Have you ever wondered why so many freeway projects seem to last forever? The lead time is long to plan for freeways and the construction time can be as long, or longer. Many of us get frustrated when the project nears completion, or just after completion, the traffic is crowded and an upgrade is needed. Why couldn’t they just do it all and do it right the first time? The answer is complicated, it could be lack of money, it could be politics, it could be that the projections for usage were wrong, or a combination of all three.
As the US turns to Electric Vehicles (EV’s), we are at the beginning of the same discussion. How does the US government propose that all of these vehicles be refueled? Clearly, in 2021, the Country does not have the electrical capacity to handle a population that drives all EV’s. Fortunately, there is time to deal with this, but it will need to be dealt with at a National level. This is infrastructure at its most basic level. If the Government wants all of the cars to be electric, it must provide its constituents with enough electricity to refuel.
As the globe electrifies it’s vehicles, commercial real estate, especially multi-family has a unique opportunity to develop another income stream. It is well known that people who own EV’s prefer to refuel at their homes and at night, when the electrical rates are usually less expensive. By providing EV charging stations on their properties, their residents will be able to refuel their vehicles at home! It’s very possible that in 5 years, 5% of the multi-family tenants around the US are driving electric vehicles and in many states it could be more. In the typical 300-unit apartment complex, that could mean 15 to 20 vehicles in 5 years. In 10 years, it could be 15%, which would translate into 45 vehicles. And as time goes on, it can get to over 50%.
So how do multi-family owners take advantage of this opportunity? Well, the first step is to start, but saying and doing are two different things. The first thing to do is to contact REVS, as we make the process easy, for one property or one hundred properties. We will initially get an understanding of the property’s current electrical capacity to host an EV charging station, as well as what it will take to expand the number of EV Charging stations as usage dictates. Second, we will also look for any grants or incentive programs that will reduce the costs to establish and EV charging station. Third, we offer financial programs that will fit your budget. And finally, we will handle installation and management of the Charging Station, including on-going management of the station to maximize income.
We look forward to working with you to establish this new income stream and doing it right the first time!