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The State of California is providing significant economic incentives to landlords to install chargers in apartment buildings. In addition to government and utility rebates, the Public Utilities Commission allows landlords to resell electricity to tenants at a price determined by the landlords. The income derived from the sale of electricity is not subject to rent control or other government regulation. Landlords are now able to turn their parking spots into revenue generators.
We are finding that landlords who provide electric charging are not only receiving additional revenue for the charging, but are also attracting high quality tenants who are willing to pay premium rents for access to charging. We anticipate that in the next decade a majority of landlords in California will be providing individualized charging to satisfy the tenant demand. Most landlords will install level 2 chargers, which charge at a rate of approximately 30 miles per hour. A level 2 charger is what most people have in their homes and will satisfy the needs of tenants who will want to plug in when they get home. Our experience is that Landlords are installing chargers as tenants make requests, and are also notifying tenants that if they do get a new electric car, the landlord will provide a charger at the landlord’s cost.
The first step in getting your apartment building charger ready, is to have a site analysis performed by a licensed electrician. Most EV charging companies have electricians they recommend to landlords to provide the initial site analysis. The site analysis will determine if the apartment building has the electrical capacity to handle the addition of chargers. Typically,
newer buildings will be able to install chargers without the need of substantial upgrades to the electrical infrastructure. Older buildings, however, may require some upgrading to make the building “charger ready”. Often these costs are mitigated by rebates and the additional cash flow achieved by installing the chargers. We have found that many landlords are starting the process of making their buildings “charge ready” to get a jump on the competition.
We are also finding that Landlords and tenants are looking for charging solutions that are easy to use and can be operated without a membership or a key fob. Landlords and tenants also want a charger that can be used on any car and can accept all forms of payment- including credit cards, debit card, paypal and venmo. This enables not only tenants, but also their guests, to use the charger when visiting and pay for the charge which increases the revenue to the landlord .Our experience has also shown that landlords also want weekly reports providing detailed information regarding the amount of usage and revenue earned per charger, which is automatically deposited every Monday in the landlord’s bank account. EVPassport has developed state of the art software to meet these growing needs of Landlords and tenants.
The time is now to install EV chargers to increase your cash flow, return on equity and the value of your building . Landlords missing this opportunity will be left behind. If you’re interested in a free site evaluation and creating new and exciting unregulated revenue streams email me at hooman@evpassport.com.
We offer a fast, free, and painless process that ensures complete visibility into your current and future EV charging needs.
For general inquiries, please email info@evpassport.com
64 MARCH 2022 - APARTMENT MANAGEMENT MAGAZINE AMM1/6