Electric vehicles (EVs) are becoming increasingly popular in the US, with EV sales outpacing every other market segment in recent years — and that was especially true in 2022, which saw North American EV sales climb 49% year-over-year, even as the overall new car market was down 17%. Most industry experts are projecting that this trend will not just continue into the future, but actually accelerate from here … and, with more and more EVs on the road, there’s a growing need for places to charge them.
The good news is that the public infrastructure buildout is underway, thanks in part to wide-scale Federal funding in the form of the National Electric Vehicle Infrastructure (NEVI) program and the Inflation Reduction Act of 2022. Both have made it easier to not just buy and own an EV, but to develop the kind of interstate charging network needed to support mainstream EV adoption.
While that’s all great, it doesn’t change the fact that the vast majority of EV charging is done at home. In fact, the US Department of Energy (DOE) says that 70-80% of all EV charging happens either at home or at work — and that message is being received loud and clear by EV shoppers, who will expect to be able to do just that when it becomes their time to switch to electric. That means multifamily, workplace, and commercial properties will become critical locations for the installation of EV charging stations, and developers who are looking to fill those properties will be expected to offer EV charging sooner than later.
These charging stations, sometimes called “Level 2” for 240V AC models and “Level 3” for higher-output DC fast chargers, are rapidly becoming just as essential for developers looking to attract tenants as they are for people who already own an electric car — but where do property owners start?
Modern Problems Require Modern Amenities
Accessible EV charging stations are an effective way for properties to remain competitive in a modern housing market. More and more consumers look for places that offer EV charging, and they’ll be more likely to pay higher rents to have access to the amenity.
But installing these chargers can be a complex undertaking, requiring resources dedicated to engineering, permitting, construction and more. Companies like Chargie offer developers and property managers a turnkey solution for EV charging infrastructure – this includes detailed site evaluations, engineering, design, installation, operation, monitoring, ongoing maintenance and customer care. “We make it easy for property owners to turn their parking spaces into places drivers can charge anytime,” said Chargie CEO Zach Jennings. “When it comes to the rapidly changing world of electrification, we’re helping drivers get charged up and properties stay ahead of the curve.”
Furthermore, developers can capitalize on available federal and local government rebates, incentives and credits to help recoup their installation costs. Chargie can assist properties with that too. “Finding the right programs and applying for funding takes time and resources. Our team can advise on how to maximize the money available and handle applications on a property’s behalf,” Jennings said. He also noted the importance of acting quickly. “These rebates and incentives won’t always be around. Some are first come, first served. If you’re thinking about installing chargers, the time to act is now.”
Smart Tech is Smart Business
Installing EV charging stations at multifamily, workplace, and commercial properties is not only a smart investment for developers, but it is also an important step in reducing greenhouse gas emissions and meeting the growing public demand for more sustainable transportation options. And, as the global demand for electric vehicles continues to surge, the need to install Level 2 and Level 3 chargers at these properties will only become more urgent.
By installing EV charging stations now, developers and property managers can help ensure that their properties are ready to meet the demands of future tenants and their electric cars, and that they’re able to take advantage of available rebates and incentives before they run out.
Given the continued rise of EV sales, it’s already imperative to install EV chargers at multifamily and commercial properties within the US market. This will not only help meet the increasing demand for EV charging, but it also keeps properties modern and competitive and contributes to making the world a greener, more livable place.
This article originally appeared on CleanTechnica.