Municipalities across the world use parking meters as a source of revenue. Yet many cities are unaware of the tremendous financial benefits of Smart Parking. Traditional parking meters initially have a lower price tag, but fail to deliver long-term compared to smart parking. Parking is a vital component of a city’s framework. In this context, implementing an optimized smart parking meter solution makes sense.Municipalities across the world use parking meters as a source of revenue. Yet many cities are unaware of the tremendous financial benefits of Smart Parking. Traditional parking meters initially have a lower price tag, but fail to deliver long-term compared to smart parking. Parking is a vital component of a city’s framework. In this context, implementing an optimized smart parking meter solution makes sense.
For example, the IPS Group M5 Smart Parking meter with In-dome Sensor are equipped to detect when a car is parked in a metered spot. Once the car leaves, the meter resets and ensures that each vehicle pays for the amount of time it needs: no more, and no less. That’s pretty smart.
Smart Parking meters incorporate various features. These applications aim to improve revenue generation, reduce operating costs, facilitate efficient user experiences, and support a sustainable future. The mission at IPS is to deliver the most technologically advanced, user-friendly, efficient, reliable, and affordable smart parking solution anywhere in the world. The IPS Vehicle Detection System accomplishes that mission.
Cities that use parking meters without vehicle detection miss out on significant potential revenue. By resetting the meter once a vehicle has departed, IPS Smart Parking meters increase revenues by up to 50%. Likewise, the gains in operational efficiency reduce operational costs up to 50% as well. Let’s look at some more numbers:
- The IPS meter improved meter uptime in the city of Oakland, California to 97-100%. Creditcard usage there is 61%, and coin collection cut in half, freeing up resources.
- Since implementing the IPS Smart Meter system, New Brunswick, New Jersey saw annual savings of $50,000 in operational efficiencies
- IPS meters facilitated donations for the successful “Road Home” program to help the homeless in Denver, Colorado – while parking revenue increased by 20%.
- In Oxford, Mississippi, Smart Meter revenue exceeded $500,000 in the first eight months of operation and stimulated economic growth for downtown businesses.
- Smart Parking meter solutions in Barrie, Ontario helped contribute to an eye-popping 300% increase in City revenue
The benefits of smart meters go far beyond revenue. Utilizing a secure and reliable wireless communication system, the IPS parking meters send valuable data to a web-based data management system; this real-time information is available 24 hours a day, 7 days a week, 365 days a year. With customizable reports and visual analytics, these meters allow monitoring of trends that can be managed to improve the Smart Parking system performance. Collecting big data on revenues by meter, area, or zone drives smart policy decisions that benefit the city.
Furthermore, implementing the IPS Smart Parking solution is simple. Meters, vehicle sensors, and pay-by-cell applications seamlessly integrate into one intuitive backend system. Even better, there is need for local software or new hardware installations. Along with rechargeable solar-powered batteries, IPS Smart Parking meters offer an environmentally friendly and sustainable solution as well.
With all the benefits of the IPS Smart Parking meters, the choice is clear. Boosted revenues – like the 40% increase in parking meter proceeds enjoyed by Santa Monica, California – and reduced operating costs, make the M5 and other Smart Meters economically, well…smart. Its big data collection delineates valuable patterns, allowing cities to manage their use effectively. Perhaps most importantly in our modern world, the IPS system is an environmentally friendly and sustainable parking system. With all these cohesive elements, the IPS smart parking system is a truly optimized parking solution.
Learn more about the IPS smart parking solutions by visiting us online at https://ipsgroupsrl.eu/smart-parking/ today!