You see the writing on the wall. Each year, more and more of your current and target residents are bringing home new EVs. Many of them plan on making their next car purchase electric.
Where does that leave you, your properties and your portfolio? You know your business needs to invest in EV charging to attract and retain future and current residents. But will it really pencil out? How can you maximize the abundance of incentives and rebates? And what about the hard costs?
More important, will you actually see an ROI from your EV charging implementation? In most cases, the answer is a resounding yes.
Calculate your potential multifamily real estate ROI from EV charging
We’ve developed an ROI calculator to help you determine how EV charging can benefit your bottom line — along with resident satisfaction. We’ve included some placeholder numbers and used what we’ve learned over 17 years of installing stations, to give you a place to start. Things like:
- Embracing smarter site design
- Maximizing your current power availability
- Ensuring you capture all possible incentives
- Financing the costs to match your business model
We encourage you to plug in your numbers (theoretical works, too!) and run some diverse scenarios, to learn when you’ll start turning a profit and what your annual net revenue could be. In many cases, you’ll see it’s not that far off.
Of course, working with the right partner — one with thousands of installs under its belt and that understands how to maximize every opportunity — helps boost your ROI, too. Let us know when you’re ready to talk about your specific project in more detail.
What are additional ways to maximize your ROI from EV charging?
1. Increase your occupancy rate
Attracting and retaining EV drivers helps you meet other goals, including increased occupancy and less administration. EV drivers often make great residents. They want to live in communities that align with their values, especially around sustainability — and many are willing to spend more for high-end amenities like EV charging. Consider this: BloombergNEF expects EVs to represent over half of new car sales by 2040. With EVs becoming more mainstream and many millennials and Gen Zers opting for a rent-first lifestyle, residents are likely to increase the length of time they live at your property for the foreseeable future.
2. Consider charging residents for energy
Yes, you can charge your residents for the energy they use. And yes, they will appreciate that you are providing premium infrastructure that enables them to save time and money daily. If you didn’t offer charging, they would need to pay for gas (about $5 a gallon depending on where you live) or use public charging stations, which are more expensive to use and less convenient than charging at home. Not to mention aligning with residents’ desires for a sustainable place to call home.
3. Consider charging for charger access
In many cases, you can also charge residents for access to an EV charger in a parking space dedicated to them. Depending on your market and how competitive it is for parking spaces, many multifamily properties now charge between $25 and $200 per month for a dedicated parking space with an EV charger.
The EV revolution is just getting started. As millions more drivers — including your residents — are expected to go electric in the U.S. in the next five years, it’s time for you to evaluate how you can right-size your investment in EV charging for multifamily properties. We’d love to help you.
Talk to an expert to maximize your ROI
ROI calculator - Legal disclaimer
This calculator is provided by ChargePoint, Inc. (ChargePoint). It is intended solely for general information and educational purposes. It is not intended in any way as investment, tax or legal advice or services, or as a solicitation for any ChargePoint product or service. The results of using this calculator may not be applicable or accurate with regard to your individual circumstances and cannot be relied upon to estimate or forecast any savings, costs, investment returns, budget, or planning related to the use or purchase of electric vehicle charging stations. You should not take any action on the basis of the information provided through this calculator. Please consult with your insurance, tax and/or legal advisors for advice regarding your personal circumstances related to providing electric vehicle charging infrastructure for public or private use. You could lose money or fail to achieve your objectives by relying on this calculator. Please note that the computations performed by this calculator are based, in part, on information and assumptions provided by you regarding your goals, expectations and personal situation. The calculator is further based on assumptions by ChargePoint, including but not limited to, the costs associated with shipping, installation, construction, permitting, maintenance, support, the cost of electricity and petroleum and other variables related to the ownership of electric vehicle charging stations. The calculator is intended to allow you to test those assumptions, since variations in assumptions, such as to future costs of electricity and gas, may significantly affect the results produced by the calculator. Actual results or inputs may be higher or lower than the inputs used or results displayed in hypothetical calculations, and are likely to vary over time. In addition, the calculator does not take into account all of the factors that may be relevant to your decision-making. Please also note that other information incorporated in the calculator or displayed in connection with the calculator may be based on historical or current data, but is not guaranteed to be accurate, complete or timely. ChargePoint has no obligation to revise or update any assumptions provided or including in this calculator. THIS CALCULATOR IS PROVIDED “AS IS” AND ON AN “AS AVAILABLE” BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. ChargePoint shall not be liable under any circumstances for lost profits, lost business, loss of business reputation, or any direct, indirect, incidental, special, punitive or consequential damages of any kind, whether foreseeable or not, that result in any way from, or relate in any way to, your use, non-use or reliance on this calculator.
