6 Reasons To Install EV Charging Stations In 2021
With a global movement to combat climate change underway, 2021 is an excellent time for property managers to invest in commercial EV charging stations. While this type of project contributes to fighting climate change, there are numerous other benefits for all types of properties. These reasons to install EV charging stations range from attracting high income renters to driving property traffic and claiming tax credits. No matter the property type or motivation, 2021 is a great time to invest in commercial EV charging stations. Here’s 6 reasons why.
1. Attracting High Income Renters
According to one CNBC article, 70% of electric vehicle owners earn over $100,000. This is substantially higher than the $68,703 median household income reported by the U.S. Census Bureau in 2019. Rental properties, from luxury apartment buildings to single family homes must offer on-site EV charging to attract these high income renters. This is one of the top reasons to install EV charging stations in 2021.
2. Earn Credits Towards LEED Certification
Installing electric vehicle charging stations can earn properties 1 credit towards LEED certification with the United States Green Building Council. To earn the credit, properties must install level 2 chargers at 5% of their parking spaces and dedicate them entirely to EV charging. Property managers can read more about the credit on the US Green Building Council website.
3. Increased Property Traffic
Many of the top EV manufacturers offer subscriptions to their networks of charging stations. EV owners use mobile apps to locate and navigate to these stations when they need to charge their vehicles. Retail property’s can use charging stations to increase traffic to the property. Since most EV’s will need at least 30 minutes (if not longer to charge) high income EV owners naturally visit stores.
4. No Cost Installation Options
Unlike other green investments, there are no true no cost options to install EV charging stations at certain commercial properties. This is because a few of the leading EV manufacturers install stations they will monetize via their users at no cost to the property. While the installation companies typically keep all the revenue from these stations, property managers can still reap the other benefits.
5. Federal Tax Credits and Rebates
Property managers who act quickly can reap the benefits of generous federal tax credits for installing commercial EV charging stations. Depending on the scope of the project, commercial EV charging station costs are eligible for 30% tax rebates up to $30,000. One important thing to note, per the IRS website, these rebates are set to expire on December 31, 2021. Click here to get connected with a qualified EV charging station installer that can help your property take advantage of these incentives by the end of the year.
6. Commitment to Sustainability
According to research from IBM, 57% of consumers are willing to change their shopping habits to reduce their environmental impact. Additionally, Apartmentdata.com reports up to 61% of renters will pay more to live in an “eco-friendly” apartment building. While these stats are specific examples, they highlight a broader trend of people wanting to shop, live, and work at environmentally conscious properties. In turn, installing EV charging stations demonstrates a commitment to sustainability and helps a property appeal to eco-conscious individuals.
Free EV Charging Station Installation Quote
Need a quote to install an EV charging station at your property? The BidSource team at Property Manager Insider will find a qualified local contractor to assist with your project! Just tell us about your project using the form below and our team will match you with a local company ready to provide a free quote.