January 2, 2025
4 Ways to Boost ROI with Multifamily EV Charging
6 Min. Read
Multifamily electric vehicle (EV) charging is rapidly growing in popularity, and for multifamily property owners and managers, EV charging stations are offering a compelling way to differentiate your property, attract more tenants, and even generate additional revenue.
While upfront costs of electrification projects can be significant, there are many rebates and incentives available to help offset the cost and you can also strategically maximize your return on investment (ROI) to ensure you get the most value from your chargers.
By implementing a few straightforward yet impactful strategies, you can boost the ROI of your EV charging setup and turn it into a valuable asset for your property. In this article, we’ll explore the top 4 ways to boost the ROI of your multifamily EV charging stations.
Boost Usage and Meet Demand
As more EVs hit the road, the demand for multifamily and apartment EV charging continues to rise, but for multifamily owners and property managers looking to install EV chargers, the upfront cost remains a significant obstacle.
A possible solution to this challenge is to plan your EV charging project around boosting usage. Frequent use of your charging stations will mean higher revenue in the short- and long-term, and you can optimize usage by strategically installing chargers based on local EV ownership data and feedback from your tenants.
The visibility, location, and ease of use are all contributing factors that will significantly impact the success of your charging stations and lead to greater usage. Partnering with a licensed electrician skilled in EV charger installation to help determine the most strategic location and type of EV charging stations will have a major impact on the outcome of your project and the value and ROI of your investment in EV charging.
The next step is to attract the right tenants and ensure current tenants are aware of the benefits of this new amenity. By incorporating multifamily electrification into your marketing strategy to appeal to current EV drivers and tenants who are interested in purchasing an EV in the near future, you will also see an increase in the number of residents who will use these EV charging stations.
While multifamily EV charging is convenient, keep in mind that you face competition from public EV charging stations as well, depending on the location of your property. You can address this issue by making your charging site more appealing with incentives like free parking, a free year of charging for new tenants, or discounted charging rates for residents.
Charging Partnerships
Installing charging stations at your multifamily property is a direct benefit for your residents, but allowing non-residents to use your charging stations can also help boost both usage and profits while simultaneously increasing visibility and awareness that you’re offering this perk. Additionally, adopting mixed-used EV charging as a strategy can further boost your revenues if you partner with other nearby multifamily properties, local businesses, or even electric fleets operating in your area.
Even as you open up charging stations on your property to other EV drivers, sharing chargers shouldn’t get in the way of a great EV charging experience for your tenants. Carefully consider where to install EV charging stations by selecting charging locations that are easily accessible for residents and non-residents alike. Additionally, if you are concerned about the overlap, identify when tenants are generally not using the chargers and consider allowing non-residents to use them exclusively during those hours.
Explore Different Pricing Models
With almost one-third of Americans living in multifamily housing, these types of properties are extremely diverse and your pricing model should reflect your unique business model, local rates, and resident interest. You must decide if you want to charge tenants for amenities or if you want to offer an all-inclusive experience.
Depending on EV adoption rates among residents, you might face some resistance to paying for EV charging as part of a mandatory amenity bundle. For this reason, implementing an opt-in pricing model to start—such as a flat monthly fee per EV or tracking and billing EV owners based on charging time or kWh used—can be a more effective option until more of your residents adopt EVs and offering a flat rate makes more sense.
Alternatively, if EV adoption is high among your tenants, offering free EV charging can support a business model with higher rent prices and access to a wide range of premium or luxury amenities.
Before deciding on a pricing model, you should get feedback from your tenants to better understand how valuable EV charging is to them and what their preferred pricing structure would be. You can also offer different methods of paying for charging and consider adjusting your pricing model once the upfront investment is fully paid off.
For a more convenient experience, consider investing in additional Proptech beyond just installing EV chargers. With the right technology in place, you can seamlessly manage charger access and automatically bill tenants based on their usage.
Take Advantage of Electrical Infrastructure Upgrades
Multifamily EV charging often requires electrical infrastructure upgrades to your property, which are an essential part of the initial investment in electrification and ensures your community will be prepared for future electrification initiatives as well.
Instead of viewing these upgrades as a cost, consider how they can help you maximize your ROI. With an enhanced infrastructure in place, you can explore the following options.
Renewables Integration
Solar energy systems are more affordable than ever, can slash your property’s energy bills, and be a strong differentiator for your property. You can also explore solar EV charging stations to help reduce charging costs.
Adding solar power to your property is a great way to usher in a more resilient future for your community, while also saving money, supporting LEED initiatives, and achieving ESG goals to satisfy employees and residents alike. Renewable energy can be used to sustainably power community amenities, provide emergency power during outages, and even further enhance the revenue on electric-powered amenities such as EV charging stations.
Battery Storage
Multifamily battery storage can power essential circuits during outages or store renewable energy from solar panels. If your utility offers time-of-use (TOU) rates, you can fill your battery during off-peak hours to power key circuits in the future for a more affordable rate.
Electric HVAC
Electric heat pumps are emerging as a cost-effective HVAC solution for multifamily properties across the U.S.
Since these projects require proper planning, working alongside a trusted installer is crucial. A licensed expert can assess your unique needs and explore available options to ensure a successful electrification project.
Boost Multifamily EV Charging ROI With Qmerit
By adopting a strategic approach to your multifamily EV charging project, you can maximize your ROI, select the most suitable pricing model, and enhance charger usage.
The first step is to find the right partner. If you’re part of a larger property management group with a requirement to use an approved vendor, locating a qualified EV charger installer can be a challenge. It’s essential to choose a partner who not only has the expertise to pull the necessary permits but also can connect you to multifamily EV charging incentives and ensure high-quality work to protect your reputation.
That’s where Qmerit comes in.
As a multifamily property owner or manager, installing EV charging stations can help increase your revenue and the marketability of your community, but EV charger downtime, installation delays, or hiring an unqualified or unprofessional electrician can result in a loss in profit and damages to your property and your reputation.
When it comes to hiring a quality electrician with EV charger installation experience, Qmerit makes it easy. With coast-to-coast coverage, turnkey solutions that streamline your project, and the largest network of certified electrical contractors in North America, we’ve built our reputation on providing the highest level of quality and service—making electrification easy.
And with over 450,000 EV charging stations installed and an industry-leading customer satisfaction record, no one is more experienced or qualified than Qmerit’s network of electrical contractors.
Contact Qmerit today for seamless multifamily EV charging solutions at your property!
