Content originally produced by ChargePoint.
What the EV revolution means for your multifamily property
The choice to offer residents electric vehicle (EV) charging could go a long way toward preparing your apartment or condominium property for the future. Today, EVs are becoming more common and the tipping point for their mass adoption is right around the corner. BloombergNEF (BNEF) predicts that EVs will represent nearly 30% of new vehicle sales in the U.S. and Europe by 2025, and 30% by 2030 in Canada. That’s a nearly tenfold increase from the beginning of the decade.
According to real estate consulting giant RCLCO, “Many real estate owners already are, or should be, responding to this dramatic growth in EV sales by increasingly offering charging stations at their properties.”
For multifamily property owners and managers, that means the days of taking a wait-and-see approach to electric vehicles are over. For residents contemplating an EV, charging is an amenity that can help them decide where to live. For the growing number of people already driving one, it’s an absolute necessity.
That’s because over 80% of people worldwide charge where they live or work.
Resident behavior is changing
Our cars are parked over 90% of the time, so why do we travel somewhere out of the way to fuel them? Unlike gasoline, electricity is safe, affordable and pervasive. In other words, EV drivers fuel wherever it’s most convenient for them — usually where they live, work and play.
In a future that’s closer than you think, your residents will expect to top up while they sleep, and if they can’t, they’ll likely find someplace else to rest their heads. Waking up knowing their car is fueled and ready to get them wherever they need to go takes one more concern off busy residents’ plates, making EV charging one amenity they’ll thank you for again and again.
Not only will you attract and keep desirable residents, but you’ll create goodwill and build community among tenants. How? Most EV drivers are passionate about the planet and their cars and can’t wait to tout the many advantages of driving electric to others. They know electricity isn’t free so they’re willing to pay for the convenience of a fuel that’s readily available where they happen to be — and also not subject to the rollercoaster price fluctuations of gas.
Why EV Charging matters for you and your residents
Every parking space is a potential revenue generator
Imagine your parking spots as profit centers. By investing in EV charging infrastructure, you’re poised to take advantage of the biggest sea change in transportation since the invention of the Model T. Currently, every parking space at your property without charging is a wasted investment. Your residents use it but, otherwise, you’re not likely getting much of a return on that square footage.
When you add charging, suddenly that space begins working for you. Your residents will rely on it, be willing to pay extra for the privilege of having it available day and night, and will be less likely to move elsewhere.
By choosing ChargePoint solutions, you can practically sit back and put EV charging to work for you. And if you ever decide to sell your property, potential buyers will be willing to pay far more for an EV-ready property than one that requires infrastructure upgrades.
The time is now for EV charging
Fueling behavior is changing quickly. For more than a century, the primary search engine for fueling has been our eyes. In the EV era, that all changes.
For 15 years, ChargePoint has been laser-focused on providing the best charging experience for drivers. They are the only EV fueling company involved in all segments of EV charging operating across North America and Europe.
3 ways to save
- Incentives: There are a number of EV incentives available across the country. You can review a summary of the current EV Charger rebate programs available here.
- ChargePoint as a Service: an easy way for multi-family property owners to offer EV charging for residents. QuadReal recently utilized ChargePoint as a Service with our assistance and it's worked out well for them as it allow them to act as a host for chargers as opposed to the owners, giving them greater flexibility.
- Flexible Pricing: Customized pricing for residential EV charging based on your goals. You can easily set pricing by time, session or electricity usage (kWh).
From ChargePoint's experience, most property owners charge between $0.15 and $0.25 per kilowatt hour (kWh), which helps recover electricity and operational costs. This pricing gives EV-driving residents an attractive < $2/gallon equivalent to fuel up.
Electric fueling is better for the planet, better for human health and, ultimately, better for your business too. A successful implementation must also be easy, intuitive and reliable, and we can absolutely help with that. Let's start a conversation to see if we're the right fit for you!
