Primarily EV charging stations provide a means of conveniently recharging electric vehicles at home for your tenants. Many properties see EV charging as an amenity that is quickly becoming a necessity to remain current in the market and attract and retain tenants. Owners also see a Net Operating Income (NOI) increase and resultant increase in property value due to the addition and expansion of EV charging.
Owners also see a Net Operating Income (NOI) increase and resultant increase in property value due to the addition and expansion of EV charging. Income can in the form of subscriptions and/or billing for energy consumed and parking.
There are three levels of EV Charging. Level 1 uses household outlets 120 volt power. It is inadequate for charging most vehicles in a reasonable time. Level 2 is 240 volt power and is usually adequate for overnight charging. DC Fast Charging (or Level 3) is several hundred volts supplied to the vehicle and require significant investment in equipment and utility upgrade while providing charging in minutes rather than hours – best suited to high traffic travel locations.
Requirements for the installation and operation of EV Charging Stations vary by jurisdiction. The installation often requires an electrical permit, much like any electrical device. Qualified installers will be able to install these.
You are lucky to have found a great installer with EV Charging Solutions (www.EVCharging.Solutions).
Rebates and incentives vary by location and electric company. Level 2 charging on private property may have the lowest rebates and incentives due to the limited public access, but there often is some money available. EVCS would be happy to show you what is available for your installation.
Many owners use EV charging stations as a marketing tool. As an amenity EV charging makes a property seem updated and desirable. At EVCS we are EV charging experts and not marketing experts, but we see the value of a home with charging as many of us turn to electric vehicles.
Level 2 (240 volt) EV charging stations are very reliable and require little regular maintenance. Cleaning of the equipment with simple soap and water is usually the most required. Charging cables can become worn but replacement should be a fraction of the cost of the total unit. Impact damage (accidental) or vandalism is the rare but possible need to repair. Other costs include annual software and communications subscriptions. Of course, the electrical power used is billed by your power provider.
Great question! Yes, there are ways to reduce the cost of installation and we at EVCS look to include these ways in every one of our installations. It is good to remember that the further the charging station is from the electric supply panel, the more expensive the installation. Another way to reduce the cost is to share the electric circuit between two or more charging stations, thereby reducing the need to run multiple circuits.
At EVCS we are EV charging experts and not legal or insurance experts.
Yes there are some local and state incentives available. Contact EVCS and we will let you know.
Level 2 (240 volt) EV charging stations are very reliable and require little regular maintenance. Cleaning of the equipment with simple soap and water is usually the most required.
Most of our multi-family property owners and managers market the EV charging stations as an amenity online and in marketing materials alongside pools, business centers and dog walks.
The quickest charging Level 2 (240 volt) charging station uses 80 amps or 19,200 watts per hour (19.2 kWh). Most electric service accounts are charged per kWh.
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