Electric vehicle (EV) sales are accelerating, and EV drivers strongly prefer electric car charging at home. These trends will impact your properties and residents, probably sooner rather than later.
It is not too early to consider installing EV charging stations in your communities. Multifamily EV charging is an increasingly marketable amenity that raises property values and leads to happier and more loyal residents.
But multifamily EV charger installations require significant investment and might be considered premature if only a few of your residents drive EVs or plan to purchase one. Multifamily electric car charging at home will soon become necessary, but is it advantageous or urgent?
Before installing charging infrastructure, you should carefully evaluate volume of electric vehicles and your residents’ interest in EV charging stations at your properties. Your assessment should include communications with current residents and incorporate projections based on several other factors, such as local EV buying trends and resident and EV driver demographics.
Armed with this information, you can compare interest levels and demand with installation and administration costs to make a good business decision.
While it is clear that EV sales are booming, interest in EVs and EV charging solutions varies across localities and demographic profiles. Some drivers cannot wait to drive an EV, but others are more deliberate in their approach. And some may never make the switch.
For instance, if your residents are primarily Gen Z-ers and millennials, interest levels will be higher than if your residents are older. If your building is in an urban area, interest will be higher than in rural areas. Include the items below in your research:
Get a feel for the general interest level of your surrounding community. Check out local developments, from EV sales to local government initiatives, to gauge interest levels.
A survey of current residents is the most direct method of assessing interest. The benefits of home EV charging are clear for some of your residents but less so for others. So your survey should capture both perspectives. What questions should you ask?
Completing this level of research will provide you with the detailed insight you need to make an informed choice about bringing electric car charging at home to your properties. You can calculate your return on investment by comparing the current and projected interest levels to the estimated costs. That will guide your decision about whether to install EV chargers now or wait for higher interest levels.
Multifamily EV charging stations are an excellent opportunity to increase your properties’ revenues and marketability. But there are uncertainties in the process that you can clarify by careful planning with a company that shows a successful track record in EV charging implementation.
Qmerit is that company. We are the leading installer of EV charging stations in homes and multifamily properties in the U.S. Qmerit has an extensive track record of success and comprehensive experience in EV charging and will stay with you from start to finish. Contact us to guide your multifamily project to success.