March 21, 2024

EV Charging Stations for Multifamily Communities: Enhancing Sustainability and Value

5 Min. Read

• Rising Demand for EV Charging: With 80% of EV charging occurring at home and over 45 million U.S. households renting, multifamily properties need EV charging stations to meet tenant needs, especially as EV sales are projected to reach 26% of global vehicle sales by 2025.

• Financial Incentives for Installation: Federal tax credits like the 30C credit cover 30% of EV charger installation costs (up to $100,000 per port), with additional state and local rebates and off-peak electricity discounts reducing expenses for multifamily property owners.

• Revenue and Tenant Benefits: EV charging stations can generate income through subscription or flat-fee models, enhance property marketability, improve tenant retention, and support sustainability by integrating with solar panels or battery storage.

Utilizing incentives — including tax credits, rebates, and incentives from government agencies and your utility — can prove the most efficient way to invest in EV charging stations for multifamily communities.

However, in order to get the most out of these incentive and rebate programs, it is essential to understand what options are available and how you can apply them at your community.

In this article, we explore the benefits of EV charging stations and how multifamily communities can take advantage of available incentives to add this essential amenity to support EV drivers, build their reputation as a sustainability and technology-forward leader in their community, and prepare for the future of electrification by planning ahead to meet the demand for EV charging as more EVs hit the roads.

Why Should Multifamily Communities Offer EV Charging Stations?

Studies show that 80% of EV charging occurs at home.

This presents a problem for owners who live in apartments, condominiums, or other multifamily properties that may not provide access to charging stations. Currently, more than 45 million households in the U.S. are renters and find that it is hard to charge an EV if they have one unless their community offers EV charging stations for multifamily residents.

Solving this problem by installing onsite chargers means offering convenience and efficiency to your residents and upping your competitive edge in the marketplace.

What Is the Demand for EV Charging Stations for Multifamily Communities?

Upgrading properties with EV chargers will become an essential need, as combined sales of EVs and hybrid vehicles could represent 26% of global new vehicle sales in 2025. By 2030, there could be anywhere between 30 and 42 million EVs on the roads.

Experts estimate that America will need 26 to 35 million EV charging ports to meet charging needs at these levels.

Multifamily housing will benefit the most from implementing EV charging stations, creating a win-win situation, in which tenants can have all their charging needs met and owners can boost their revenues and their property reputation and resident retention.

What Do Changing Regulations Mean for EV Charging Stations for Multifamily Communities?

A growing number of states are adopting Right-To-Charge policies to grant multifamily housing residents the right to install EV charging stations in their designated parking spaces. These laws aim to remove barriers to EV adoption by ensuring equitable access to home charging, which is often more affordable and convenient than public charging.

In California, for new construction and major renovations of parking facilities, 10% of the new parking spaces must be equipped for future EV charging, and 5% must have operational EV chargers installed.

As more state legislation supports the development of EV charging stations for multifamily properties, you can stay ahead of changing compliance requirements by deploying EV charging stations. Being an early adopter will also help you gain a competitive edge before a majority of multifamily properties embrace EV charging to keep up with compliance requirements.

How Can You Take Advantage of Incentives for Multifamily EV Charging?

Local, state, and federal programs can offset the bulk of EV charger costs through incentive and rebate programs. This allows property owners and managers to consider the installation of EV chargers a viable option.

The Alternative Fuel Vehicle Refueling Property Credit (also known as the 30C tax credit) is a federal tax credit that allows businesses including multifamily properties to claim 6% to 30% of the total costs of an EV charging project, up to a maximum of $100,000 per installed EV charging port.

You can save even more by stacking this tax credit with additional EV charging rebates available at the state or local level. Many utilities also offer programs for sustainability initiatives such as incentives for installing EV charging stations and discounted electricity rates for charging during off-peak times.

What Are the Benefits of Offering EV Charging for You and Your Tenants?

According to Tom Bowen, President of Qmerit Solutions: “Leveraging incentives is an agile way to bring EV charging capabilities to your multifamily property — your tenants will receive the access to charging they need, while you’ll experience savings from government programs and rebates. The EV market is thriving and installing EV chargers today makes your property stand out from the crowd.”

Turning EV charging into a new source of revenue is an attractive benefit for multifamily property owners. Whether you decide to adopt a subscription model or charge a flat monthly fee to tenants, you can offset the cost of the project and generate a profit after just a few years, and EV charging stations for multifamily properties can also be combined with other electrification technologies such as solar panels or battery storage to further amplify the impact and savings of your electrification initiatives.

Offering EV charging can also improve tenant satisfaction and retention, resulting in lower costs linked to tenant turnover. Plus, EV charging can help foster a sense of community and attract tenants, employees, and investors who share your values.

Qmerit Can Help You Get Started with Your Multifamily EV Charging Project

Adding charging stations for EVs is a great way to increase your property’s revenue and marketability, but a project of this scale can quickly exceed budgeting and increase in complexity without proper management and a streamlined process.

Having a company with a track record of success in EV charging implementation can keep your project on track and within budget. This approach will also assist you in realizing available incentives for your business, ensuring the installation process is as seamless as possible and you’re taking advantage of cost-effective solutions. Qmerit can help.

As the leading installer of charging stations in homes and multifamily properties in the U.S. and Canada, Qmerit is the most trusted installation network for EV charging stations and other energy transition technologies by top brands and businesses nationwide with over 770,000 EV charging stations installed in homes and businesses across North America to date.

With vast experience in EV charging and a proven track record of success, Qmerit will help with your electric transition from start to finish, ensuring your project is a success and your residents are satisfied. Learn about our multifamily EV charging solutions and contact us today to help navigate your next electrification project to success.