4 Ways to Boost ROI with Multifamily EV Charging

• Increase Property Value and Appeal: Installing EV charging stations in multifamily properties attracts eco-conscious tenants, boosts occupancy rates, and enhances property marketability, driving higher ROI.
• Leverage Financial Incentives: Owners can maximize ROI by utilizing utility rebates, tax credits, and grants to offset EV charger installation costs, making the investment more affordable.
• Optimize Revenue Streams: Implementing usage-based pricing models or premium rent structures for EV charging access creates additional income, further improving financial returns.

Multifamily 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 maximize the ROI of your multifamily EV charging stations.

1. Increase Charger Awareness and Increase Your Revenue

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.

The first step in maximizing ROI is to increase the usage rate of your stations. Frequent use of your chargers 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.

EV Charger Visibility and Ease of Use Factors

According to Tom Bowen, President of Qmerit Solutions: “Visibility and ease of use are both contributing factors that will significantly impact the success of your charging stations and lead to greater usage.”

Is there clear signage indicating that EV charging is available at your property? Awareness is the first step of adoption, but tenants will never use your chargers if they’re unaware that they exist in the first place. You should visually designate that certain parking spots are for EV charging only using paint and signage.

And then there’s the very common issue of gas cars parking in EV charging spaces and blocking drivers from charging. One of the biggest frustrations of EV drivers is showing up to a charging station only to find it blocked by a parked car that is not actively charging. And for multifamily property managers, when your customer can’t charge their EVs you can’t collect their money.

Bowen adds: “You should implement policies for removing non-EVs that are parked in designated charging spots, and be sure to clearly communicate these policies to your community members.”

By incorporating available EV charging messaging into your property management strategy, you can appeal to current EV drivers and tenants, and increase the use of your EV charging stations.

2. Allow Non-Residents Charging Access

The next step in maximizing ROI is to open up charger access to non-residents of your community.

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.

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.

And as stated above, clear signage and policies communicated to your tenants are both very important.

3. Explore Different EV Charging 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.

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.

Key Considerations for Setting EV Charger Pricing

• Usage-Based Fairness: Billing should reflect actual electricity consumption to ensure tenants only pay for what they use.
• Cost Recovery: The model should cover electricity costs, maintenance, and infrastructure expenses without unfairly burdening non-EV users.
• Simplicity: Tenants should easily understand the billing structure to avoid confusion or disputes.
• Accessibility: The system should incentivize EV adoption while ensuring equitable access to chargers for all tenants.
• Administrative Feasibility: The property manager or charging provider needs a practical way to monitor, bill, and enforce payments.

The most popular model is per-kWh billing, where tenants are charged based on the exact amount of electricity (in kilowatt-hours) consumed during their charging sessions. This mirrors utility billing for household electricity and ensures fairness by tying costs directly to usage.

To deter EV drivers from leaving their cars plugged in for extended periods, some properties charge idle fees (e.g., per minute or per hour) after the initial charging limit or when the battery reaches full capacity.

4. Keep Track of Charger Uptime and Maintenance

Keeping track of EV charger uptime and maintenance is critical for multifamily property managers to maximize the ROI of EV charging stations. By monitoring uptime, managers can ensure chargers are operational and available, directly impacting tenant satisfaction and usage rates.

High uptime (98% or above) encourages consistent use, generating steady revenue through per-kWh billing or access fees.

Downtime, conversely, leads to lost revenue, frustrated tenants, and potential reputational damage, which can deter prospective EV-owning tenants in a competitive rental market.

Proactive EVSE maintenance, guided by real-time monitoring systems, allows managers to address issues like faulty connectors or software glitches before they escalate, minimizing repair costs and downtime.

Shifting from reactive to predictive maintenance empowers businesses to stay ahead of equipment failures, and save time, money, and resources. In fact, it can reduce maintenance costs by up to 40% and increase equipment uptime by 9% on average.

Maximize 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 770,000 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 installation at your property!