Understanding the Greening EV Market for Multifamily Dwellings

November 2, 2022
EV Market

Owners and operators of multifamily dwellings are faced with a daunting question. Sustainability is becoming an important consideration for residents, and it includes offering EV charging. So, should multifamily dwellings embrace the greening EV market?

While some apartment owners and operators are offering EV charging as an amenity, it doesn’t apply to every multifamily dwelling. Many feel the US EV market is too expensive, but this is quickly changing.

The greening EV market was a topic of conversation at the RealPage Energy Summit. Here’s a summary of what was discussed at the virtual conference.

The US EV Market and the Growing Number of Charging Stations

When Tesla released its first electric vehicle in 2008, its six-figure price tag had many questioning the sustainability of the EV market. Since then, Tesla has continued to roll out various EV models often at lower price points.

Tesla is also not the only company manufacturing EVs. Some EV owners are driving Ford, Chevrolets, or Nissan with price points around $20,000. Costs associated with charging and EV batteries are also falling. It’s estimated that EV owners spend around 60% compared to gasoline-powered vehicles.

Even though EV sales account for a small percentage of automobiles on the roads, it’s estimated that the number will increase to over 30 million by 2030.

To help meet the growing EV market, the Department of Energy is installing Level 2 and DC fast chargers across the nation. It is allowing EV drivers to travel farther without worrying about if they can find a place to charge their batteries.

Apogee Charging Solutions is the nations number one MUD EV charger supplier. We offer a turn-key solution for level 2 AC chargers and level 3 DC fast chargers. We even offer management services that come with our advanced operating system!

Understanding Today’s EV Owners

A 2019 study shows consumers over the age of 55 are the largest group of EV owners, followed by the 25-54 demographic. Surprisingly, Generation Z only comprises around 1% of EV drivers. It is also the newest group of renters.

Other statistics include three-quarters of EV drivers are male earning around $100,000 annually.

While some of these statistics may not encourage owners and operators of multifamily dwellings to invest in EV charging infrastructure. A survey from the New York Auto Show indicates millennials are interested in owning or leasing an electric vehicle. In the northwest United States, around 63% of those born between 1982 and 2002, reside in multifamily dwellings and expect to charge their EVs at home.

The Greening Trend in Multifamily Parking Lots

The Right to Charge Act on the West Coast encourages owners of multifamily parking lots to install EV chargers for residents.

Level 2 chargers are a popular option due to their relative affordability. The chargers can also help cover some of the costs by using a fee-based system. Owners and operators can allow residents to charge for free. They can also open the chargers up to the public and charge a usage fee. Tax credits and rebates at the state and federal levels can also help offset purchasing and installation costs.

Give EV Owners a Reason to Stay

EV drivers are a little different than owners of gas-powered vehicles. Instead of filling the tank up a few times a week at the pump, EV drivers prefer frequently topping off their batteries.

Knowing they can charge their vehicles at home gives EV owners a safety net. It also entices them to stay at their current address. Offering EV charging at multifamily dwellings can also attract new tenants.

To learn more about EV charging at your multifamily dwelling, contact us today by calling 484-816-2076, emailing info@apogeecharging.com, or schedule a call this fits your needs by clicking the button below.

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