The current administration is investing in constructing a nationwide charging network. However, at-home charging will likely remain a more convenient option for many electric vehicle (EV) drivers. There is an opportunity for multifamily dwellings to stand out and prepare for the future of electrification by embracing the latest innovations in EV charging.
EV popularity is rapidly growing. The number of people living in multi-unit dwellings who drive EVs is growing as well, especially as many automakers have said they plan to stop making gas-powered cars. This is significant for property owners and it highlights an increasing need to add charging stations for residents and tenants, given that approximately 71% of people prefer charging at home and 80% of EV charging occurs at home.
Renters occupy roughly 44.2 million housing units in the United States. Property owners and HOAs need to recognize that EV chargers will soon become a must-have amenity for buildings with parking lots. Adding charging stations to rental and housing properties now gives a significant marketing advantage to building owners who want to be ahead of the curve and use them as an amenity to attract (or retain) tenants.
EV charger installation is becoming even more affordable, thanks to federal funding, grants, reduced electric rates, and other state or local incentives. The federal government is providing funds for and encouraging individual states and municipalities to implement programs, legislation, and financial incentives to support this energy transition to greater electrification. Several states already require charging spots in new buildings and offer financial help to assist in adding them to a property. Here are some examples of efforts:
The Department of Energy’s Alternative Fuels Data Center lists a variety of available incentives at federal, state, local, and utility-based levels.
There are other key considerations to keep in mind outside of evaluating methods to finance installation for your EV chargers. The physical site and space limitations of your property will likely dictate whether you can set up personal charging stations in assigned spots or encourage residents to share community stations in common areas. Other decision points on the road to an all-electric auto future for multi-unit building owners and HOAs include considering whether to add charging stations for EVs as a free amenity to draw and retain residents, a way to initially recoup costs and eventually garner revenue. A newer turnkey option is to contract with someone else to install, maintain, and profit from the electric auto-charging equipment, much like services providing the same for your laundry room equipment. Let’s look at each option:
Taking advantage of other sources of electricity can help keep costs per kWh down and ensure your building is resilient to grid disruptions. As more people work from home, they need reliable power throughout the day. There are some innovations here that building owners and boards should be aware of and potentially employ:
The fact that gasoline vehicles are being phased out is undeniable. Considering that the average vehicle on American roads today is over 12 years old, it will take at least a couple of decades before we can expect to see a full electric transition. Forward-thinking owners and governing boards of multifamily dwellings need to recognize the inevitability of electrification and decide if they want to add chargers to attract that tenant market and prepare for an electric future.
Adding charging stations for EVs is a great way to increase your property’s revenue and marketability. Having a company with a track record for success in EV charging implementation can keep your project on track and within budget, ensuring the installation process is as seamless as possible. Qmerit is that company.
Qmerit is the leading installer of charging stations in homes and multifamily properties in the U.S. and is trusted by top brands nationwide. With vast experience in EV charging and a proven track record of success, Qmerit will help with your electric transition from start to finish. Contact us to navigate your multifamily project and enjoy the benefits of electrification.