How Multifamily Property Owners Can Make Money with EV Charging

Oodles Energy
February 13, 2024

Are you a multifamily property owner, private club manager, or on the board of your condo association? Have your neighbors or community residents been clamoring about wanting more convenient access to electric vehicle (EV) charging stations so they can recharge their EVs from home? Have you noticed the steadily increasing prevalence of EVs (Teslas, Fords, and Hyundais) on the roads within the past few months? Have you ever looked at a row of electric vehicle (EV) chargers in a busy commercial area and wondered what potential for revenue they might represent? If you answered “yes” to any of these questions, read on—this information is for you. 

In this blog, we’ll shed light on how property owners can make money from EV charging stations and why these chargers are quickly becoming the most sought-after modern amenity multifamily communities can offer. We’ll also identify why working with an EV charging partner specialized in multifamily can make all the difference.

Oodles Energy wants to make the process of responding to this opportunity more straightforward and achievable than ever. 

Let’s dive in. 

What Is EV Charging as a Service (CaaS)?

Charging as a Service, or “CaaS” for short, allows companies to remove the burden of ownership and maintenance from a charging host (for instance a multifamily property) by providing services like turnkey EV charging stations, management software, 24/7 driver support, professional maintenance, and more. 

Oodles' goal is to help multifamily communities, private recreational clubs, and condominiums provide their residents and members greater access to EV charging stations. And, Oodles does it in a way that clears the hurdles to providing this amenity while creating opportunities for property owners to monetize EV charging and benefit from new revenue streams.

How Can You Make Money From EV Charging Stations (EV CaaS)?

EV CaaS provides a lucrative opportunity for multifamily properties and private recreational clubs. By adopting EV CaaS, these communities can offer residents and members an affordable and convenient way to charge their electric vehicles onsite—a service (and a necessary part of EV ownership) that many are willing to pay for. This can yield a steady, new stream of monthly revenue when residents use the service and charge up. If the 60% uptick seen in Q1 2022 EV sales trends is any indication of swelling current and future demand, the opportunity for EV CaaS to be highly profitable looks very promising. 

What Are the Benefits of EV Charging as a Service (CaaS)?

The primary benefit of engaging in EV CaaS is of course the addition of a new revenue stream. Properties have the chance to increase their net operating income by collecting premium amenity fees from drivers who use charging stations, and when paired with a partner like Oodles, they can also collect the lion’s share of charging session revenues. 

Another significant benefit realized by properties that equip themselves to offer EV charging is that they are taking the necessary steps to respond to the growing consumer demands from their existing and future residents, while also future-proofing their communities so that they remain desirable places to live as EV ownership continues to grow. 

EV Charging as an Amenity Explained

Among consumers and businesses alike, there is a growing focus on sustainability and efforts to reduce carbon emissions (In fact, more than 50 companies have pledged to be carbon-neutral by 2040). This, along with record high fuel costs and increased accessibility to more desirable models has encouraged more and more drivers to opt for new EVs. In fact, American drivers purchased nearly half a million EVs last year, and that number is only expected to rise. But with only about 50,000 public charging stations currently spread throughout the country (and only a fraction of those being hosted by multifamily properties) there is a growing gap between charging station supply and demand. EV charging has quickly gone from a “nice-to-have” to a “must-have” amenity. This puts multifamily communities and private country clubs in a prime position to capitalize on this market opportunity and stand out from the competition. 

What Does EV Charging Look Like On-site/on-property?

Typically, an EV charging station requires between 1 and 3 designated parking spaces per charger. The number of cars that can be charged during the course of a day depends on the type of charger(s) installed and will vary from property to property, based on the available electric grid infrastructure and power outputs. Most modern communities can support at least one Level-2 charger on the property, and many can support more than one. 

How Working With Oodles Is Unique

Oodles Energy specializes in guiding multifamily properties through their adoption and installation of turnkey, onsite EV charging stations. They also provide ongoing maintenance, resident billing, and 24/7 technical support so you and your team can be hands-off and not have to worry about the day-to-day management of the amenity. 

In short, Oodles does CaaS for multifamily properties and private clubs better than anyone else. We pride ourselves on understanding the unique needs of our clients and making the process simple. 

Why Should You Work with an EV CaaS Partner?

So you’ve recognized the opportunity to better serve your residents and club members and want to take action—what’s next? By working with a multifamily-focused EV CaaS partner such as Oodles Energy, you take the guesswork out of EV charging. Forget hours of researching and planning, you don’t need to be an EV expert to provide an in-demand EV charging solution on your property. 

Let us help you gain all the benefits with none of the extra work or added strain on your staff to manage billing, maintenance, or resident support. 

Benefits of working with Oodles 

  • Get a Turnkey EV Charging Solution
  • Drive Monthly Revenue
  • Increase Resident Satisfaction and Retention
  • Receive hands-off support (including maintaining equipment and software updates)
  • No Expertise Needed

If you’re ready to invest in Charging as a Service for your multifamily property, we’re prepared to help you take the next step. Call our expert team to schedule a free consultation and find out how a tailored, EV CaaS solution will benefit your residents, your revenue, and your property. Or, visit our Resource Hub to learn more about EV charging as a service.

Get in touch with our team today.

Curious about how Oodles fits into your property? Schedule a call to learn more about how a customized EV charging solution looks at your building.