California has a law requiring the installation of various types of EV chargers on multi-family properties, and other states are preparing to follow in the Golden State’s footsteps. It means apartment and condo owners need to start thinking about installing a charging network on their properties.
Apartment managers can increase property values with EV chargers. It also helps attract new residents and retain current ones. While the benefits of installing an EV charger network are clear, property owners still have plenty of questions.
1. Will I Increase Property Values with EV Chargers?
Installing EV charging infrastructure boosts property values and possibly rental rates. Most tenants are willing to pay more for the safety and convenience of being able to plug their vehicles in at home. It also shows you own a green and sustainable property, something current and future residents look for in a home.
2. Who Owns the EV Charger – the Property or Apogee Charging Solutions?
Apogee Charging Solutions provides support, but you own the chargers. They will take care of programming the chargers, along with the maintenance, so all you have to do is sit back and relax.
3. Will Adding More Chargers Make the Network Harder to Manage?
All EV chargers from Apogee Charging Solutions are managed through their operating system. The cloud-based network is robust and can easily handle additional chargers. It is designed to grow with you, while seamlessly managing your chargers. You can control pricing, manage each charger, and easily access usage and status reports regardless of how many chargers you have on the network.
4. Is There Enough Power for Six or More EV Chargers?
An on-site visit is necessary before you can get an answer to how many EV chargers the network can support. It often depends on your current power supply, and if you are willing to pay for upgrades. Apogee Charging Solutions EV operating system uses load balancing software that allows for more than one charger per electric breaker. In most cases, it is a 4:1 ratio.
5. How Should EV Parking Be Arranged?
A common question property owners ask is how to arrange EV parking. Should it be free-range or assigned parking? The answer depends on your parking lot, and if you want to open the EV charger up for public use.
If residents have assigned parking, it may make sense to install the chargers in the spaces used by tenants with electric vehicles. If the lot is large enough, you may want to consider installing the infrastructure in an open area.
You can base a tenant’s rent on the amount of time they charge their vehicle and have a flat rate for the public. Allowing non-residents to use the EV chargers is a good way to offset installation costs and bring additional revenue in.
6. Can I Monetize EV Chargers?
You have multiple ways to monetize your charging network. You can offer EV charging as an amenity and increase the rent. Another option is for residents to pay a nominal fee and charge a higher one for public usage.
The charger’s operating system makes it easy for you to set the chargers up. You can choose to accept credit cards and online payment apps. The system makes it easy for you to check energy usage and track payments. It also allows you to charge multiple prices at the same EV charging station.
In our most read blog, How to Make Money from and EV Charging Station, we review the different ways you an monetize your EV chargers. Learn how Apogee Charging Solutions is placing the power in the EV network owners’ hands!
7. Can I Set Rates or Alter Them Hourly?
With the Apogee Charging Solutions operating system, you are in control of pricing. You can change the rates hourly to meet the kW value or adjust pricing during specific hours or days. You can increase rates during peak charging times and lower them when it is slow. It’s up to you how you set the EV charging rates.
Bottom Line for Multifamily Building Owners
You can increase property value with EV chargers, and it’s easier than you think. Adding an EV charger network helps ensure you attract and keep tenants. You have control over pricing and who uses the EV chargers. To speak with an Apogee Charging Solutions EV charger expert about installing a charging network on your property, call 484-816-2076, email [email protected], or you can schedule a call that fits your needs by clicking the button below.