How EV Chargers can add value to your condo building

November 01, 2022

Taking a chance on a new trend or technology always seems risky. Of course, allowing yourself to hesitate for too long can mean missing an opportunity. To help you avoid this, we’ve put together a guide on how EV chargers can add value to your condo building.

The popularity of EVs is growing

You need to understand that electric vehicles are rapidly becoming more popular. ‘Traditional’ fuels are climbing in price, and their exploitation is a constant drain on rapidly dwindling resources. This means that a switch to electric vehicles is not even really optional! Add to this the bright future of EVs with lower battery costs, and you have an industry that’s really taking off. This means that, whether you like it or not, EV chargers are going to become a staple of life. One which you can take the initiative to introduce in your own condo building. It pays to be on top of such things, and since it is an inevitable, you may as well start getting ahead while you can!

Your condo building’s reputation would receive a boost

One way in which EV chargers can add value to your condo building is by boosting its appeal and reputation. By becoming known as an eco-friendly condo building, you will easily appeal to a much larger demographic of potential tenants than you might think. Besides, the sheer preside of owning EV chargers ahead of a lot of people and businesses is quite a brag on its own. In a world where people have yet to fully embrace the proliferation of electric cars, they are getting your condo building out there as one of the few locations that do, which is amazing for promotion. Some people might choose your condo building just on the off chance of getting one. Or even just because they like the idea of living in a “progressive and modern” condo building.

EV chargers are still not widely available

Another way EV chargers can add value to your condo building is their exclusivity. After all, places where you can find an EV charger are still few and far between. People who want to own, or already own an electric vehicle will want secure and easy access to quality charging services. And by quality, we mean those who allow for quick and efficient electric vehicle charging. Even if your home panel is full, or your home service is at capacity you can ‘easily’ charge one such vehicle at home by adding a demand controller, to power up your charger when all the other electric loads are not in use. As the experts from can attest, refueling is a crucial part of every business and private vehicle owner. This means you may even be able to offer charging services to more than just your tenants!

You can take advantage of tax benefits

Here’s yet another benefit of installing EV chargers in your condo building: the rebate and tax benefits that come with it. There are, obviously, two separate ways you will benefit once you’re done installing EV chargers. First, you will get thirty percent of the installation costs covered by your tax credit returns at the end of the tax year. Note, though, that there is a maximum of one thousand dollars’ worth of credits for residential installations. And then thirty thousand dollars’ worth of federal tax credit for commercial installations. Then, there are also the utility rebates which are offered as incentives for installing the EV chargers on your property. Depending on your state, you may even be able to get the entire cost of installing EV chargers covered by the rebate! This means you would be purely profiting in return for just getting through some paperwork.

The advantage of starting early

The final way EV chargers can add value to your condo building is by making it more appealing to investors. Having EV chargers installed is not the most straightforward process. You will need the help of professionals and even the support of sub-metering systems to really get through the installation. And even with ideal conditions and resources, it can still take a while to get everything properly set up. This means that it’s not that easy just to decide to start installing them and finish in a short timeframe. This, in turn, means that investors will be forced to first look for people who had taken the initiative to install the EV chargers when they first became available! By investing time and money now, you make yourself a prime option for people to invest in, in the future.

A closing comment on how EV chargers can add value to your condo building

Now that you understand how EV chargers can add value to your condo building, you can make your decision. By choosing to invest in EV chargers early, you stand to gain a lot in the long run. Not to mention that all your costs, or at least a good chunk of them, will be reimbursed!