What Kind of EV Charging is Appropriate for My Multifamily Community?

Electric vehicle adoption is on the rise and here to stay. Multifamily developers, as well as boards of directors/managers, have the opportunity to incorporate EV charging as an amenity for their residents, potentially leveraging it as a long-term revenue stream. Builders can take several approaches:

• Designate a Percentage of Tenant Parking Areas as “EV Ready”: To meet immediate codes, designate a percentage of parking spaces as “EV ready”.
• Install Level II EV Chargers in Communal Parking Areas: Install a few Level II EV chargers in communal parking areas for residents’ convenience.
• Implement Comprehensive Smart EV Charging and Billing: Create a comprehensive plan for smart EV charging and billing integrated throughout the community.

Freedom Solar Electric can assist builders in identifying the best solution based on their community’s needs.

 

 

What Percentage of Parking Areas are Necessary for Today and into the Future?

Currently, in California and elsewhere, code requirements mandate a small percentage of multifamily parking areas to be designated as “EV ready” (typically 5%-10% depending on the code cycle). With projections indicating significant growth in electric vehicle sales, many multifamily developers are preparing for widespread EV adoption by installing electrical infrastructure for future expansion.

 

Are There Ways to Prepare the Infrastructure Now for Future Retrofit?

Absolutely. Many multifamily developers are choosing to install the necessary infrastructure (such as conduits, pull boxes, breakers, electrical panels, etc.) for future EV expansion and retrofitting. Incorporating this infrastructure well in advance, preferably during the early construction cycle before pouring foundations and hardscaping, is crucial.

 

Who Pays for the EV Energy Bills and How are They Metered?

Some multifamily developers are individually wiring EV charging to assigned parking spaces and associating meters and corresponding bills with the respective tenants. Properly set up, offering EV charging can attract renters to the community and potentially introduce a new revenue stream for the owner.

 

Is There a Way to Capitalize on This Trend?

Indeed. By incorporating smart EV charging and load management software, it’s possible to recover charges directly from each driver. Moreover, in some locations, these meters can be partially offset by applying solar generation credits. Consequently, depending on the rate charged to drivers and the total amount of solar credits applied to the account, the owner can achieve a profitable net operating income while still offering an attractive amenity for tenant EV drivers.

 

Can Solar Generation Go Hand-in-Hand with Smart EV Charging & Billing?

Yes, by integrating smart EV charging and load management software, the amortized cost of solar typically remains below the price that can be charged/billed to EV drivers. Depending on the rate charged to drivers and the total amount of solar credits applied to the account, the owner can potentially achieve a profitable net operating income while still offering an attractive amenity for tenants who are EV drivers.