Electric vehicle adoption increases every year. EV sales are expected to reach 5% of all car sales by 2020. With over 800,000 EVs on the road today and even more expected every year, more and more residents will be making their living decisions based on EV charging availability. According to a ChargePoint survey in 2016, 32% of EV drivers said they moved to an apartment because it had EV charging and 28% said they would move somewhere else if they couldn't charge at home. EV drivers can be anyone from the environmentally conscious to the financially savvy to technology lovers. They are also highly educated and earn twice the national average income which makes them very desirable renters. EV drivers want to charge at home and will choose multi-family communities that offer the amenities they need. They're also willing to pay a premium for it. Equipping your multi-family community with EV charging stations attracts these high-paying residents, ultimately increasing your property value.
But what is the best way to incorporate EV charging into your community? Who will pay for the usage? Will every garage get a charger? What is the impact of an increased electrical load due to EVs on my community’s transformers, panels, and wiring? Are there local and state programs that can help defray costs? All of these are issues specific to incorporating EV charging into the unique environment of multi-family living. NEP has the experience and know how to help you navigate these issues and find a solution that is right for you.
With NEP, you can wire garages and common areas specifically for EV charging and choose from a variety of charging packages, both personal and community. We'll work to find the best solution that's right for your property and resident demographic. With personal charging, stations are installed for assigned parking spots that are used exclusively by one driver who pays for monthly service. You can also install community stations that are best for shared parking spots, visitor parking or mixed use areas. Multiple drivers benefit from community charging stations. NEP can also help design and upgrade your community distribution system to support EV charging and advise you on the impacts that the increased load will have on your overall energy cost and decide the best way to manage the billing process for EV charging. Additionally, NEP’s knowledge of local, state and federal programs enables a turn-key approach to accessing EV charging programs that will bring real dollars to help subsidize the cost of your charging stations.
Benefits for apartment property managers:
Attract and retain high-value, green-minded residents
Increase average rent, occupancy rates and property value
Individually bill residents based on consumption
Meet emerging state and city regulations to provide EV charging
Access to local, state and federal EV programs
Improve your green standing and meet sustainability goals
Bundle a car with the stations and create a subscription model that creates NOI
Differentiate your property from competitors