Electric vehicles (EVs) are becoming increasingly popular, and with this rise, the demand for EV charging infrastructure is also growing. Investing in EV charging stations can benefit multifamily housing and commercial real estate significantly. However, making a smart investment requires strategic planning and partnering with the right solutions provider. Here’s what you need to know before diving into EV charging for multifamily properties:
1. Plan for ROI from the Start
The most significant expense in installing EV charging stations often comes from the “make-ready” work. This involves setting up conduit, wiring, breakers, and potentially upgrading electrical systems to bring power from your electrical panel to the charging stations. Reducing these costs while preparing for future demand is crucial for a cost-effective EV charging investment.
One effective strategy is locating EV charging stations near your electrical panels. This reduces the length of electrical runs, significantly cutting installation costs. Additionally, planning for future expansion using a 1” conduit allows for more conductors per run and facilitates future wiring. Incorporating these strategies can save money and simplify the installation process.
2. Utilize Power Management Software to Optimize Costs
Imagine wanting to install 20 EV chargers but discovering your electrical panel can only support four without expensive upgrades. With Power Management software, you can avoid these costs. This software enables you to “oversubscribe” your electrical panel, allowing the installation of more chargers without exceeding the panel’s capacity.
For instance, you can place up to five chargers on a single 60-amp circuit, efficiently managing power distribution and avoiding the need for costly electrical upgrades. As resident demand for EV charging grows, Power Management allows for scalable expansion, making it a cost-effective solution for multifamily properties.
3. Leverage Tax Incentives and Rebates
The current landscape is ripe with opportunities to offset the costs of EV charging infrastructure through various incentives. Federal and state tax credits, point-of-sale rebates, and local utility programs can significantly reduce the financial burden of these investments. In many cases, these incentives can cover a substantial portion of the project costs.
Working with a company that offers comprehensive, flexible solutions, like Green Energy Technology, ensures you can take full advantage of these incentives. Our experts can guide you through the application process, helping you secure available funding before these opportunities diminish as the market matures.
4. Choose the Right Ownership Model
Deciding on the appropriate funding model for your EV charging infrastructure is crucial. You can approach this investment as a capital expenditure (CapEx), covering make-ready, hardware, and software costs upfront, or as an operating expense (OpEx), allowing for a pay-as-you-go model.
GET Charged Fast EV Charging offers various flexible options, including Charging as a Service (CaaS) and financed solutions through investment partners. These models can be tailored to fit your financial strategy, ensuring that your investment aligns with your business goals.
Investing in EV charging infrastructure for multifamily properties is a strategic move that can enhance property value and attract environmentally conscious residents. By planning meticulously, utilizing advanced software solutions, maximizing available incentives, and selecting a suitable funding model, you can make a sound investment in the future of sustainable transportation.
Partnering with a reliable and innovative provider like GET Charged Fast EV Charging ensures that your multifamily property is equipped with state-of-the-art EV charging solutions, ready to meet the demands of today and tomorrow. Start your journey towards sustainable growth and energy efficiency today.
