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Last Updated: February 12nd, 2024 | Multifamily
Electric vehicles (EVs) are revolutionizing the automotive industry, with a growing number of people switching from traditional gasoline-powered cars. In fact, 9% of all new passenger vehicles sold in the US in 2023 were electrified. As the EV revolution continues to gain momentum, multifamily properties have a unique opportunity. They can choose to both embrace this transformation and see bottom-line benefits by integrating adding EV charging solution to condos and apartments.
One common belief among property owners is that the EV revolution has not gained enough momentum to justify investing in EV charging infrastructure. However, the reality is quite different. Bloomberg NEF predicts that by 2026, 28% of passenger vehicles sold will be EVs. That means current and future residents need at-home charging options at multifamily residences.
This upward trend in EV adoption presents a significant opportunity for multifamily properties looking to seize opportunities for growth and differentiation. By offering EV charging solutions for condos, property owners can attract EV-driving tenants. They’ll retain residents who already have or want to purchase EVs, and gain a competitive edge in the market. EV drivers need to charge; doing so at home can be a significant convenience and can generate additional revenue streams for property owners. Moreover, cities and states nationwide are starting to require electrification plans for newly built condos and apartments. Existing properties with these amenities will experience a clear increase in property values.
Initiating the setup of an EV charging solutions at your apartment marks just the beginning of the process. Savvy property owners, however, take it a step further by leveraging software-powered EV charging management platforms to streamline operations and maximize the benefits of their new investment. With Noodoe EV OS, property managers gain visibility and control over their EV charging program, ensuring efficient management and optimal performance. It also delivers clearly visualized analytics and reporting, while integrated software features help property owners control who can access chargers and ensure that those who charge pay for their usage.
While the benefits of EV charging are clear, it’s natural to fear the challenges that might come with starting up a new EV charging program. Common hurdles may include:
However, strategic planning and the right EV charging solutions partner can overcome these challenges effectively. While investing in EV infrastructure may seem overwhelming, property owners can smoothly navigate the process with strategies ranging from choosing the right software and hardware combination to understanding incentives and funding opportunities.
We have years of experience bringing EV charging to the US multifamily space. Our expertise and powerful software can make setting up your new EV charging program straightforward and successful. We can also help you navigate local ordinances, find potential funding programs, and aid in structuring your program from start to finish.
With Noodoe EV OS, property managers get a total solution for overseeing the EV charging program at their multifamily property, getting access to features such as 24/7 monitoring, automated billing, and remote diagnostics. It’s a true hands-off experience for managers. As an EV charging management platform, Noodoe EV OS helps property managers optimize charging operations, enhance user experience, and maximize ROI.
Read about how EV Site Solutions deploys EV charging with a high uptime performance and hands-off management software to answer residential demands.
The ongoing EV revolution presents significant opportunities for multifamily properties. In fact, property owners can attract affluent tenants by offering EV charging solutions. They’ll generate additional revenue streams and enhance tenant satisfaction. While there are challenges to overcome, solutions like Noodoe EV OS and relying on the Noodoe team can simplify installation and management.
News Reference: Is the EV revolution over?
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