We can all agree that electric vehicles (EVs’) are not just a passing fad, but are here to stay. Innovative vehicles, like Tesla, have motivated buyers far beyond their environmental and economic benefits. In fact, sales are up an average of 35% year over year on electric vehicles, and up to 40% of manufacturer’s vehicle models are now electric. The question is, should we implement EV charging in our residential community?
Owners purchase electric vehicles and then ask community associations how to charge them.
If you manage a residential community or reside on the board of directors of one, you may have seen electric vehicles in a different light.
Many unit owners are now purchasing electric vehicles, then turning to their community association for a solution on how they can charge them. For a sufficient charge, these vehicles require a 240-volt charging system which is not available at your typical 110-volt wall outlet.
A properly installed charging system, with metered smart capability, can cost upwards of $25,000. The challenge comes in when there are only 1-2 residents that are in need of an EV charging system.
You must avoid running any high amp level 2 chargers to parking spaces, even if it is at the owner’s expense. Reason being, your electrical panel only supports a few additional lines and that could be tricky once all those are committed. So, what are a community’s options?
Park One has over 150 residential parking management contracts in South Florida, and is seeing this growing challenge all too often.
Thankfully, Park One can turn this challenge into a small revenue stream for your association. Companies can install Level 2 Smart Chargers at zero cost, and compensate your association for the parking spaces you designate. That compensation can cover any building electricity usage. For added convenience, Park One has experience managing this process through smart applications and the valet parking system, as well as in a self-parking community.
So yes, upgrading your building to EV Charging capability has many benefits, with the largest one making your community more competitive in the market and raising resale value on residential units. Other benefits include green and LEED points and of course the main goal, overall residential satisfaction.
For more information, contact blaunerts@park1.com
Interested in learning more about installing a community EV charging station in our condominium building.