What EV Means for Multifamily Communities
As of Q1 2022, electric vehicles (EVs) have finally hit their stride in the American market. Although EVs have been widely available in the US for over a decade, their adoption, albeit steady, has been slow. That was the story, at least until earlier this year. 2022 has seen a significant uptick in EV sales. In the first quarter alone, 158,689 new EVs were registered. That’s a jump of 60% over last year, despite the overall market shrinking by 18%.
This rapid increase in EV ownership (and its driving factors, which we will dive into below) poses both a growing challenge and a potential revenue-boosting opportunity for shared public spaces and private multifamily communities.
This “EV challenge” equation is simple: More EVs on the road = increased demand for EV charging stations.
With the potential for generous federal EV charger tax credits available, there has never been a better time for multifamily communities to elevate their amenities by offering convenient access to EV charging to their residents. In this blog, we will look at why EV ownership is on the rise, the implications for multifamily residential communities, and the importance of finding the right partner to help take your property into the modern age of EVs.
Why Drivers Are Turning to Electric Vehicles
Let’s face it, the earliest available mass-market hybrid EVs weren’t all that exciting (we’re looking at you, Toyota Prius). Sure, they were a step in the right direction for environmentally-conscious commuters, but they didn’t offer much in the way of pure driving pleasure. Fast-forward to 2022—that is no longer the case. Today, consumers can choose from a wide array of exciting and technologically-advanced EV models that suit their unique tastes. From Tesla sedans with their break-neck 0-60 acceleration speeds to more utility-oriented offerings like the new Ford F-150 Lightning, more drivers can now take pride in making the switch to an all-electric automobile.
But sheer enjoyment is not the only reason more drivers are going EV. Surging fuel costs are also a strong motivating factor. As of June 2022, the national average gas price had inflated to a whopping $5.10 a gallon. This is over 63% higher than it was at the same time the year prior. Yikes. Currently, charging an EV costs roughly half the price of powering a standard gasoline car over the same distance. Additionally, the savings from reduced annual maintenance costs also add up.
Couple those benefits with federal tax credits for electric cars, EV rebates, and electric vehicle purchase and leasing incentives, and the growing appeal of EVs becomes ever clearer. Plus, the tax incentives don’t end with the purchase of EVs. The federal government (and some state and local governments) also offer an EV charger tax credit for purchasing hardware and offsetting EV charger installation costs.
Add to that the intrinsic motivation of environmentally-conscious consumers to lessen their impact on the environment, reduce their carbon footprint, and enjoy the personal satisfaction of living a more sustainable lifestyle, and you gain a more holistic view of why EV ownership is on an upward tear.
What Increasing EV Ownership Means for Multifamily Properties
The influx of new EV owners has only exacerbated what was already an ongoing issue within the EV community: trying to match the supply of convenient access to EV chargers with now rapidly increasing demand. If we consider that 80% of EV charging is done at home, it stands to reason that more EV drivers are looking for conveniently accessible charging in the places they live—this includes multifamily properties, apartment complexes, condominiums, and neighborhoods. To attract future residents, retain existing residents who may be considering an EV purchase, and remain desirable places to live, these communities must consider their ability to support the charging needs of EV owners.
Property owners who have concerns about the upfront costs of installing EV chargers and the impact on net operating income need not worry. There are short and long-term cost benefits to be gained by investing in providing EV charging amenities. Today, owners can apply to receive state and federal EV rebates, subsidies, and EV charger tax credits for installing new charging stations. Additionally, semi-private EV charging stations offer an opportunity to add value to the resident experience while generating additional revenue for properties, without impacting net operating income.
As more EVs hit the road and at-home EV charging becomes a more prevalent determining factor in deciding where to live, offering this amenity will provide communities a lucrative competitive market advantage—increasing ROI for decades to come.
Why Working With the Right EV Charging Partner Matters
Recognizing the opportunity to monetize private EV charging on your property or in your community is only the first step. Choosing the right EV charging partner to begin planning your installation and operation is the next.
At Oodles Energy, we specialize in providing EV charging solutions to multifamily properties and have a unique understanding of the nature of your business. We pride ourselves on our ability to provide world-class customer service to residents and property management teams alike. We provide value by making installing and offering EV charging in your community as simple as possible.
Our Charging as a Service (CaaS) subscription model helps owners and property management get up and running quickly with low upfront costs. We provide 24/7 support, proactive station monitoring, and on-site maintenance as needed. We speak the language of multifamily and have thought through the questions we know you’ll have. Learn more about us here.
Get plugged in with us and schedule a no-obligation consultation today. We’ll walk you through what our EV charging solution could look like on your property and work with you to get the process started.