14 Reasons to Install EV Chargers in your Strata Building

Introduction

Have you had some people in your building talking about installing EV Chargers? Environmental benefits aside, this is a smart move to increase the value of your building, keep residents happy and potentially create a new revenue stream. Let's explore 14 compelling reasons why installing EV chargers in your building is a great idea.

1. Increase Value of the Building

Adding EV Chargers is a valuable long-term investment for your building. It will increase your property value and protect the owner's investments. EV owners prefer charging their electric vehicles overnight at home, and having EV chargers nearby is great for peace of mind. The process of adding EV Chargers includes steps such as assessing your building's electrical system. Having access to these details is beneficial for future planning.

2. Future Proof your Building

Electric Vehicles are gaining popularity, and now the city has begun mandating regulations to have EV chargers in every stall. When these rules fall into place, it's always better to get ahead of the curve than try to catch up later. EV Chargers are here to stay and are very unlikely to become obsolete in the future. Money put towards these chargers will be a great investment into the future.

3. Safety

Even if you are unaware, people in your building are likely already charging their electric cars. If there are electric vehicles (EVs) in your building, it's almost certain that at least one person is using their own Level 1 EV Charger, with an extension cord connected to the nearest outlet in the parking garage. Without proper EV Charging in place, this arrangement can pose a serious fire hazard.

4. Attract New Residents

Having EV chargers in your building is a significant attraction for new residents. Since 80% of charging takes place at home, having EV chargers on your property can attract new residents and retain existing ones. More people prioritize buildings with EV chargers when searching for places to live, so offering this amenity will place you higher on their list.

5. Stay Modern

All new properties built after 2019 will be fully equipped with EV Chargers in 100% of their parking stalls. Soon, it will be clear which buildings are new and which are old based on their EV charging availability. If your building has EV chargers installed, it will modernize the property to stay competitive with newly built residences in the same area.

6. Align with the Environment

The green movement is here, especially in British Columbia. The vast majority of people believe that EV charging has a positive effect on the environment in one form or another, and being aligned with this mission is always a good thing.

7. There’s No Place like Home

There's no place like home, especially when it comes to EV charging. As we all know, charging your electric car takes some time. So, what better place to relax and let the hours pass by than relaxing on your couch or sleeping overnight, waking up in the morning to a fully charged car.

8. Save Money on Charging

Charging in public spaces comes with a mark-up. The company providing the EV chargers will want to make a profit for providing a service to customers. Electricity will always be more expensive when it comes from someone else's building. Charging at home will be cheaper, even if the strata adds a small mark-up to cover some of the costs of the project.

9. Add Another Revenue Stream

Residents will gain the added amenity of EV Charging, and there is an option to create an additional revenue stream to replenish the contingency fund. This is optional and depends on the goals of the strata council. Another overlooked aspect is the generation of carbon credits. Most strata's don't consider the value of these credits, but having chargers will generate these credits. Over time, they could become worth a significant amount of money.

10. Rebates - Get the Government to pay for it

The best thing about installing EV chargers in your MURB is that the government will pay for a substantial portion of it. BC Hydro offers some great incentives and will cover some of the costs. I go into more detail about the rebates in another post. It may be wise to take advantage of this funding before the government changes the offerings.

11. Rental Rates will Increase

As the adoption rate of EVs continues to increase, more renters will be looking for buildings that are equipped with EV chargers. This means if your building offers rental accommodations, the price you can charge will increase.

12. Encourage People to Make the Switch

The main reason people don't switch to driving an electric vehicle is the concern that there aren't enough chargers around. Having EV chargers in your building will encourage people to make the change and purchase an electric vehicle when buying their next car. Having electric cars in your building, rather than gas cars, comes with a few more minor advantages such as cleanliness. Electric cars don't leak oil, so there won't be any damaged parking stalls that require power washing.

13. Save Time & Money

All buildings in British Columbia are heading in this direction, and as time goes on, these projects will become more expensive. The earlier you get this done, the more money you'll save. Even if you just decide to place a couple of EV Chargers in the visitor parking for everyone to use, this would be a great temporary solution in the meantime.

14. Have Answers Before They Ask

If you haven't had people asking about EV chargers yet, you can bet it's coming. I've worked with a handful of strata's who say their residents won't leave them alone until they have a plan in place for EV charging. If you are able to get ahead of these questions and say you're working on a solution before it even becomes a problem, it will put a lot of residents at ease.

Conclusion

Installing EV chargers in your building is not only a wise investment for the present, but also a smart step towards the future. As electric vehicles become the norm, providing charging stations will set your building apart and meet the growing demands of residents. It also aligns with environmental initiatives and can even provide an additional revenue stream. By preparing for the future now, you can ensure your property remains competitive, attractive and responsive to the needs of current and potential residents. Installing EV chargers is not just about adapting to a trend – it’s a forward thinking approach to making your building better.

If you have any questions I’m here to help.

See you on the next one,

Strong Energy