Hitting Growth Goals for Homes and Workplaces with EV Charging

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Hitting Growth Goals for Homes and Workplaces with EV Charging

If you’re a business, commercial property, or multifamily housing complex owner, you probably have set growth targets for the year. Like any owner or investor, your aim is to enhance the profit or return on investment from your properties.

Thankfully, there’s a straightforward strategy to boost your multifamily or workplace investment property’s income: by installing electric vehicle supply equipment (EVSE). Let’s dive into the details.

The Benefits of Installing EVSE in Your Investment Property

Installing electric vehicle (EV) chargers can significantly enhance the attractiveness and value of multifamily, residential, or commercial properties. A study featured in Nature Sustainability last year highlighted that single-family homes located within one kilometer (approximately 0.6 miles) of public EV charging stations saw an average increase in property value of 3.3%, equivalent to around $17,212, compared to those further away. The value boost was even more pronounced, at 5.8%, for homes situated 400 to 500 meters (about 437 to 547 yards) from a charger.

Furthermore, the research found that areas equipped with public EV chargers reported 1.3 – 2.2% lower levels of particulate matter emissions, indicating not only an economic but also an environmental benefit. Although the study mainly focused on single-family homes, the advantages of EVSE extend to various property types, underscoring its positive impact on both property values and air quality.

Future-Proofing Your Investment Property

Currently, having Electric Vehicle Supply Equipment (EVSE) at residential or workplace locations is seen as a premium feature, but it’s on track to become a necessity within the next decade. Many local governments are already integrating EV charging infrastructure requirements into their building regulations, ensuring new constructions are ready to support the growing number of electric vehicle (EV) drivers.

By adding EVSE to your multifamily property, you’re not just accommodating residents who already own an EV or are considering buying one; you’re also making your commercial spaces more attractive to businesses aiming to appeal to the EV market.

This shift is crucial as EVs are set to become a standard form of transportation both in the U.S. and globally. The global EV market is expected to hit over $632 billion this year and is forecasted to grow at a compound annual growth rate of nearly 10% from 2024 to 2028. By the end of this period, the market could be worth more than $906 billion, with more than 17 million EVs sold worldwide, highlighting the increasing importance of being EV-ready.

The expected boom in electric vehicle (EV) sales and usage across the U.S. means renters and condo residents will be on the lookout for homes where they can conveniently charge their vehicles. Given that around 80% of EV charging happens at home, equipping your multifamily property with Electric Vehicle Supply Equipment (EVSE) positions you as a prime choice for EV owners, offering them the ease of reliable charging right where they live.

Moreover, the demographic of the average EV owner usually includes individuals with higher incomes than the general population. By integrating EVSE into your property, you not only cater to a growing market need but also attract residents with higher disposable incomes. This can be especially beneficial for multifamily residences and any commercial entities within your properties, tapping into a segment that brings additional financial advantages.

Promote Environmental Sustainability

EVSE plays a vital role in meeting your sustainability goals, particularly if you’re aiming for Leadership in Energy and Environmental Design (LEED) certification for your multifamily or commercial property. Installing EV chargers is a straightforward strategy to secure a point towards achieving your property’s sustainability targets.

By utilizing services like the Blink Network, you can produce environmental reports that highlight the positive impact of your chargers. These reports can show the amount of CO2 emissions your chargers have helped avoid, alongside the quantity of oil conserved and the gallons of fuel prevented from turning into greenhouse gases.

Choosing the Right Chargers for Your Multifamily Residence

Installing EVSE in your multifamily property comes with significant advantages, including a boost in property value, the attraction of affluent tenants, readiness for future trends, and a contribution to environmental sustainability. To ensure you fully benefit from the installation of electric vehicle chargers, choosing the right type of charger for a multifamily or commercial setting is crucial.

For properties like multifamily residences or commercial locations where customers or residents might park for extended periods, Level 2 (L2) EV chargers are highly recommended. Products like the Blink Series 8 Commercial Level 2 EV Charging Station are optimal for these settings. L2 chargers are capable of fully charging an electric vehicle overnight, making them perfect for providing a complete charge to EVs while their owners are either sleeping or working.

Benefits and Incentives for Charger Installation

The U.S. federal government has established funding programs aimed at supporting the installation of EV chargers, with a focus on expanding infrastructure in rural regions. Owners of multifamily and commercial properties may benefit from the Alternative Fuel Vehicle Refueling Property Credit. This incentive offers a tax credit covering 30% of installation costs, capped at $100,000 per location for qualified applicants.

Beyond federal initiatives, various state governments also provide incentives encouraging the installation of Electric Vehicle Supply Equipment (EVSE) by property owners.

Conclusion

Providing electric vehicle charging stations at your multifamily residences or commercial properties not only satisfies the existing demand for EV charging but also positions you ahead for expected rises in demand. Additionally, your properties will gain visibility by being listed on the EV charger locator map, making them more attractive to potential tenants and customers.

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