Multifamily EV Charging: Considerations for Property Managers

Investing in an EV charging network for your multifamily units can improve your property value and help attract and keep residents. To get started, learn what to consider when investing in a multifamily EV charging solution, including your electrical capacity, product choices, and final costs. 

Benefits of EV Charging for Multifamily Properties

Multifamily EV charging solutions offer many short and long-term benefits:

• Enhancing resident attraction and retention: EV charging stations open your multifamily building up to EV owners, an ever-expanding demographic. Potential residents may be more interested in your unit and paid parking spaces if you have available stations, and current residents may be more willing to stay. 
• Increasing property value: Access to multifamily EV charging stations can raise your property value in the eyes of stakeholders and potential buyers. 
• Promoting sustainability initiatives: Promoting electric vehicle usage and making charging stations more accessible reduces emissions and your property's carbon footprint. Certification in Energy Star, Leadership in Energy and Environmental Design (LEED), or other sustainability programs can also attract more eco-conscious residents. 

EV Charger Installation Considerations

Consider the following factors to make choosing the right provider for EV charging stations for multifamily buildings easier. 

Assessing Electrical Capacity

Compare each station's energy consumption needs with your property's total amperage capacity, which you'll usually find on your electrical panel. As long as you have a little space, you can generally find basic charging stations within your energy capacity. 

Residents will likely prefer higher power options. For example, Level 1 charging stations use significantly less power than direct current (DC) and Level 3 networks, but they won't charge residents' vehicles nearly as fast. 

Depending on your power needs, consider requesting an electrical service upgrade from your energy provider. By investing in electrical upgrades, you can power the most attractive charging stations for your residents without worrying about outages or other energy concerns. 

Determining Installation Costs

Installing multifamily EV charging stations costs upwards of $1,000, with larger upgrades costing $3,000 or more. While investing in your electrical infrastructure is generally worthwhile, you can often take certain steps to lower that price tag. A professional electrician can help you analyze costs and make informed decisions for your property. 

Factors that impact installation costs include:

• Parking space locations: Charging stations further from your property's current power grid will cost more to set up, especially for DC stations. 
• Availability: As more properties adopt EV charging stations, the availability of products and installation teams can become limited. Stations with better availability may cost less before and during installation. 
• Building codes and requirements: Local regulations, permits, and fees can significantly add to your costs, especially if you don't get your permits in advance. 

Planning for Infrastructure Upgrades

Every upgrade for your property should be forward-thinking, especially when it comes to electrical infrastructure. Make sure the products you invest in are safe, energy-efficient, and durable to avoid replacing them in a couple of years. Research the stations' effectiveness and customer reviews and consult with a professional for expert advice. 

Additionally, consider each station's installation and compatibility needs, such as how much power you'll need to support it. Level 1 stations only require minimal energy, which may be a better choice if you have a limited power grid and are planning additional installations later. However, investing in a power upgrade for Level 2 stations may be worthwhile if you hope to expand your EV infrastructure later. 

Investing in a high-quality, easily compatible upgrade prepares you for future demands. After all, you may need to replace the charging stations with a new model in another decade. 

Understanding the Types of EV Charging Stations

Multifamily electrical charging stations fall into three levels:

• Level 1: Basic and affordable stations that use standard 120-volt three-prong outlets. They only charge about 50 miles worth of range overnight, which may not be enough for all residents. 
• Level 2: These medium-tier stations require 240-volt circuits and charge electric vehicles about three times faster than Level 1 stations. 
• Level 3: Direct-circuit (DC) charging stations connect directly to the power grid and can almost fully charge a vehicle in under an hour. These stations are costly to install and have specific energy capacity requirements. 

Choosing the Right Hardware and Software

Investing in dependable products with good reputations can extend your upgrade's longevity and lead to better revenue. Always research EV charging stations before investing in them, including the physical product and the software available. 

High-quality software will monitor and maximize your power usage, which can improve safety and lower your power bill. While many manufacturers offer their own custom apps and software, these aren't always reliable — even if an app works right now, its next update may not. Prioritize charging stations that are compatible with third-party apps, such as Current, to give yourself options later on. 

Long-Term Sustainability Strategy

From residents' energy usage to vehicle fumes, you'll face many sustainability concerns as a multifamily property owner or manager. While you can't make your property 100% eco-friendly overnight, you can still take many steps toward a sustainable future. 

Future-Proofing Property Investments

Every property upgrade should be done right the first time. Consult an expert and only work with reputable electricians and professionals when installing an EV charging network for multifamily units. Follow all appropriate steps throughout the installation process, and keep an eye on industry trends to make the most of your money. 

Staying Informed on Industry Trends

Following market trends and consulting with experts helps you make informed decisions and investments for your property. For example, research the types of outlets and circuits this year's charging stations are using to avoid investing in an electrical solution that will soon be outdated. 

Additionally, keep track of how many residents and people in your area use electric vehicles. About 4% of Americans overall own an electric vehicle as of 2023, but that percentage may be quite different in your neighborhood. By tracking the demand for charging stations, you can accurately add the correct number to your property without investing in too many or too few. 

Orange Has It All

At Orange, we've re-engineered electric vehicle charging to meet your properties' needs today and easily adapt as demand changes. Make charging convenient and easy for your residents, and maximize your power and money. Ready to take the next steps? Contact Orange today to get in touch with one of our specialists. 

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