Have you started discussing the installation of a multi-family EV charging station with other residents? You are on the right track. Electric Vehicles are the future of the auto industry. While ICE (Internal Combustion Engine) vehicles still dominate the roads, the balance has started tilting. Year-on-year, we see an increase in the share of EVs in new car sales in the United States. Q3 of 2024 has seen an 11% increase in sales of EVs compared to the same quarter in 2023.
In absolute numbers, the market share of EVs in the United States has reached 19% in 2024, double the share in 2021, according to the US Energy Information Administration.
As more EVs hit the road, there is a growing demand for charging stations. From commercial charging stations and home charging infrastructure, we are slowly seeing the demand for EV charging stations for condos. If you live in one, you should consider investing in an EV charging station for a multifamily apartment. We believe it is a forward-thinking investment as charging equipment manufacturers have already come out with the equipment for this niche.
If you are still weighing the pros and cons of this investment, let us take you through the benefits of electric car charging stations for condos and other multifamily properties and also share a step-by-step guide into installing one.
Benefits of EV Charging Stations at Home
Improves Quality of Life
As nearly 20% of new car buyers prefer an EV in the United States, the same will also be true for residents in your property. The absence of a charger in the property forces these residents to rely on commercial and other public chargers, which isn’t always convenient. Having an apartment EV charger improves residents’ quality of life and allows them to spend more time with their families.
They enjoy the convenience of charging their vehicles close to home without the stress of finding public charging spots. This ease of access reduces the daily hassles of EV owners.
Attracts New Tenants
In today’s competitive rental market, amenities are often the deciding factor for the tenants. As a property owner, offering unique amenities can set your property apart and allow you to enjoy higher rentals. EV charging in multifamily properties is a major attraction for EV-owning tenants and those who plan to switch to an EV for their next vehicle.
Today’s tenants, especially the millennials, are environmentally conscious and tech-savvy and increasingly prioritize green living options. They have a substantially higher ownership share of EVs and are likelier to choose properties with charging facilities.
Reduces Attrition Rates
As an apartment complex with EV charging attracts new residents and tenants, the absence of EV chargers can also serve as a reason for people opting for greener and smarter properties. Residents who own EVs may start looking out for better options if there are no charging stations nearby.
Adding this amenity to your apartment can encourage more residents to increase their lease and stay longer, adding to community bonding.
Increases Property Value
A property isn’t just a home. It is also an investment in the long run. Americans have a history of investing in home equity to enjoy later benefits. Installing EV charging infrastructure can enhance a property’s overall value. As EV adoption rises and outpaces the sale of fossil fuel power drives, properties equipped with charging stations will attract more interest and higher prices among potential buyers.
They will be easier to sell even in a tricky market. Surveys have shown that properties with EV charging stations see a 5-10% increase in value.
A Step Towards Sustainability
Eco-friendly lifestyle and sustainability are the two most important goals for people and communities as climate change and adverse weather patterns threaten our existence on this planet. Governments and communities are encouraging eco-friendly practices on a war footing.
Multifamily EV charging stations are a big step towards sustainability. These charging stations help reduce residents’ carbon footprint and fill them with a sense of pride and gratification.
Meets Regulatory Requirements
As EV adoption accelerates, many jurisdictions have introduced regulations requiring eco-friendly solutions and amenities. Policymakers in the United States are already discussing the idea of making it mandatory to have EV charging infrastructure in residential properties.
By proactively installing charging stations, property owners can ensure compliance with current and future building codes. They can also help you seek tax rebates and other benefits from the local government.
Steps To Install EV Charging for Multifamily Properties
Installing EV chargers for apartments is a big investment that will affect the lives of the residents for years to come. Hence, you must approach this project with careful consideration. Here is a step-by-step guide to installing a multi-family EV charging station.
Step 1 - Assess Property Requirements
The choice of EV charging equipment can be overwhelming. Assessing your property’s requirements is important to narrow down the best electric car charging stations for condos. You must consider your property’s layout and electrical capacity.
Figure out the number of chargers needed depending on the number of residents and potential visitors. Don’t just look at the current demand but keep an eye on the future when EVs become more popular and grow in numbers.
Step 2 – Choose The Right Place for Chargers
The chargers should be easily accessible for the residents and visitors (if you allow them to charge) to make maximum impact. Position the chargers in accessible and convenient locations within the property to help EV owners derive maximum benefits.
Get to know the Different Types of EV Charging Plugs
Step 3 - Talk To Experts
Installing an EV charger for an apartment is slightly more difficult than buying your phone’s adapter! It is easy to make a wrong choice, pay more, and regret it for years. Work with an EV charger consultant who can educate you on the best equipment in the market and help you at every stage, from planning to procurement to installation and maintenance.
Step 4 - Choose the Right EV Charger Type
Different charging technologies, including Level 2 and DC fast chargers, are available in the market. Select chargers that suit your property’s needs. Consider features like network connectivity and payment features for those who use it.
Step 5 - Secure Permits and Approvals
Installing EV charging stations for condos requires permits and approvals from local authorities. Your charging station must comply with all building codes and regulations. Work with your consultant to engage with the local government and utility companies to streamline this process.
Step 6 - Install the EV Charging Stations
In the final step, hire certified professionals to install the equipment to ensure proper setup and safety compliance. If you engage an EV charger consultant, they will take care of the installation process, offering you peace of mind.
The benefits of EV charging stations for multifamily properties are clear. They are the future, much like having electricity in apartments would have been a century back. As EV adoption continues to rise, multifamily properties that embrace this trend will now position themselves as market leaders.
EV chargers for apartments are no longer a novelty but a must-have today and more so going into the future. It’s time for you and other residents to take a step in the right direction.
How EVgpo Helps to Install EV Charging Stations for Multifamily Properties
EVgpo is a Group Purchasing Organization (GPO) designed explicitly for electric vehicle (EV) charging equipment. We provide a comprehensive suite of services, including site assessment, equipment selection, installation, network access, billing management, and customer support for all categories like Level 2, DC Fast Charging Stations, and more. Contact us to know more.