4 MIN. READ
Are you looking for a way to install electric vehicle (EV) charging stations at a reasonable cost? Look no further. EV charger incentives in your area may make the purchase and installation of the stations more affordable than you think.
Executive Summary
Many multifamily property owners shy away from installing EV charging stations, even though they would elevate the property’s value. The common misconception is that such stations are too expensive for the property owner to recover their value quickly. However, many federal, state, and local governments, and even utility companies offer EV charger incentives for multifamily properties like yours.
Introduction
Electric vehicles (EVs) are here to stay. While they have not yet overtaken combustion engines, their future is bright. As a multifamily property owner, you probably have tenants who already own or would like to own an EV. The initial cost of installing EV charging stations seems steep, but federal, state, and local EV charger incentives make them an affordable amenity. This article will look at several options to install EV charging stations affordably and increase your property’s value and appeal.
You can manage EV charging station installation
How do you eat an elephant? One bite at a time.
This adage applies to installing EV charging stations in your multifamily property. Start with small steps.
- Discover your need: Poll your current tenants. Find out how many of them currently drive an EV or would like to purchase an EV. If only a handful of tenants are receptive to the idea, you can start small with your EV charging station project.
- Promote your amenity: Whenever you have a vacancy, make sure that you advertise that you provide EV charging. EV charging stations allow you to increase rents and position your multifamily property as cutting-edge and eco-friendly.
- Increase tenant retention: Studies show that 70% of EV owners also possess a higher degree of education, providing you with stable tenants who are likely to pay their rent on time. They are also more likely to stay at your property long-term.
- Research costs: There are several options for EV chargers. Level 1 chargers operate from standard 100-volt outlets but charge slowly. Level 3 charges are the fastest but costly and require significant load capacity your property like does not have. Level 2 EV chargers require a minimum 240-volt outlet, like those used for electric dryers. The Level 2 charger will not charge EVs fully over the lunch hour but provide a full charge overnight. Most licensed electricians can install these chargers and there’s a variety of choices available ranging from less than $1000 each to over $5,000
Once you have done your homework, you may find that offering this valuable amenity to your tenants is more attractive than you thought.
EV charger incentives
Depending on the type of multifamily housing you own, you may qualify for various EV charger incentives. For example, the federal, state, and local governments are eager to encourage EV adoption. More than that, they are willing to put their money behind these ambitions.
Federal incentives
- Alternative Fuel Vehicle Refueling Property Tax Credit: This EV charger incentive provides steep tax credits for commercial properties that install alternative refueling stations. Depending on the scope of your project, you could reap a tax credit of up to 30% of your EV charging station purchase and installation costs.
- Community Alternative Fuel Infrastructure Grants: States and communities that participate in this program offer grant funds to multifamily properties that provide EV parking spaces for their tenants. Unlike a federally-backed loan or a tax credit, grant funding is money directly in your pocket.
State incentives
Many states also receive federal funding to implement carbon-reduction programs. Some states even add such a line item into their budgets. These monies are distributed either as tax credits, grants, or loans.
- State Carbon Reduction Program: This program provides incentives for EV charging stations to help reduce the state’s carbon emissions in the transportation sector. The amount and type of motivation vary by state according to the funding it receives from the federal government each year.
- State Energy Program Funding: This program also reduces a state’s carbon emissions in the transportation sector. The main difference between the two programs is that SEP may receive additional funding for special projects through the U.S. Department of Energy. So again, you may be eligible to tap into these EV charger incentives to help defray your costs.
Local incentives
Local governments often complain of “unfunded mandates” — laws and regulations passed by the state but enforced locally with local resources. Support for these mandates varies from state to state. For example, California provides help to a variety of local initiatives when it comes to controlling carbon-based emissions, such as:
- Alternative Fuel Vehicle (AFV) and Fueling Infrastructure Grants: This program is funded by the state and administered by local districts. It provides grant money as EV charger incentives to eligible entities, including multifamily properties.
- Electric Vehicle Supply Equipment (EVSE) Local Permitting Policies: While this program does not provide grants or loans, its incentives for 2022 EV charging stations lie in expedited construction permitting. Every multifamily property owner has experienced the lengthy permitting process for property improvements. This law cuts through the local governmental red tape to approve your project more quickly.
Check for EV charger incentives in the form of rebates
Governmental grants and loan monies are not the only paths toward making your multifamily property EV-friendly. Check for rebate incentives from local governments, authorities, and manufacturers.
- Vermont Public Power Supply Authority: The Authority offers a $500 rebate for each Level 2 EV charging station installed for the workplace or public use. If some of your employees drive EVs, your multifamily property could qualify for this rebate.
- Utility programs to support EV charger installation: More than 3,200 local utilities offer EV charger incentives. The rebates range in value. Check your location to see what incentives are available for your multifamily property.
Raiven has your back
Raiven can walk you through many EV charging incentives available for multifamily properties and connect you with the right companies for your installation through our partner, Qmerit.
Raiven serves multifamily properties and property owners by providing the lowest prices on equipment, parts, and maintenance supplies as well as a purchasing platform that makes buying fast and efficient. Key benefits include:
- Pre-negotiated discounts of 7-25%+ from big name suppliers like Ferguson, HD Supply, Grainger, Graybar, Office Depot, and more.
- Supply chain alerts for price and product availability changes on the items that matter to you most.
- Private marketplace houses all your preferred suppliers in one location for easy access to your discounts. No more bouncing around websites comparing prices.
- AI-powered purchasing tools that find the lowest prices even when employees shop outside your network.
Raiven is your one stop to save time and money. Ask our clients Lyon Living, Core Realty, or Oaks Property Management to learn how they are saving 9% - 25% on their everyday purchases. Visit Raiven to learn what we can do for you.
