Gone are the days when EV charging for condo and townhome properties was a nice-to-have amenity. I’ve talked to a lot of property owners, managers and HOAs who have taken a wait-and-see approach to charging. Their concerns are understandable. In many areas EVs are still uncommon and attracting the occasional (high-value) EV driver might seem risky and not worth the investment. Today though, with the electrification of transportation a forgone conclusion and municipalities increasingly mandating EVSE infrastructure, what once seemed like the safe bet is becoming a costly gamble. Fortunately, we’ve been at this awhile and have found ways to make EV charging available and affordable for every multi-family property.
1. E-Mobility Is No Passing Fad
With 1.3 billion electric miles driven and 51 million charging sessions delivered on the ChargePoint network in the past decade, we know e-mobility is here to stay. Automakers agree. Major car manufacturers are planning investments in the hundreds of billions of dollars into battery electric vehicles (BEVs) in the coming decade. And it’s not just humble EV charging companies and carmakers investing in an electric future. Plenty of states, cities and utilities offer EV and EV charging incentives to help offset the costs for drivers, businesses and multi-family properties like yours.
2. EV Buyers Are Everyone
Have you ever looked down at your smartphone and wished you had a pager instead? Me neither. While old myths about EVs not being able to compete with internal combustion engine (ICE) cars still persist in some circles, the fact is that an EV will smoke its gas-powered equivalent off the line every time. And it’s not only performance that sets EVs apart—they’re far less expensive to fuel and maintain too. Who will drive EVs? Pretty much everybody. That’s why 83% of respondents to one recent poll said they’ll purchase an EV down the road, while a AAA survey found that 50 million Americans plan on making an EV their next vehicle purchase. That’s 1-in-5. I’ll wait while that number sinks in.
3. EV Charging is More Affordable Than You Think
EV charging may not seem as tangible as other resident amenities like fitness rooms and tennis courts—yet. That’s why we’re making it as easy and affordable as ever to offer EV charging to your condo or townhome residents. Our new subscription model, ChargePoint as a service, lets you preserve valuable CapEx funds and pay for charging out of your normal operating expenses instead. You pay for only what you need today and grow as the first wave of those 50 million drivers begin replacing their old gas cars with EVs. With Power Management, you can even begin accommodating the early adopters without committing to costly electrical upgrades.
“20 percent or 50 million Americans will likely go electric for their next vehicle purchase.” – 2018 AAA Survey
Unlike fitness rooms and tennis courts, once residents have EV charging they’ll use it. I’ve seen it time and again: when residents see their neighbors charging that hot new technological wonder outside their condo, they’ll want one too. It’s one reason the number of EVs on U.S roads is set to triple from 1 million today to 3 million by 2022. With most multi-family residents willing to pay more to live in a “green or sustainable community,” that nice-to-have amenity is fast becoming a must-have necessity. Did I mention EV charging raises property values too? In other words, wait-and-see is beginning to seem a lot like missing out. To discover how ChargePoint is democratizing EV charging, download our new eBook, Is Your Property EV Ready?