Are you looking for a car with the latest technology right at your fingertips? How about one that costs less to fuel and maintain than what you’re used to driving? What if I told you you could get all those things in a production model that accelerates from zero to 60 faster than the top sports cars? Still not sold? OK, no greenhouse gas emissions, no air or noise pollution, and the government will even help you pay for it. Of course, I’m talking about electric vehicles (EVs) — and they’re coming to your condo community soon. One more thing, with some savvy negotiation and a little help from your neighbors, you should be able to fuel an EV without ever leaving home, too.
Why should your fellow condo owners and your HOA care about EV charging? A few years ago, I was talking to many property owners, managers and HOA members who were taking a wait-and-see approach to adding charging at their properties. Until recently, their concerns were understandable. In many places, EVs were uncommon and large-scale adoption appeared far off. Back then, attracting the occasional (high-value) EV driver didn’t seem worth the investment. Today though, with the electrification of transportation a near-term inevitability and municipalities increasingly mandating electric vehicle supply equipment (EVSE) infrastructure, what once seemed like a safe bet has become untenable. Here’s what your HOA needs to know:
1. E-mobility is here to stay (but incentives may not be)
With 830 million electric miles driven in 2021 alone and over 105 million charging sessions delivered on the ChargePoint® network since our founding, 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. Ford plans to invest $22 billion in BEVs while others, including Mercedes-Benz and Volvo, have already announced an all-EV future. And it’s not just humble EV charging companies and carmakers investing in e-mobility. Plenty of states, cities and utilities offer EV and EV charging incentives to help offset the costs for drivers, businesses and multifamily properties. But as electric vehicles become just “vehicles,” the current incentives will likely disappear like the internal combustion engine (ICE) cars EVs are replacing. In other words, the best time to invest in charging infrastructure is right now.
Boston Consulting Group predicts that 53% of U.S. car sales will be electric by 2030.
2. Your current and future neighbors will need EV charging
It’s not only performance that sets EVs apart — they’re less expensive to fuel and maintain too. Remember the days of driving to an often inconvenient, out-of-the-way location to fill up? With electric vehicles, fueling is more like plugging in any other device you own — you do it where it makes the most sense. More than 80% of the time that’s where you live and work. Who will drive EVs? If a recent Boston Consulting Group (BCG) prediction is right, pretty much everyone. Back in 2018, BCG forecast that 21% of American new car sales would be electric by 2030. Since then, the firm has revised its prediction up every year — to 53% this year, more than doubling its earlier number. Speaking of myths, EV adoption isn’t just happening in California. In fact, it’s booming in some unexpected places, including Mississippi, Utah and Wyoming. EV charging will make every condo property, everywhere, more desirable — and more valuable, too.
3. EV charging is more affordable than you think
Since 2007, ChargePoint has been laser-focused on one thing — moving all goods and people on electricity. That’s why we’re making it as easy and affordable as ever for property owners and HOAs to offer EV charging at their condo or townhome communities. Our subscription model, ChargePoint as a Service®, lets them preserve valuable CapEx funds and pay for EVSE infrastructure out of their normal operating expenses instead. In other words, they pay for only what they need today and can grow their business right along with EV adoption. The ChargePoint Power Management feature allows for increased utilization using existing power, letting HOAs accommodate new EV drivers today without committing to costly electrical upgrades. And, with our newly launched Community Charging solution, which is powered by our CPF50 Level 2 station, they'll enjoy the flexibility to offer a shared charging solution exclusively for their residents. Readying condo properties is possible with ChargePoint. It pays to let your HOA or property manager know that, right now, government and utility incentives can quickly help turn their parking spaces into profit centers as well.
Unlike those fitness rooms and tennis courts of old, once residents have access to EV charging, they’ll use it. I’ve seen it time and again: When condo owners see their neighbors charging that hot new technological wonder outside their home, they eventually get one too. It’s one reason the EV sales in North America were up 62% in Q1 of 2022 compared with the previous year and are expected to double to 1.4 million vehicles this year compared with 2021, according to BloombergNEF. With most condo owners willing to pay more to live in a “green or sustainable community,” that once nice-to-have amenity is now a must-have necessity. Did I mention EV charging raises property values too? As I’ve said many times, wait-and-see is starting to seem a lot like missing out.
To discover why EV charging is more than an amenity, download our new e-book.