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The sale of electric vehicles (EVs) in the U.S. is accelerating at a rapid pace. In 2018, there were 400,000 EVs on the road, according to a report by Experian. By 2022, that number has grown to over 1.7 million. BCG forecasts that EVs will be the most popular type of light vehicle sold globally by 2028. With this trend in mind, apartment and condominium owners should consider installing EV charging for tenants sooner rather than later. Here are a few benefits you could realize by acting now.
As the number of EV drivers grows, naturally so does the number of tenants looking for apartments that can accommodate the charging of their vehicles. Providing onsite charging is a helpful amenity that is becoming less of a luxury and more of a necessity for tenants. Equally important, installing chargers removes a barrier to EV ownership for existing tenants, giving them a compelling reason to stay and providing increased flexibility to tenants considering the transition to an EV.
EV charging not only benefits the tenants, but also can generate profit for apartment owners. For one thing, renters will pay more for a property with EV charging, as it supports their chosen lifestyle. Similarly, there’s potential to earn additional revenue by levying drivers a small fee to charge. An energy management system, such as PowerFlex X, makes it simple for property owners to track EV charging using an online portal, and tenants can pay a flat monthly rate or a per-kilowatt-hour fee.
Sustainable living resonates with environmentally conscious tenants. Empowering residents to reduce their reliance on fossil fuels won’t go unnoticed. Along with EV charging, apartment and condominium owners might want to consider additional clean energy technologies, including, solar photovoltaic (PV) or battery energy storage systems (BESS). These solutions boost a building’s energy resiliency and have the potential to generate revenue by selling excess electricity back to the grid.
(Related: Energy Solutions for Property Development.)
PowerFlex helps customers make the most of their energy; our Adaptive Load Management® software maximizes the number of charging stations (up to 4X more than a traditional setup) while balancing the energy draw across a network of chargers to mitigate expensive peak demand charges from utilities. Here are some relevant projects we’ve completed.
Committed to adding value for their residents, Bosa Development partnered with PowerFlex to install EV charging at two condominiums in San Francisco’s Bay District. The projects, which qualified for the Bay Area Air Quality Management District’s “Charge!” program, included 69 Level 2 charging stations at the Madrone and 140 at the Arden.
In speaking about the project, James Gonzales, President of Arden HOA, said, “I encourage any organization to consider prioritizing infrastructure to drive down the cost of EV access for individual owners and add value to the entire community.” As a forward-thinking developer, Bosa also installed additional infrastructure at both properties to accommodate any future expansion of their EV charging networks.
A sustainability-focused developer with more than 500 listings in California, SummerHill engaged PowerFlex for a large EV charging development. PowerFlex installed a total of 249 Level 2 charging stations across six of SummerHill’s locations, with the largest single-site project including 56 stations at the Prado complex in Santa Clara.
Federal, state, and municipal incentives are available to offset the cost of your EV charging investment. The project at SummerHill’s Theo property in Pasadena qualified for a financial incentive from Pasadena Water and Power. At PowerFlex, our team is experienced in managing the complex incentive landscape from California to New York, and we’re ready to make your project a reality without breaking the bank.
Condominium and apartment owners can benefit tremendously by installing EV chargers to attract and retain lucrative tenants, track and manage energy, and support sustainability. Site owners can realize even more financial and environmental benefits by investing in solar and energy storage options.
Look to PowerFlex for turnkey EV charging solutions. We are an experienced clean energy provider for leading corporations, organizations, and municipalities throughout North America. Our proprietary PowerFlex X platform, which intelligently controls, optimizes, and manages your onsite energy resources is yet another reason to work with us for your onsite clean tech needs.
