Compared to other states, California was an early adopter of electric vehicles and today is a national leader in the transition to EVs from gasoline-powered vehicles. The state government is on pace to ban the sale of all passenger vehicles with an internal combustion engine within the next 15 years. However, such efforts could fail if the infrastructure, e.g., EV charging stations, is not available to make an electric vehicle practical for the average consumer.
As a property manager, installing an EV charging station on your property could help to support the shift toward electric vehicles by providing the necessary infrastructure. In addition to helping to slow the depredations that carbon emissions are making on the environment, installing charging stations also stands to benefit your business.
- Attracting Tenants
Most prospective tenants own vehicles, and so on-site parking is typically a major factor in deciding whether or not to rent an apartment on your property. With more Californians buying electric cars, it is an added bonus if there is an EV charging station right on the property. This makes it convenient for your tenants to recharge their electric vehicles without having to drive to another station. Not only do you stand to attract more tenants as a result, but you may also retain them longer than you might otherwise.
- Retaining Employees
It is not only tenants who may find EV charging stations on your property attractive. Your employees are also likely to drive electric cars. Many of them would probably welcome the opportunity to recharge their vehicles while at work, especially those who may have a longer commute. You may offer this as a perk to encourage employees to stay with you for many years.
- Earning Extra Income
There are a couple of ways that adding charging stations to your property could potentially generate extra income for you. For example, an EV charging station has the same capability as the newer gas pumps to display advertising. You can then sell the advertising space to outside companies and make a little extra profit from the revenue it generates. Additionally, installing EV charging stations allows you to monetize parking at your property.
- Receiving Incentives
The state government of California is committed to transitioning from gas-powered vehicles to EVs. To encourage more widespread implementation and use, it is offering rebates and grants to early adopters who act quickly to install charging stations on their property. These help to offset the costs of installation, but the government will only be offering them for a limited time.
- Increasing Property Value
As more people become aware of the need to reduce carbon emissions, residential properties that offer green tech have increased in value. This includes multifamily properties as well as owner-occupied single-family homes. If you do not own the property that you manage, you can still present this as an incentive to the owner to persuade him or her that the installation is a good idea.
We Guide Property Managers Through the Process
Installing charging stations on your property is a process. To help make this easier, DRYCO helps you at every step. Learn more about the vital role we play in EV charging station installation.