As electric vehicle (EV) adoption accelerates, there is a growing need for convenient charging solutions in multi-unit dwellings like apartments and condos. Over 80% of EV charging occurs at home, but many residents of these properties need help accessing charging. Installing EV charging stations is becoming increasingly crucial for apartment and condo communities to attract and retain residents, increase property value, and support sustainability goals.
Several factors are fueling the demand for EV charging in multi-unit dwellings:
- Rapid growth in EV adoption, with projections that EVs could represent up to 50% of new car sales by 2030[12][15]. Bloomberg predicts EVs will account for two-thirds of global car sales by 2040.
- There is a high demand for home charging, with 80-85% of EV drivers preferring to charge at home.
- There is an increasing consumer preference for properties with EV charging, with 58% of renters willing to pay more for the amenity.
- Growing focus on sustainability and reducing emissions from transportation.
Despite the clear need, installing EV charging in apartments and condos still faces challenges compared to single-family homes. Significant hurdles include
- limited electrical capacity,
- figuring out billing for energy usage,
- high upfront costs,
- getting buy-in from property owners and residents, and
- determining the right mix of shared versus assigned parking spots for charging.
Benefits for Property Owners and Managers
Savvy property owners and managers recognize that adding EV charging stations offers significant benefits:
- Attracting and retaining environmentally-conscious, higher-income residents who drive EVs. EV owners tend to have incomes twice the national average.
- EV chargers can increase property values and justify higher rents. Homes with EV chargers can command a 12-13% price premium.
- Generating new revenue streams from charging fees.
- Enhancing the property’s green image and meeting sustainability goals.
- Future-proofing the property as EV adoption grows and charging becomes a standard amenity.
Incentives Available for Multifamily EV Charging
To help property owners and managers overcome the cost barriers, many incentives are available to support multifamily EV charging projects:
- Federal tax credit of 30% of the cost of EV charging equipment, up to $100,000 per charger.
- State and local rebates and grants. For example, California has dedicated $1.9 billion to multifamily EV charging.
- Utility programs that cover make-ready infrastructure costs and offer discounted charging rates.
- Ability to stack incentives from multiple sources to maximize savings.
- Special funding for affordable and low-income housing properties.
Property owners can work with experienced EV charging providers to navigate the incentive programs and determine the best options for their site.
of EV Charging Equipment available for multi-unit communities
When considering the installation of EV charging stations, it is essential to understand the different types of charging equipment available and their respective pros and cons. Here is a brief overview of Level 1, Level 2, and DC fast charging:
- Overview:
- Voltage: 120 volts (standard household outlet)
- Charging Speed: Adds about 2-5 miles of range per hour of charging
- Installation: Minimal, as it can be plugged into a standard outlet
- Pros:
- Low Cost: Requires no particular installation or equipment.
- Convenience: This can be used with existing household outlets, making it easy for residents to start charging immediately.
- Cons:
- Slow Charging Speed: Suitable for overnight charging but inadequate for quickly adding significant range.
- Limited Use: This is best for plug-in hybrid electric vehicles (PHEVs) or situations where daily driving distances are short.
Level 2 Charging
- Overview:
- Voltage: 240 volts (similar to an electric dryer or oven outlet)
- Charging Speed: Adds about 10-30 miles of range per hour of charging
- Installation: Requires professional installation of a dedicated circuit and charging station
- Pros:
- Faster Charging: Significantly reduces charging time compared to Level 1, making it more practical for daily use.
- Widely Compatible: It is suitable for all types of EVs and PHEVs, providing a versatile solution for residents.
- Cons:
- Higher Installation Cost: Requires electrical upgrades and professional installation, increasing initial costs.
- Infrastructure Needs: This may require additional electrical capacity, which can be challenging in older buildings.
DC Fast Charging
- Overview:
- Voltage: 400-800 volts
- Charging Speed: Adds about 60-100 miles of range in 20-30 minutes
- Installation: Requires significant infrastructure and professional installation
- Pros:
- Ultra-Fast Charging: This option is ideal for quick top-ups and long-distance travel, reducing charging times to a fraction of other options.
- High Power Output: This can support multiple vehicles simultaneously, making it suitable for commercial and high-traffic areas.
- Cons:
- High Cost: It is expensive to install and maintain due to the need for substantial electrical infrastructure and equipment.
- Limited Applicability: Best suited for public charging stations or locations with high turnover rather than residential settings where long-term parking is standard.
Choosing the Right Option
Selecting the appropriate type of EV charging equipment depends on the property’s and its residents’ specific needs and circumstances. Level 1 charging may be sufficient for residents with short daily commutes, while Level 2 charging offers a balanced solution for most EV owners. DC fast charging, although highly effective, is generally more suitable for public or commercial applications due to its higher costs and infrastructure requirements.
Understanding these options can help property owners and managers make informed decisions that best meet their residents’ needs while aligning with their budget and infrastructure capabilities.
Considerations for Installing EV Charging Stations
When planning to install EV charging stations, multifamily property owners and managers should consider several key factors:
- Assessing current and future demand for EV charging among residents.
- Determining the number and location of charging stations needed.
- Choosing the appropriate type of charging equipment (Level 1, Level 2, or DC fast charging).
- Deciding on a billing model for energy usage (per kWh, per session, or included in rent).
- Ensuring fair access to limited parking spaces.
- Meeting building codes and electrical requirements.
- Planning for future expansion as EV adoption grows.
Working with knowledgeable vendors and leveraging available incentives can help address these considerations and streamline the installation process.
Importance for Equity
Expanding access to affordable and convenient EV charging in multi-unit dwellings is also a critical equity issue. Apartment and condo residents are more likely to be people of lower income and people of color. With the ability to charge at home, they may avoid higher costs to charge publicly and more barriers to EV adoption in general[19].
Conclusion
The convergence of rapidly growing EV adoption, high demand for home charging, and increasing availability of incentives make now the ideal time for apartments and condos to add EV charging stations. By staying ahead of this trend, multifamily properties can gain a competitive edge, increase value, and support the transition to cleaner transportation. Partnering with knowledgeable vendors and tapping into robust incentives can make EV charging a win-win for property owners and residents.
