January 19, 2023
Own a Multifamily Property? Here's Why You Should Install an EV Charger
3 Min. Read
Utilizing incentives — including tax credits, rebates and incentives from government agencies and your utility — can prove the most efficient way to offer EV chargers at multifamily housing. However, in order to get the most out of these incentive and rebate programs, it is essential to understand what options are available and how you can apply them at your property.
Studies show that at least 85% of electric vehicle (EV) charging occurs at home. This presents a problem for owners who live in apartments, condominiums, or other multifamily properties that may not provide access to charging stations. Currently, more than 80 million Americans live in multifamily properties and find that it is hard to charge an EV if they have one. Solving this problem, by installing onsite chargers, means offering convenience and efficiency to your residents and upping your competitive edge in the marketplace.
It’s a Numbers Game
While many owners and managers of multifamily units, particularly apartments and condo complexes, may not understand EV charging or why it is becoming increasingly important, they will still need to fill the vital role of introducing EV charging to their tenants. In first deciding when and how to install an EV charger, it is important to consider the hardware, software, installation, payment plans, and long-term operations and maintenance.
Ultimately, upgrading properties with EV chargers will become an essential need, as more than 125 million EV drivers are expected on the road by 2030. Multifamily housing will benefit the most from implementing EV charging, creating a win-win situation, in which tenants can have all their charging needs met and owners can boost their revenues.
Funding Incentives for EV Charging
Local, state and federal programs can offset the bulk of EV charger costs through incentive and rebate programs. This break allows property owners and managers to consider the installation of EV chargers a viable option. In California alone, regulators have approved $1.6 billion in funding, since 2016, to improve EV infrastructure. Of this, $240 million is dedicated to multifamily properties for EV infrastructure. Taking advantage of such opportunities could allow building owners and property managers to save money in the short term and ensure they are prepared for any EV charging mandates occurring in years to come.
Federal EV charging incentives include a tax credit of 30% of the cost of any EV charging station installation (available via IRS form 8911) for property owners. When preparing to install an EV charging station, it is important to outline your costs and expected savings and incentives realized through tax credits such as this one.
Multifamily property owners and managers can also utilize state and local government incentives. Over $2 million in affordable-housing incentives have been made available to multifamily properties in California through the CLEAResult EV charging project. Additionally, in Silicon Valley, multifamily properties with four or more units are eligible to receive up to 75% (or $40,000) of the project costs for installing EV chargers. Other affordable-housing incentives are also highly funded across Silicon Valley and other state and regional programs. Take time to thoroughly investigate what savings are locally available to your business.
Many utility companies offer rebates and incentives as well, including credits issued when installing EV chargers. To learn more, check the Database for State Incentives for Renewables and Efficiency, to see what incentives are available in your area.
EV Charging Benefits You and Your Tenants
Leveraging incentives is an agile way to bring EV charging capabilities to your multifamily property — your tenants will receive the access to charging they need, while you’ll experience savings from government programs and rebates. The EV market is thriving and installing EV chargers today makes your property stand out from the crowd.
Adding charging stations for EVs is a great way to increase your property’s revenue and marketability, but a project of this scale can quickly exceed budgeting and increase in complexity without proper management and a streamlined process. Having a company with a track record of success in EV charging implementation can keep your project on track and within budget. This approach will also assist you in realizing available incentives for your business, ensuring the installation process is as seamless as possible and you’re taking advantage of cost-effective solutions. Qmerit is that company.
Qmerit is the leading installer of charging stations in homes and multifamily properties in the U.S. and is trusted by top brands nationwide. With vast experience in EV charging and a proven track record of success, Qmerit will help with your electric transition from start to finish. Contact us to navigate your multifamily project and enjoy the benefits of electrification.
