Currently, most electric vehicle owners reside in private residences. However, it is expected to change as automobile manufacturers ramp up EV production. Over the next few years, residents in multifamily communities like condos, townhomes, and apartment complexes are predicated to transition to EV ownership.
5 Reasons EV Chargers are Needed in Multifamily Complexes
To keep up with current and future trends, multifamily complexes will want to start planning their EV charger installation projects. Here are five reasons why EV chargers are needed in multifamily communities.
1. Attract and Retain Desirable Residents
Desirable residents are individuals who pay rent on time. They are the members of the community that rarely cause issues with their neighbors or damage community property.
Most EV drivers are considered high-income earners, often with annual household earnings of around $250,000. Most are also married, and an estimated 80 percent have degrees from a higher-learning institution.
Multifamily complexes often offer amenities like gyms, outdoor kitchens, and rooftop gathering areas. It only makes sense to include EV charging to attract and retain desirable residents.
2. The Right to Charge Law
More and more states are adopting a Right to Charge law. It includes California, Colorado, Florida, Hawaii, New York, and Oregon. The law requires a portion of the parking lot in multifamily communities to be set aside for EV chargers.
Cities are also implementing building codes to require EV charging units. When a building is being renovated or newly constructed, the code requires some of the parking spaces to accommodate EV drivers and their charging needs.
According to the International Code Council (ICC), by 2030 an estimated 80 percent of new EV charging ports will be located in residential and multifamily buildings.
3. EV Charger Rebates Help Offset Costs
A primary reason multifamily complexes are hesitant to install EV charging infrastructure is the cost. However, EV charger rebates at the federal, state, local, and, utility provider levels are available for qualifying recipients.
Some multifamily communities can receive up to $30,000 in reimbursement costs from the federal electric car tax credit.
The California Energy Commission is offering up to $80,000 in rebates to help offset the purchase and installation costs. The Sacramento Municipal Utility District offers rebates to multifamily complexes for the installation of Level 2 chargers.
Arizona, Utah, New Jersey, and Austin, Texas also offer rebates at the state, local, and utility provider levels.
Check the local information in your area to learn which rebates are available for your EV charger installation project.
4. Robust Technology and Mature Processes
EV charging is in its second decade and significant advances in the technology and processes are occurring.
Integrated EV chargers with load-balancing systems ensure the electric grid can handle the charging units. Load-balancing technology also allows multifamily complexes to install additional chargers without having to undergo expensive upgrades to their power grid.
Automated systems also make EV charger management a breeze for complex owners and managers. They can monitor and manage the charging online from a convenient app. The app also allows drivers to know when a charger is empty, or their vehicle is charged.
5. Help Meet Sustainability Goals
Multifamily communities have a noticeably larger carbon footprint than residential homes. Attracting desirable tenants often starts with implementing green initiatives.
Installing EV charging infrastructure is a way complexes can show they are working towards a greener future. It also reduces air and noise pollution, making the multifamily community a healthier place to live.
Are EV Chargers Needed at Your Multifamily Complex?
Contact us today to learn more about the benefits of installing EV chargers in your multifamily complex. Along with discussing the benefits, we can also help you find qualifying rebates to offset your costs.