Beginner’s Guide to Installing EV Charging Stations at Your Apartment Complex
In the past decade, the number of “green” apartments has increased by almost 300%, according to a report by RentCafe. These statistics, tracked between 2008 and 2018, refer to LEED-certified multi-dwelling, large-scale buildings. The same renters who seek energy-efficient appliances, recycling services and sustainable building products are also likely to want commercial EV charging stations for their eco-friendly electric or plug-in hybrid vehicles.
The electric vehicle market is expected to outpace sales of vehicles with internal combustion engines (ICEs) by 2040. A recent report from research company BloombergNEF forecasts EV sales to account for 58% of new passenger car sales by 2040. Sales of all passenger vehicles dropped in 2020 due to the pandemic, but ICE-vehicle sales dipped further (23%) than EVs (18%).
Undoubtedly, installing commercial EV charging stations in your luxury apartment complex represents a significant investment. That’s why it’s important to find the right partner to install and manage your charging stations — one that can help you leverage rebates and incentives to reduce costs and adopt the right strategies to attract eco-conscious EV drivers to your multi-unit dwellings (MUDs).
Understand the Benefits of Installing Commercial EV Charging Stations
Installing commercial EV charging stations has an upfront cost, but also significant benefits. Most importantly, you can set your apartment complex apart from competing buildings in the area by providing a service that many Americans seek today.
Attract Established and Highly Educated Tenants
According to a study from CarMax and CleanTechnica, more than 66% of people who buy EVs are between the ages of 30 and 59. Another 22.4% of EV owners are 60 and older. That means that EV owners are well-established in their careers or have retirement income to spend on these pricier vehicles.
In addition, the survey found that 70% of EV owners have four-year or graduate-level degrees. If you’re looking to attract highly educated, financially stable individuals and families to your luxury multi-unit dwelling, commercial EV charging stations may help attract that demographic.
Keep Tenants Longer
The CarMax and CleanTechnica study also showed that 84% of EV owners charged their cars or SUVs at home. Nearly 65% of EV owners said they plan to keep their vehicles at least four years, with just over 21% saying they would hold onto theirs for nine years or more. If you provide tenants an easy way to charge their vehicles, they are likely to stay in your complex, too.
Commercial EV charging stations can reduce your vacancy rate, improve cash flow and improve your cap rate (capitalization ratio), all of which has positive ramifications if you plan to refinance the property for future investments.
Earn Incentives from Your State
While commercial EV chargers do come with a cost, you can get tax credits and incentives to help defray some of the investment. New York State, for instance, offers rebates of up to $4,000 per charging port for Level 2 charging stations in MUDs through a program called Charge Ready NY. You can also earn an income tax credit of up to $5,000 for your charging station in New York.
California, the state with the most EVs, offers a host of rebates and incentives through the California Electric Vehicle Infrastructure Project (CALeVIP). Your EV Connect representative will be happy to help you uncover money-saving incentives and help you apply for them.
Make the Most of Your Investment in EV Charging Stations
Installing EV charging stations is the right thing to do for your eco-conscious tenants and for the environment. By adding charging stations to your property, you’ll position your commercial properties as sustainable, cutting-edge and high-tech. But it’s important to know how to promote and manage them to make the most of your investment.
Determine Your Current Tenants’ Needs
If you already have tenants with EVs in your building, find out if they have plug-in hybrids or all-electric models. What type of charger would best suit their needs? How much would they be willing to pay for the amenity?
Ideally, you’ll install a charger for each tenant with an EV now, since most people like to charge their cars overnight. That will give you room to grow based on projected demand.
Promote Your Charging Stations
As with other amenities in your luxury apartment complex, you’ll want to let customers know you offer EV charging stations. If you’re promoting your properties online, consider a targeted ad campaign to EV owners who rent their homes.
When you create welcome packets for new tenants, include details about the chargers, including:
Location in your complex
Make a Plan to Generate Revenue
Over time, your EV charging stations will not just pay for themselves, but will increase the net operating income of your apartment building as an additional revenue stream. Charging residents fees helps cover the costs of operating and installing your charging stations, and it may even increase your profit. Until then, you can split the costs between tenants with EVs.
Bill a flat-rate monthly fee per vehicle
Charge per kWh of use
Offset Costs with Energy Management
Some landlords and property management firms shy away from installing EV charging stations because they worry about the logistics of managing them. A software platform solution that helps you track usage, alerts you to issues and manages billing makes it simple. EV Connect gives property owners the ability to manage energy costs by determining a max output.
Choose the Right Company to Install and Manage Your EV Charging Stations
When you make the decision to install commercial EV charging stations in your complex, you want to work with a company that will walk you through every step of the process, from determining your building’s electrical capabilities and requirements to servicing the charging stations.
EV Connect’s stellar reputation for customer service and its unique management platform provides the support you need. Reach out to learn more and get a free quote.