While gasoline prices have leveled off in recent months, I believe we can all agree the days of inexpensive gasoline are over for good. As people continue to look for strategies to save on gasoline prices, more and more are turning to electric vehicles. However their vehicles are being recharged by one of the issues that electric car owners face. A greater challenge is faced by apartment dwellers, although house dwellers can simply recharge their car inside their garage. However, this seems to be shifting with all the increased availability of electric vehicle (EV) charging stations.
Now seen in public areas for example grocery store parking lots, convenience store parking lots and gas stations, these charging stations are starting to make an appearance in multi-family flat parking lots. You’ll need to consider these things into consideration if you’re contemplating installing an EV charging station:
Demand. If 10% of your tenants drive electric vehicles, demand is there. It is going to take quite a long time for your investment to pay for itself if just a couple of residents have electric cars.
Electric Capability. It’s important to have your property is reviewed by a professional electrician prior to deciding to install an EV charging station. Prices can vary widely based on the access to electrical components. A building that’s adequate panel capacity and conduit where the charging station would be installed, running from the panel to the parking space will see comparatively low setup prices of around $3,000 to $5,000. Nonetheless, a building lacking sufficient electric capacity could view installment prices over $30,000.
Price. Determine up front how you want to pass on the price of installing a charging station. Will the price be passed on to all renters? Will billing be fee-established for utilizing the billing station where guests and renters pay a nominal fee? Will the cost be capitalized and used to attract future renters? By establishing this, you will be assisted in determining whether you need to put in a billing station wait a while, or if you need to install one at all.
With ownership of electric vehicles continuing to increase, it may be an opportune time to invest in the installation of an EV charging station for your property.