Even though electric vehicles charging stations are expensive to install, having your own level 2 electric car charger at living condos and residential buildings is nice. Still, in several areas and countries, due to the lack of information about EV technology, it looks risky and not profitable to put money into installing private EV charging points. But here, the question arises that if EVs are not in huge numbers, then why should property owners install charging points in their buildings?
In this article, we will answer this WHY!
- To attract the most desirable residents
Electric vehicle buyers are everywhere. Presently, people are shifting towards electric vehicles instead of other cars. This also changes their living style. Most residents are looking for living places with green initiatives properties. It means that people look for houses or apartments with electric vehicle chargers and parking spaces for EV owners. On average, more educated families with stable salaries purchase or rent condos to enhance their living standards. They are demanding buildings with rooftop decks, swimming pools, gyms, kitchens, gardens, and underground and enclosed parking structures with EV charging points.
2. To increase the value of property
Properties with more advanced technologies and amenities are higher in demand, automatically increasing the value and making them market competitive assets. EV charging points in parking spaces of condos and residential buildings is becoming one of the most desirable features by the residents. Public or commercial EV charging points are at great distances from each other and the local community. Families with electric vehicles prefer to live in a building with its own charging point. Due to these factors, the property’s value with EV chargers also increased.
3.Take advantage of rebates for EV charging stations to cut costs
The cost of having a private EV charger at any multifamily building can become affordable due to incentives provided at the federal, local and state levels. Let’s take the example of one of the biggest states in the USA. The California Energy Commission has provided a discount of about $80,000 while buying and installing a charging station for the public. Another organization in California called The Sacramento Municipal Utility District is provided a rebate of 1500 dollars per EV charger of type level 2. This offer is valid for installing 20 EV charging points in a residential building.
Rebates are not only limited to this area. Every state or country provides discounts for the promotion of Electric vehicle technology in both residential and commercial communities. To find rebate options in your area, contact nearby EV charger manufacturers.
4. The technology and process are mature
The world is still educating itself about the technology of Electric vehicles and its installation. Families in condos with Electric vehicles first find 30 to 50amp charging sockets enough to fulfill charging needs of their car but sooner they realize the need of pro charging stations, which allows a number of riders to charge their EV in one community with electric breakdown. Load balancing systems can automatically provide power adjustment, which helps EV car owners monitor their cars’ charging, and building managers can also keep an eye on the EV charging system to avoid any mishap.
If the mature EV technology and backup system with the best EV chargers is provided in residential buildings then it will attract more residents than usual.
5. Contribute to meet sustainability goals
The multifamily building is responsible for more carbon emissions than houses with single families. That’s why to make residential buildings more desirable, their builders and developers are thriving to provide sustainable and eco-friendly amenities. Building with certification of Leadership in Energy and Environmental Design (LEED) and parking spaces with EV charging stations will make them preferable for residents. These are smart investments that give a market advantage to the multifamily community, which gives a profitable future to the building also.
Conclusion
To conclude, we can say that EV chargers are more affordable and increase the value of any residential property. Regardless that EV technology is still in its initial phase, residents are moving toward the building and places with their own EV chargers. According to the current situation, we can say that in the next five years, 5 out of 1 car will be an electric vehicle. To learn more about EV chargers and vehicles, visit our website.
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