Many benefits come with installing electric vehicle charging stations on your multi-family property. With the vast transition to clean energy in the U.S, it's essential to understand why multi-family property owners will want to install electric vehicle charging stations. Here are five benefits that this investment can offer.
1. Gain a Competitive Advantage
Earlier this year, the EV share of all new automotive sales hit a historic 5 percent in the U.S. There are many factors driving this adoption rate, such as Americans’ attitudes toward sustainability shifting to a top concern. According to a 2021 national survey by Pew Research Center, 62 percent of Americans support federal spending to build a network of electric vehicle charging stations across the country in order to increase the use of electric cars and trucks. As a result, more EV-driving multi-family dwellers will choose a place to live that can accommodate their charging needs. With EV adoption showing similar pattern trends to other innovative technologies (like the internet), you can gain a competitive advantage by deploying stations early.
2. Generate a New Revenue Source
A recent survey from E Source revealed that EV owners were willing to pay up to $3 per hour for charging. Property owners can generate additional income by setting charging fees on EV charging stations. In a given month, an average driver drives 600 miles and spends 20 to 30 hours charging their car. This comes out to spending $800 a year on refueling their vehicle. Providing convenient charging stations for your residents is one of the easiest ways to generate a new revenue source.
3. Attract New Residents & Retain Current Residents
According to MultiFamily Executive Magazine, more than 58 percent of renters are willing to pay more to live in a community with EV charging stations on site. Installing EV charging stations on your multi-family property will boost your property’s appeal to the growing segment of the population who have or plan to purchase an electric vehicle. While a single-family homeowner can modify their garage to charge their car, multi-family residents don’t have that option. The inconvenience and stress associated with not knowing when and where to charge will impact where a resident will choose to live. As the EV adoption rate grows, residents will either look to purchase their own home, or move to another community that offers the convenience of charging their vehicle on site.
4. Financial Incentives for Early Adopters
There are various credits through Federal, State, and Local funding programs, but they go fast. Multi-family properties are beginning to receive more assistance in grants and rebates for EV charging stations. For example, the U.S Federal Alternative Fuel Infrastructure Tax Credit provides up to a 30% tax credit for the purchase and installation of EV charging stations by the end of 2022. Property owners can apply for these various available credits and possible rebates from their electricity service providers. Rebates and application processes can be a hassle, so let REVs handle it for you.
5. Improve Your Company Image
Not only will adding EV charging stations improve your company’s image but your residents, capital partners and lenders who value sustainability are more inclined to do business with you. You will soon find yourself doing business with the next dominant generations; Generation Z and Millennials if you haven’t yet already. A recent study by Pew Research revealed that younger generations in the U.S are far more concerned about sustainability than older generations. Overlooking these insights will negatively affect any company in the long run.