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5 reasons for property owners to install electric vehicle chargers.

Updated: Oct 27, 2023

As the world moves to a more sustainable future, electric vehicles (EVs) are becoming more popular than ever. However, for people living in multi-family units, condo buildings, or apartment complexes, charging options can be a challenge. That’s why installing EV chargers is not only a smart choice, but also a necessary one. Let’s explore the advantages of installing EV chargers in multi-family units, condo buildings, and apartment complexes.

1. Attracting Prospective Tenants or Buyers

With the increasing popularity of electric vehicles, prospective tenants or buyers are more likely to choose a building with EV charging stations. This means that installing charging stations can make your property more in-demand, as a growing number of potential tenants or buyers consider the EV charging infrastructure an important feature. Enhancing your property with EV chargers can be a significant selling point, and may help differentiate your building from others in the area.

2. Increased Property Value

Installing EV chargers can also lead to an increase in property value. A study shows that the installation of EV chargers can increase the value of individual units by up to $7,000. Furthermore, prospective buyers or tenants are willing to pay 5% more per month in rent for a unit with EV charging facilities.

3. Lowered Energy Costs

Installing EV chargers can help stabilize energy costs. Multi-family units, condo buildings, and apartment complexes are traditionally billed as commercial customers, but having EV chargers may classify them as residential customers, which results in lower energy costs. With EV chargers being in high demand, the money spent on installation can be recovered quickly, as the revenue from charging will offset the expense of the energy used.

4. Environmental Consciousness

Being environmentally conscious is not just a trend, but a necessity. Installing EV chargers shows that the owners and managers of these buildings are concerned about carbon emissions and pollution. By providing EV charging infrastructure, residents and tenants of these buildings who utilize the service can reduce their carbon footprint and contribute to the global efforts to reduce carbon emissions.

5. Improved Accessibility

Lastly, charging EVs is becoming a necessity for many people. With the average electric vehicle taking 8 to 12 hours to charge, the installation of EV chargers in multi-family units, condo buildings, and apartment complexes can provide residents/tenants with the flexibility they need to charge their EV without leaving their home or neighborhood. They can easily charge overnight while they sleep or keep their vehicle charged throughout the day.

In conclusion, installing EV charging stations in multi-family units, condo buildings, and apartment complexes is not only a smart and practical decision, but one that benefits owners, tenants, the environment, and the community. The increase in demand for EV charging infrastructure makes this an appropriate option that will undoubtedly add value to any property. And now is the perfect time to install them.

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