Meeting Residential and Workplace Growth Goals with EV Charging

Whether you own a business, a commercial property, or a multifamily housing complex, you likely have growth goals to meet for the year. Every owner or investor strives to maximize their profit or return on investment for their properties.

Fortunately, there’s a relatively simple way to help increase the money coming into your multifamily or workplace investment property: install electric vehicle supply equipment (EVSE). Here's what you need to know.

How EVSE makes your investment property better

Electric vehicle (EV) chargers are an amenity that instantly raises the value of any multifamily, residential, or commercial property. According to a study published in Nature Sustainability last year, single-family homes located within one kilometer (0.6 miles) of public EV charging infrastructure experienced a 3.3% (or US $17,212) rise in property value compared to homes without nearby chargers. Homes with EV chargers within 400 to 500 meters (437 to 547 yards) saw an even higher increase of 5.8% in property value.

Additionally, the study revealed that neighborhoods with public EV chargers also experienced lower levels of particulate matter emissions by 1.3 – 2.2% compared to those without any chargers.

While the Nature Sustainability study focused on single-family homes, it’s evident that EVSE has a positive impact both economically and environmentally for properties.

Preparing your investment for future needs

While having EVSE at home or work is still currently considered a luxury, within the next decade, it will essentially become mandatory. Many municipalities are already incorporating EV charger installation requirements into their building codes to ensure that new buildings are equipped for the increasing number of EV drivers.

Installing EVSE in your multifamily community enables you to cater to families who either already own an EV or are planning to purchase one soon. It also helps attract businesses to your commercial property that may wish to specifically target EV owners.

This is significant because EVs are rapidly becoming the norm in the United States and worldwide. The worldwide EV market is projected to surpass $632 billion this year and maintain a compound annual growth rate of nearly 10% between 2024 and 2028. This growth trajectory indicates that the market is expected to exceed $906 billion by then, with over 17 million EVs sold globally.

Considering that the average EV owner tends to have a higher income compared to the general public, installing EVSE will help your multifamily residence (and any businesses in your commercial properties) attract higher incomes individuals and the crucial disposable income that accompanies it.

Support green initiatives

There’s no question that EVSE contributes to achieving your sustainability objectives, especially if you’re pursuing Leadership in Energy and Environmental Design (LEED) points for your multifamily or commercial property. EV chargers offer a simple way to earn a point towards your property's goals.

Through the Blink Network, you can generate environmental reports illustrating the CO2 emissions prevented by your chargers, as well as the amount of oil saved and gallons of fuel saved from being converted into greenhouse gas emissions.

What kind of chargers should you install in a multifamily residence?

It’s evident that installing EVSE in your multifamily residence yields benefits such as increased property value, attracting higher-income clients and customers, future investment preparation, and decreased greenhouse gas emissions. However, to fully maximize the advantages of electric vehicle charger installation, it’s crucial to consider the type of charger suitable for a multifamily residence or commercial property.

For multifamily residences and commercial properties with businesses where customers will spend a significant amount of time, it’s recommended to install Level 2 (L2) EV chargers, such as the Blink Series 8 Commercial Level 2 EV Charging Station. An L2 charger can typically charge a vehicle overnight, making it ideal for topping up EVs while drivers are parked at home or at work.

By choosing Blink as your electrification ally, your chargers will seamlessly integrate into the Blink Network, providing you with comprehensive insights and control. You’ll have access to usage data for all your chargers and the ability to generate environmental reports effortlessly.

Moreover, the Blink Network empowers you with full control over your chargers. You can customize pricing based on time, duration, power usage, or a combination thereof. Additionally, you can create user groups with differentiated pricing and adjust rates based on peak and off-peak hours to optimize cost efficiency.

Furthermore, your chargers will be visible on the Blink Charging Mobile App and other EV charger locator services, enhancing accessibility and visibility for EV users.

Commercial EV incentives for installation

The U.S. federal government offers funding programs for EV charger installation, particularly in rural areas. Multifamily and commercial property owners should take note of the Alternative Fuel Vehicle Refueling Property Credit, which provides a tax credit of 30% up to a maximum of $100,000 for eligible recipients.

In addition to federal government, state governments also offer incentives for property owners to install EVSE. We’ve compiled comprehensive information on these various state incentives and integrated it into our Blink Commercial Incentives tool.

Getting help with EVSE installation

When investing in electric vehicle charging infrastructure for your property, it’s beneficial to select a vendor with the expertise and experience to ensure a smooth installation process while staying within your budget.

Blink guides you through every step of the installation process, from conducting a site assessment to identifying any available funding opportunities you may qualify for, and designing your charging infrastructure to minimize costs.

Conclusion

By offering electric vehicle charging for your multi-family residences or commercial properties, you can meet the current demand for EV charging, prepare for anticipated increases in demand, and have your properties featured on the EV charger locator map. Contact Blink Charging today to explore how we can assist you in initiating EVSE installation.