Electric vehicle sales reached another all-time high in the third quarter, growing 11% year-over-year from 2023 and up 5% from the second quarter of this year. This increase in EVs is part of an overall trend in the popularity of renewable energy in all forms. In the next five years, the International Energy Agency anticipates that solar and wind power will account for 96% of all new renewable energy capacity additions.
However, many EV owners living in multifamily homes are facing a shortage of available charging stations. Unlike people living in single-family homes, those living in apartments, townhomes, or condos — almost 44 million U.S. residences — can't easily install their own chargers. This limitation represents a significant barrier to widespread EV adoption.
The Challenges to Widespread EV Charger Adoption
The biggest pain point for property owners in offering residents more EV charging stations is cost. With an initial upfront cost of $7,000-10,000 per charger, outfitting a multifamily property with enough chargers is an expense many building owners feel they can't afford.
Additionally, standard single-family EV chargers aren't built to support multiple EVs without straining the system. Meeting the increased power demands can require an upgrade to the entire electrical system, another expensive investment.
In many urban areas, the electrical grid is already straining to meet demand. This is largely due to the rapid growth of AI applications and the power-hungry data centers that fuel them. However, this makes it harder to meet the increased power demands for multifamily EV charging.
How Building Owners Can Meet Demand
Although the obstacles to meeting charger demand in multifamily family properties are significant, multifamily property owners can take steps to offset the costs. The financial benefits of upgrading their charging capacity include:
- User fees: By installing EV charging stations, property owners can charge tenants and visitors fees to use them. This helps them pay off their initial investment faster and creates a long-term steady income stream.
- Government incentives: State and federal governments offer tax incentives that help cover the cost of installing EV charging in apartments. These incentives can significantly reduce the upfront costs and increase the ROI by allowing investors to realize profits sooner.
- Increased property value: Consumers care about sustainability, and their buying choices reflect that. Buildings that offer more renewable energy options, such as EV charging stations, will be more attractive to eco-conscious tenets.
- Competitive edge: In a crowded market, offering valuable services such as on-site, cost-effective EV charging can help differentiate a property from its competitors, leading to higher tenant retention rates and satisfaction.
Moving Toward Sustainability
EV charging solutions for multifamily properties provide owners with the opportunity to offer a valuable service, support renewable energy objectives, and make a profit. However, owners aren't likely to install them if it takes decades to break even on their investment.
Orange is designed to meet the needs of residents and building owners. Residents can easily charge their EVs when it's convenient without having to wait in line. Owners can recoup their investment five times faster than with other options. Discover how Orange can bring efficient, scalable EV charging to your property, reach out to our team to get started. Orange provides an EV charging solution that can grow to meet property demand. Property owners can scale their EV charging without breaking the bank.
Reliable EV charger that’s even easier to manage.
