March 9, 2024
Electric vehicles (or EVs, for short) are popping up everywhere — on streets, parking lots, and driveways. In fact, 1.2 million US consumers bought electric vehicles in 2023, and there’s a good reason why these numbers are rising. Electric vehicles appeal to drivers who want eco-friendly transportation options and cost-effective solutions.
With the expanded accessibility of electric vehicles, the need for EV charging stations is also growing. Currently, most EV chargers can be found in commercial parking lots, where anyone can access them. But they can be installed at multi-family residential properties, too. From apartment complexes to condominium buildings, commercial EV charging station installation in these lots can have a big payoff.
This guide covers everything you need to know about commercial EV charging station installation:
Read on to see how you can start meeting the needs of your residents.
Commercial EV charging station installation can be a significant change to your existing infrastructure, but it unlocks a new revenue stream for your multi-family property. Depending on the volume of charging stations, resident demand, and other determining factors, charging stations can be monetized by energy, time, or subscription. Over time, you’ll see your investment pay off.
Residents driving electric vehicles are often interested in having easy access to charging stations because EVs need time to charge. Drivers can indeed access other stations at commercial parking lots, but they may have to go out of their way to find a charging station. Plus, there’s an added inconvenience if drivers are strapped for time.
However, electric vehicles can be installed just about anywhere. If your property invests in commercial EV charging station installation, you’ll enhance resident satisfaction, which can lead to increased property demand or extended leases. The simple offer of replacing the time spent waiting in the car while charging with time at home is valuable for many. In the long run, you’ll increase residents' satisfaction with your amenities, and possibly reduce turnover.
It’s a well-known fact that gas-powered cars negatively impact the environment. The average vehicle emits around 4.6 metric tons of carbon dioxide annually, which amounts to one-sixth of all global greenhouse gas emissions (GHGs). These emissions are responsible for increasing Earth's surface temperature and eventually influencing drastic environmental issues, such as temperamental weather changes and increased sea levels.
In comparison, electric vehicles typically emit lower GHGs than traditional cars — decreasing the overall carbon footprint of vehicle owners. This fact is yet another compelling reason for drivers to purchase EVs, but is also a good reason for owners to invest in EV charging stations.
At the heart of OBE Power’s mission to increase access to EV charging stations is the aFLoat program, designed to uplift Floridian communities by reducing transportation-related GHG emissions. Our overall goal is to slow the rise of sea levels, which can be devastating to cities not only in Florida but also in any coastal state. We do this by removing barriers like lack of adequate information or financial challenges for multi-family residential property owners.
Commercial EV charging station installation isn’t as complicated as many might think — here are five steps you can follow to get started right away:
Assessing resident demand can help you determine how many chargers you need, how urgently you should install them, and the value they can provide for your residents. One way to make this assessment is by circulating a survey to gather insights from residents, with questions such as:
There are three levels of voltage available with chargers:
Level 1 stations charge through a 120-volt outlet, commonly found in residential homes. These chargers, often called residential EV chargers, take 40+ hours to charge a fully electric vehicle or 5+ hours for a plug-in hybrid vehicle.
Level 2 stations charge through a 208- or 240-volt service and are the most common for workplace or public charging. These charging stations take 4+ hours to charge a fully electric vehicle or 1+ hours for a plug-in hybrid vehicle.
Level 3 or direct current fast charging stations operate at between 200 and 800 volts. These chargers take between 20 minutes and 1 hour to charge a fully electric vehicle but generally aren’t suitable for plug-in hybrid cars.
So, which voltage level is best for your multi-family property?
It's unlikely that you'll see a level 1 station outside of a single-family residence due to the long charge time. At the other end of the scale, level 3 chargers are incompatible with most plug-in hybrid vehicles, which are widely popular. That leaves us with level 2 chargers, which offer both speed and compatibility for any EV. (This is why OBE Power recommends level 2 chargers for multi-family properties.)
Determining the location of your EV chargers is a straightforward process if you keep these two factors in mind:
Proximity to electrical infrastructure should be your top consideration when planning your installation site. You should proceed with EV charging installation close to the electrical infrastructure, such as the panel and transformer, that powers the chargers.
Overall visibility to tenants is also important because you want to make the amenity as prominent, accessible, and convenient for residents as possible. This placement encourages maximum usage of stations.
You can expect many commercial EV charging station companies to assist in finding the best spot for installation, but understanding these factors can help you make an informed decision.
There are a few costs to be aware of when considering commercial EV charging station installation for your multi-family property:
Electricity costs are recurring charges that you pay for the electricity the EV charger uses. Usually, these costs range between $0.09/kWh and $0.21/kWh.
Installation costs are a one-time fee that property owners pay to get their EV charger installed, which includes readying your property’s electrical infrastructure for charging stations. Depending on your EV charging station provider, you may have to hire an electrician for expert help.
Maintenance costs are a case-by-case cost that you may need to pay to keep your stations in optimal condition or fix any issues that arise.
Among the many options, it’s best to find a provider that helps you make the smoothest transition throughout installation by reimbursing your electricity costs and maintaining your station.
This is where OBE Power steps in. When you partner with OBE Power to install EV charging stations for your property, you access the following benefits:
The marketplace for electric vehicles is expanding, and there’s no better time than now to take advantage of commercial EV charging station installation for your property. The demand for EV charging stations is already growing rapidly, so you should start offering charging stations to your residents as soon as possible.
Ready to get started? We’re excited to help. Sign up for a demo today!
