The Future of EV Charging at Multifamily Properties
The world is shifting towards electric vehicles at a rapid pace. As life becomes more sustainable and environmentally friendly, so does transportation. The trend towards electric vehicles has also highlighted the importance of building the infrastructure necessary to support them. One of the most important components for electric vehicles is EV chargers and charging stations. With the integration of electric vehicles into society, providing charging points and stations in multi-family properties is becoming increasingly important. In this blog post, we will discuss the future of EV charging in multi-family properties, trends, and predictions.
Due to Increased Electric Vehicle Ownership, Multifamily Properties Must Prepare
As more and more people opt for electric vehicles over traditional cars, the demand for available, fast charging stations is increasing. Having EV charging stations available is no longer an option for apartment buildings and multifamily properties. Many industry experts predict that adapting to the needs of EV drivers will be a significant factor in the success of multifamily properties in the future. More and more individuals will purchase electric vehicles as battery technology improves and better, cost-effective models come to market. By having EV rapid charging stations available, multifamily properties will be able to attract a larger demographic of renters.
Did you know that 80% of electric vehicle owners prefer to charge their electric cars where they live, work, and play? This means convenience matters, and most people want to avoid the hassle of finding off-site charging stations. In fact, according to JD Power, almost 80% of EV users charge their electric cars overnight at home. The trend is catching on so much that nearly50% of multifamily projects now have electric vehicle supply equipment (EVSE) to accommodate this need.
So how can multifamily properties prepare for future demand?
Invest in a Platform That Can Evolve With Your Property:
When choosing an Electric Vehicle (EV) provider, it's crucial to select one that caters to the unique requirements of your property.
Luckily, the OK2Charge platform might be the best fit for you. Developed by multifamily industry experts, our platform is flexible enough to adapt and grow alongside your property. When you invest with OK2Charge, your EV charging solution will remain up-to-date with the changing needs of your property.
Pick the Ideal Location:
Unlike single-family homes, multifamily residences have unique challenges when selecting the location for EV charging stations. The most common places for EV charging equipment are parking garages and open-air parking spaces. Make sure to choose a centralized charging location, that is easily accessible and offers a safe and secure environment for both the resident and the EV charging station.
Consider the Electrical Infrastructure:
Before installing EV charging stations, it is essential to evaluate the electrical charging infrastructure of your property. Installing EV charging stations requires more power than a typical residential unit can provide. You will need to consult with a professional to ensure that your property's electrical charging infrastructure can handle the increase in electricity demand.
Access to Reservations is Becoming More Prevalent
In the past, electric vehicle charging stations in multifamily properties were often shared and complicated to navigate. This made it difficult for EV owners to have control over their vehicle's charging needs. However, the future of EV charging in multifamily properties leans towards reservations to avoid conflicting times. This approach allows residents to charge their vehicles at their convenience and avoid potential conflicts with neighbors or guests.
An EV Charging Platform with Reservation Capabilities is Essential for Multifamily Properties for Several Reasons:
A limited number of stations are often available for residents who own electric vehicles. With reservations, finding an available station can be smooth and convenient.
Fair access to charging stations is important, and reservations of charging stations can help to prevent some residents from monopolizing the stations, allowing others to charge their vehicles as well.
Reservations save time and increase convenience by allowing residents to reserve a charging station in advance. This will enable them to rely confidently on the charging station being available when needed instead of waiting around for an open spot.
Reservations help to plan for the demand for charging stations within the multifamily property. This data can be used to determine how many more charging units and stations are needed, what times of day are most popular for charging, and how long residents typically use the stations. This information enables property managers to make informed decisions about adding or removing charging stations, scheduling maintenance, and managing resources more efficiently.
Electric Vehicle Utility Rates Open New Opportunities
Utility providers are beginning to explore charging rates that will help them avoid congestion on the grid while encouraging EV owners to charge their vehicles during off-peak hours. The development of these EV utility rates has opened up new opportunities for multifamily properties, as they can save money on energy bills while passing these savings on to their residents.
By installing individual EV charging stations and utilizing these fast chargers at new rates, multifamily properties can create sustainable and cost-effective ways to accommodate their EV-driving residents.
The Integration of Solar into EV Charging Enhances Sustainability
As renewable energy options become more popular and accessible, incorporating solar panels into a property's landscape is becoming more common. Multifamily properties can make both sustainable and economic sense by utilizing solar energy to power their EV charging stations.
Properties with these chargers and energy storage systems can save money on their energy bills while reducing their overall carbon footprint. This sustainable approach to using EV charging points and battery management systems can attract environmentally-conscious renters and add value to the property.
Smart Charging Technologies is a Promising Future of EV Charging for Multifamily Properties
Multifamily properties can benefit significantly from the integration of smart EV charging platforms. Given their ability to manage and monitor charging patterns, smart charging systems can reliably balance charging demand and help reduce property energy costs. Incorporating these technologies can enhance the charging platform's operation efficiency and enable property managers to monitor the electric vehicle charging station's usage and maintenance needs in real-time.
Here are just a few ways OK2Charge's smart charging platform can add value to your property:
Implement pay-per-use or subscription-based charging fees for residents and visitors to recoup electricity costs associated with charging vehicles. The apartment complex can bill residents accordingly and generate additional revenue by monitoring and tracking charging sessions.
Access Control Driven By Your PMS
Give exclusive access to ev chargers for residents and guests with OK2Charge's access control system driven by your property management system. The platform allows for dynamic access, ensuring only employees, residents, and guests can use EV chargers on your property.
Additional Amenity Income Potential
Unlock additional amenity income streams for your property with OK2Charge's platform. Our charging solution allows you to use connection fees, idle fees, and load balancing to generate more revenue. Maximize your property's earning potential today with OK2Charge.
There is no doubt that EVs are critical to the future of the transportation sector. As multifamily properties adapt to the growing demand and the changing landscape, providing access to EV charging stations has become an essential aspect of property management.
By adopting the trends and predictions discussed in this blog post, multifamily properties can stay ahead of the curve and adapt their properties to the growing needs of EV owners. The future of the EV charging infrastructure in multifamily properties presents an opportunity to create sustainable, efficient, user-friendly infrastructure while improving the property value and appealing to a broader demographic of potential renters.