Electric vehicles are becoming the choice of young vehicle owners aligned with achieving sustainability..

With increased interest in Electric Vehicles, multi-unit residential buildings will soon have to invest in EV charging stations to remain competitive. Beyond the demand for EV chargers, EV charging stations offer a variety of benefits for building owners and property managers.

Volkswagen and Honda already announced that they will increase their electric vehicle sale ratios to 100% by 2040. The trend is significant, the Office of
Energy Efficiency & Renewable Energy of the Department of Energy recognized by August 2020 the cumulative sales of EV's in the US had already surpassed 1.6 million units. 

With more people buying electric vehicles, chances are new tenants with an EV will be looking for an apartment in a building with a charging station, and Condo or Strata owners will present their demand to their respective boards of directors for a point of connection to charge their vehicles. 

1. Attract & Retain Tenants

Tenants are increasingly becoming more aware of the environment and their individual contribution to climate change. Accepting a sense of responsibility, people will want to live in a building that aligns with their beliefs of protecting the environment.

Tenant retention rates will improve as existing tenants are not likely to leave a building that recognizes their EV needs.

2. Earn Additional Stream of Revenue

EV charging stations provide an additional stream of revenue for building owners and property managers. While many EV charging stations are advertised as free-to-use for tenants, occupants, and visitors;  an owner may offer pay-for-parking services on selected parking spots with charging stations to charge their car. Alternatively, the owner or the property manager may also install submetering to collect the energy costs and charge EV drivers a fee, to contribute to the reserve fund or the operations budget of the building. The revenue from these fees can be shared between the building and the company.

3. Qualify for Green Building Certification

EV charging stations are a great way to improve your building's green or LEED certification status. Tenants are more conscious about where they live, and real estate investors are more strategic in investing. The increasing demand from real estate property consumers for energy and water savings and good indoor air quality has prompted increased consumer demand for green-certified buildings.

Green building standards are constantly evolving and adopted across North America, raising the bar for construction design to higher levels of sustainability. With EV charging stations installed in your multi-unit residential building, you appeal to tenants and investors who feel strongly about sustainability and green practices.

One obstacle property managers and owners may find when reviewing the building EV Charger deployment plan is limited infrastructure to provide for all the energy demand required, Using an EV Energy Management System will maximize the use of the existing capacity, protect the existing infrastructure, and if designed well satisfy the occupants with enough charge to drive the following day.