Why Multifamily Properties Should Invest in EV Charging Stations
Electric vehicle (EV) ownership has grown rapidly over the past few years. In 2019, consumers purchased a record-smashing 2.1 million EVs. In 2022, the number of EVs purchased surged to 7.8 million in a single year. In 2023, the EV market will continue its rapid expansion with a projected 13.6 million electric vehicles purchased, an astonishing 74% increase from the previous year. The rising popularity of EVs can be attributed to an ever-expanding EV charging infrastructure network and increased support from the government in the form of rebates and incentives for EV charging station installation. Multifamily properties often have 100% of their installation costs covered.
If you own or manage a multifamily property, you may be considering installing EV charging stations for your residents.
Benefits of Installing EV Charging Stations
Installing EV charging stations at your multifamily property has many benefits.
1. Attract new residents.
Tap into the rising number of people who own EVs by installing EV charging stations right where they live. Research shows that 75% of EV owners charge at home. The availability of EV chargers on-property is a deciding factor for many potential new residents.
2. Retain current residents.
Give current residents a reason to renew their leases by installing EV charging stations. Many existing residents are making the switch to an EV and will choose to live somewhere they are able to charge their vehicle.
3. Get ahead of your competition.
Many multifamily properties are installing EV charging stations to meet rising resident demand. Stay ahead of your competition by installing EV charging stations as soon as possible. Acting now will also help you maximize any available rebates and incentives provided by your local utility. There are currently many rebate programs available.
4. Create a revenue stream.
The vast majority of EV owners charge at home. EV charging stations at your property create an entirely new, lucrative stream of revenue from your residents. Property owners have full control – set pricing per kWh consumed or by time used; break even by charging only to cover your costs or earn a profit by choosing your own price.
5. Offer a valuable amenity.
Instead of charging per use, offer additional value to your residents by providing EV charging stations on your property as an attractive amenity. EV charging stations advertise the property as modern and luxurious, with costs easily incorporated into existing monthly amenity or HOA fees. Some competitive properties even offer charging for free.
How Do You Install EV Charging Stations at Your Multifamily Property?
Developing an effective EV charging strategy that works for your residents today and scales easily for the needs of tomorrow can be done in partnership with experts like Chargie. As a turnkey provider, we manage every step of the process.
1. Survey and evaluate.
Every property is different, so there isn’t a one-size-fits-all EV charging station solution for multifamily properties. Chargie works with properties to consider many important factors like space limitations, power requirements, aesthetics, available rebates, and future needs. We also evaluate your current electrical system to determine what, if any, upgrades are needed. This ensures there won’t be any surprises or obstacles after the final design.
2. Plan and design.
Next, we plan and design your EV charging stations. Our team of expert engineers will work closely with you to design a charging station layout that meets your property’s needs.
3. Permit and approve.
Chargie handles the details of getting any required permits and approvals from local government agencies so you don’t have to. This includes maximizing any rebate and incentive programs available for your property. Most of our clients have 100% of their installation costs covered.
4. Install and validate.
Chargie manages all parts of the EV charger installation including building the physical infrastructure, deploying a wireless network to connect it, and conducting extensive testing. This installation process takes as little as two weeks and minimizes any disruption to your residents.
5. Manage and operate.
Our work doesn’t stop once your stations are installed. We’ll help you manage and operate your EV chargers with 24/7 monitoring and support.
Get Started with Chargie EV Charging Stations
With over 15,000 EV charging stations installed, we’re experts at installing and operating EV chargers in multifamily communities. Multifamily properties have specific needs for charging station installations, and Chargie helps you navigate those needs. We handle the entire process, from a site survey to designing your charging stations to completing the physical installation. We’ll even take care of finding and applying for available local rebates and incentives. We’ll maximize every program your property qualifies for to help offset hardware and installation costs, often completely eliminating them. If you’re ready to get started, reach out to us today.