Not all EV charging is created equal. This is especially true for multifamily housing and commercial real estate. While EV charging infrastructure is an investment, smart planning, clear-eyed decision-making and the right partner can save you a lot of money down the road.
Here’s an overview of what to consider before investing in commercial EV charging for multifamily real estate:
1. ROI starts at the planning phase
Make ready is often the costliest part of installing EV charging as it consists of conduit, wiring, breakers and potentially electrical upgrades. This is because make ready takes power from your electrical panel to the charging station for your residents to use. Knowing how to reduce your make-ready costs while preparing for current and future demand is essential to a strategic and cost-effective EV charging investment.
One easy way to save money is to locate EV charging near your panels. This ensures shorter runs, saving you BIG money on electrical installation. Another strategy is to plan for your future needs today. Consider using 1” conduit to maximize the current carrying conductors per conduit run and provide room for future wiring and adding stub-outs down the line. Both are popular strategies to save during the first installation. Just like EV charging, installation doesn’t need to be difficult or break the bank.
2. Software can manage your power and lower your costs
Let’s say you want to electrify 20 stalls, but your electrician lets you know that your panel only has the capacity for four EV chargers, and you’ll need a costly electrical upgrade. Fortunately for you, ChargePoint can electrify all 20 stalls for you without any upgrades. How? By using Power Management software, your property will be able to “oversubscribe” your panel while never allowing resident charging to exceed your panel and breaker limits. You can install up to five chargers on a single 60-amp circuit using this strategy. As tenant demand for EV charging continues to grow, you can expand your charging footprint confidently. Learn more about how Power Management works. It could potentially save you thousands of dollars.
3. Strategically maximize tax incentives and rebates
There’s never been a better time to invest in EV charging infrastructure. From federal and state tax incentives to point-of-sale rebates and special local utility programs, the sky’s the limit for using strategic EV charging incentives to bolster your multifamily portfolio sustainably. In fact, there are countless examples of ChargePoint projects that were either fully funded or funded well over 75% from incentives alone.
Partner with a company like ChargePoint, whose reliable, flexible and future-ready software and hardware solutions enable you to qualify for all possible incentives. In addition to the right solutions, you deserve the right partner to help you navigate and capture the thousands of dollars in incentives on the line.
These incentives won’t be around forever. Some are time-based, and some are funding-dependent. As the market matures, our experts are noticing that funding opportunities are changing. There’s no time like the present to invest in EV charging.
4. Find an ownership model that works for you
Last but certainly not least, it’s important to decide what funding model you want to use for your multifamily EV charging infrastructure investment. Approaching EV charging through CapEx or OpEx costs is an equally valid strategy. For some portfolios, it’s more valuable to run EV charging as a capital expense, paying for make ready, hardware and software in one lump sum upfront. For others, it may make more sense to categorize EV charging as an operating cost so you’re able to pay as you go. In this case, ChargePoint has a couple of options for you — an “as a service” offering, CPaaS, or a supported financed solution via an investment partner.
Regardless of how you want to fund the project, you will want to work with a flexible, enduring company that can help you reduce your make-ready needs, maximize incentive dollars and match your funding preferences.
EV charging is ready for your multifamily property. Your multifamily property is prepared for EV charging. And your business can be ready, too, with some clear-eyed, simple considerations before you invest in what’s next.
Learn more about EV charging for multifamily.
