probably buy more and more EVs. A handful of EV chargers at my local Costco warehouse would do a lot to get my butt into the store itself. Since I’m there, I might as well shop around, yeah?
Right now, Costco is offering discounted EV charging at limited stores across the U.S. Some states where EV chargers have been sighted include California, Colorado, Florida, Utah, Virginia, New Jersey, and Georgia. (Thank you for your service, Reddit and X posters.)
Redditors have reported a mix of Level 2 charging at a Torrance (California) location and fast charging at a warehouse in Colorado.
Heads up, some stations are members-only, though this may vary by location.
Costco chargers are cheaper than typical
Regarding the price of EV charging, Richard Galanti says, “You know, if there’s a charge for it, it’s going to be less at Costco. And we’ll wait and see.”
PlugShare reviews at the Costco Wholesale Torrance location indicate customers are satisfied with the low prices offered, though there have been issues, including nonfunctional chargers.
It seems like Costco may be copying the strategy of Costco gas stations, which are notoriously affordable — good news for Costco members and EV drivers. The prices of chargers vary by location, much like gas stations.
Costco offers other EV discounts
Costco also sells at-home EV chargers at Costco prices.
Some chargers are online-only — you must shop at Costco.com to buy them. Non-members can purchase a couple of chargers, though Costco charges 5% extra for the privilege. Regarding non-member prices, the Juicebox 40 is $499 at Costco.com, $434 at Walmart, and $489.00 at the original retailer. So you might be paying more if you’re not a member.
Costco has a great return policy. If that’s important to you, it may be worth paying up.
Costco credit card holders get an additional 4% off electricity at EV charging stations. This applies to EV chargers generally, not just ones at Costco. Plug-in hybrid drivers can also take advantage of the 4% off gas stations perk. Seems as if Costco has its drivers covered.
The future of EV stations at Costco
It looks as if Costco is taking a wait-and-see approach to EV chargers. Should the store find offering them profitable, Costco will probably continue rolling them out to locations near you.
In the meantime, folks will have to settle for at-home chargers and outside networks. With any luck, the cost of charging EVs will remain competitive with gas prices, and shrink even further. Should Costco offer charging stations, prices will be lower than ever.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
They just revealed what they believe are the 10 best stocks for investors to buy right now…
*Stock Advisor returns as of February 12, 2024
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Cole Tretheway has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale, Gala, Tesla, and Walmart. The Motley Fool has a disclosure policy.
[ad_2]
Source link
