It is a visionary approach to install EV charging options at your multifamily properties. After all, electric vehicles are no longer a luxury anymore. As prices drop and technology evolves, more people, including your renters, will start owning them with the expectation of charging them at home. Installing EV chargers at your rental communities will let your tenants access this crucial amenity.
Adding multi-unit charging stations now can help attract tenants. Moreover, it adds to the value of your property.
Let’s understand the benefits of EV charging for multifamily properties, how to choose the right one, and other aspects in this guide.
Understanding the Benefits of Installing EV Charging at Residential Buildings
A Smart Way to Attract and Keep Tenants
Most apartment complexes still lack on-site EV charging. That means buildings that opt for them instantly are more appealing to renters who already own an EV or are planning to do so. Maybe not having a dedicated charging spot at the building can break the deal in the future. Installing them today can make your property preferable for EV owners and potential ones.
A Clear Sign of Sustainability
More renters than ever care about sustainability when it comes to accommodation. According to one report, over 60% of renters consider eco-friendly practices to be essential. While you may already have efficient lighting and insulation in place, EV chargers are highly visible and convey a strong message that your property supports green living.
An Amenity That Pays You Back
If your tenants have EVs, they will be sure to choose your charging stations. You can bill them for their charging sessions, covering electricity costs. A small fee can be added to their bill to recover your investment. This way, your EV charging station can generate a return.
Accessing Government Incentives and Rebates
To make EV ownership more accessible and affordable, government programs are offering various incentives and rebates. For example, Colorado has started the Charge Ahead Colorado (CAC) program to fund the project costs with up to an 80% grant. Then, there are other initiatives being run by Xcel Energy, Empire Electric Association, and Mountain Park Electric in various parts of the state, each with different funding caps and eligibility requirements. In fact, the Federal 30C Tax Credit offers up to a 30% tax credit on project costs and can be combined with other state and local incentives.
What to Consider Before Installing EV Chargers
Of course, installing EV charging isn’t as simple as plugging in a machine. Here are a few key factors property owners should keep in mind.
Power Capacity and Load Management
Your older property may lack enough electrical capacity to handle multiple chargers. You can consider load management technology to keep a balance in the usage of electricity across chargers. Moreover, it can delay charging to off-peak hours, keeping demand and cost manageable.
Shared vs. Private Chargers
There are two charger options to choose from:
The first one is a shared charger that can be made available to all residents. It costs less upfront but requires more supervision and maintenance.
The second option is a private charger. It is installed in individual parking spaces for exclusive use. Although it costs more, it leads to a smoother experience.
Incentives and Rebates
Like we said, you can be eligible for rebates and incentives for your EZ EV charger installation with various programs. However, each program has its own requirements. Make sure to research what’s available in your locality before starting. It can save you a significant amount of cost on your EV charger project.
How Many Chargers Do You Need?
This is an important decision to be made thoughtfully. Install too few multi-unit charging stations and experience the frustration among your tenants due to range anxiety and long queues.
Installing too many is also a waste of money.
Therefore, doing a survey is worth it. It lets you know the total number of EV owners living in your residential buildings. Moreover, you will get to know how many tenants are looking to buy an EV. Based on this data, you can determine the number of charging stations to be installed at your multifamily properties.
Fair and Simple Billing
The next thing to consider is how to bill your renters for using the EV charging stations.
Here are some key billing models and considerations.
Energy-Based Pricing (Per kWh)
This is the most common method and the fairest one as well. You can bill the users for the exact amount of electricity their vehicle consumes, measured in kilowatt-hours or kWh. You can set a per-kWh rate that covers the electricity cost plus a small markup for management and maintenance.
Time-Based Pricing (Per Minute/Hour)
It is another model based on how long the vehicle is connected to the charger.
Session-Based or Flat Fee:
It is a simple, fixed price per charging session.
Subscription Model:
You can charge a fixed monthly fee for a certain number of charges or unlimited access. It ensures predicated revenue for the property and predictable costs for the resident.
It is recommended to install a Charging Management System or CMS to track and record which resident used which charger, for how long, and how much energy was consumed. It also generates bills. Best part? Users can access it via a mobile app, an RFID card, or a key fob to start and stop charging sessions. Property managers can easily set and adjust pricing.
Choosing the Right System for Success
Opt for Open Platforms:
Choosing an open platform (let’s say the OS of your charger) lets you change hardware or software providers later. Also, check the OCPP compatibility.
Install Networked Chargers:
They connect to the Internet, making it easy to track performance and resolve issues quickly.
Scaling:
Make sure your electrical system and software can scale as demand grows.
Choose Level 2 Chargers:
They are highly recommended for multifamily properties—fast enough for overnight charging and more affordable than DC fast chargers.
Best Practices for a Smooth Rollout
Even the top-notch system may not guarantee the best experience without the right approach. Property owners should take care of these things too…
- Hire an experienced EV installer specializing in multi-family properties.
- Take time to educate residents on how to use the chargers, apps, and payment systems.
- Work with providers who ensure long-term support, not just equipment.
A Forward-Thinking Investment
Adding EV charging to your multifamily properties is no longer a luxury. It has become a necessity for both current EV owners and those considering a purchase.
With charging stations in place, your residential properties will become more attractive to potential tenants. To install an EV station at your property, make sure to ponder over the incentives, the number of charging stations required, the billing system, and other aspects.
If you are looking to learn more, get in touch with our EV charger specialists at EZ EV Electric. From consultation to installation and everything in between, we will support you at every step. We are your trusted EV installer in Colorado. Contact us now!
