More and more people are making the switch from gas powered to electric vehicles (EVs). In fact, over the course of 2023, one million fully electric vehicles were sold; undoubtedly, some of those will be parked at an apartment community.

Meeting Demand
From lower maintenance costs to being environmentally friendly, there are countless reasons why EVs are rapidly increasing in popularity. Consequently, a number of multifamily operators are searching for an affordable and scalable way to implement EV charging solutions in their communities.

While there are some misconceptions regarding the costs and maintenance aspects of installing EV charging stations on property, there are viable solutions on the market to assist operators in meeting this new found demand while simultaneously boosting revenue. 

Prioritizing Implementation
Operators must prioritize the implementation of an adequate charging infrastructure at their communities in order to stay ahead of the competition. A scalable and well-managed charging solution not only attracts more prospective residents but it contributes to higher satisfaction and retention rates. In some cases, providing a convenient and reliable charging station to residents may be the deciding factor when choosing a community to live in.

However, concerns regarding cost often deter operators from embracing EV charging solutions. Fortunately, modern charging solutions are putting the financial power back in the hands of operators.

Charging as a Service
One approach forward-thinking operators are taking to offset installation and maintenance costs associated with EV charging stations is to implement a solution that empowers them to manage, monitor and sell access to electricity as a service.

Via a QR code, residents can seamlessly access a charging outlet, ensuring responsible use of charging stations as well as an overall enhanced user experience. By effectively monetizing charging stations, operators can guarantee resource efficiency and a streamlined experience for both residents and associates.

Furthermore, by charging for the service, operators are able to recoup electricity costs and increase ROI.

Recouping Electricity Costs
Until now, many operators have had to take on the burden of the costs associated with EV charging stations. However, innovative EV charging platforms that specialize in the multifamily space allow operators to spread those costs fairly amongst users, promoting an economically viable EV charging ecosystem.

Scalable Solutions are Key
One of the most important factors to consider when implementing EV charging stations is scalability. Operators need to choose a platform that provides charging solutions that can expand with the growing demand for EV charging stations. Residents' needs are always evolving and in order to future-proof their investment in EV solutions, an effective platform offers operators a sustainable growth model, making it affordable, profitable and easy to introduce more charging stations at a property.

As the EV charging landscape continues to grow, operators are looking to innovative platforms that encompass user-friendly features such as QR codes for seamless use and effective cost reduction measures. This forward-thinking approach ensures sustainability and greater ROI regardless of the advancements made in the world of EVs.

In our next blog, we will delve deeper into the potential solutions that will help operators not only meet the rising EV demand, but also prepare for the future of EV charging within their communities.