U.S. Electric Vehicle Sales to Hit 500,000 Units in 2025
Sales of battery powered Electric Vehicles (EV’s) in the United States have grown from roughly 75,000 vehicles in 2015 to 180,000 in 2020. Statista projects more than 481,000 battery powered EV’s will be sold in 2025. As a result, demand for commercial EV charging stations will also surge. In turn, property managers must weigh the benefits against the average cost of $6,000 to install one EV charging station.
While $6,000 is an affordable number for many properties, the actual costs can be much higher. This is primarily because most properties require multiple charging stations. Building Design + Construction recommends new construction multifamily properties install EV charging stations at 10% of their parking spaces. A property with 300 parking spaces would be looking at over $180,000 to install 30 charging stations.
Since costs can be significant, property managers must understand the many benefits of EV charging stations, and more specifically, the benefits for specific property types. To make things easier, Property Manager Insider has broken down the benefits of commercial EV charging stations for retail, multifamily, and office properties.
Benefits of Commercial EV Charging Stations
EV Charging Station Benefits for Retail Properties
When owners of electric vehicles visit a retail property with EV charging stations, they stay longer and spend more. This is the single biggest benefit of installing an EV charger at a retail property. Another advantage is attracting new visitors to the property. EV owners will choose to visit a property with a free charging station over one that does not offer charging. There are even EV specific mobile apps that owners can use to find charging stations.
Retail properties, especially large shopping malls and outdoor centers, can also attract and retain tenants by promoting the benefits of EV charging stations. Another benefit is increased revenue. Property managers can charge EV owners to use charging stations while they are shopping. Retail properties can sell advertising space on charging stations as second way to generate revenue and offset EV charging installation costs.
Due to the rise of e-commerce and the COVID-19 pandemic, the retail environment is more challenging and competitive than ever. While installing EV chargers will not solve those problems, they will naturally attract EV owners to a property. This is especially true in areas with high concentrations of EV owners. Click here to see the 10 states with the most EV owners.
EV Charging Station Benefits for Multifamily Properties
There are numerous benefits of commercial EV charging stations for multifamily property managers. One of the biggest is attracting young, high income residents to a property. According to a 2019 report by Experian, over 95% of EV owners come from households worth over $160,000. Additionally, more than 65% of EV owners are between the ages of 24 and 55 years old. This makes EV charging stations an important apartment amenity at any property looking to attract residents from this coveted demographic.
In some parts of the country, multifamily properties are now required to install EV charging stations. California, Oregon, Colorado, Hawaii, Florida, Virginia, New Jersey, and New York have all passed laws surrounding EV charging stations at apartment communities. While these mostly pertain to new developments, they are forcing existing properties to install EV chargers to keep pace. This post summarizes EV charger laws in each state.
EV Charging Station Benefits for Office Properties
There are two major benefits of commercial EV charging stations for office properties. First and foremost, installing EV charging stations demonstrates a commitment to sustainability and environmentally friendly practices by property owners and managers. They can also help properties achieve LEED Certification from the United States Green Building Council. Achieving LEED Certification is a clear cut way to demonstrate a property’s commitment to going to green.
EV charging stations help office properties attract and retain tenants. This is the second benefit and reason office properties should install EV charging stations. They are a potential differentiator when businesses are considering office spaces. This is especially true in areas with high concentrations of EV owners, such as Southern California.
Both of these benefits trickle down to businesses who lease space at an office property with EV charging stations. They can attract new employees who own EV’s and demonstrate their corporate commitment to sustainability and environmentally friendly practices.
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.