In recent years, electric vehicles (EVs) have grown in popularity due to their reduced environmental impact and potential cost savings. With this rise in interest, many property owners are considering installing an EV charger on their premises to capitalize on the benefits of having this technology available for tenants.
Installing an EV charger can bring a range of benefits to the property owner and provide convenience and cost savings to their tenants. Here are a few reasons why installing an EV charger is a high ROI decision.
EV chargers help to attract and retain tenants
- Many people are looking to purchase or have already purchased an EV, and being able to charge at home is a significant consideration when renting. The convenience of accessible home EV charging makes your property much more attractive to potential renters.
EV chargers save your tenants money and time
- A home EV charger saves tenants money - as charging at home can help reduce their monthly EV "fueling" costs. Public charging tends to cost more overall than at-home charging in terms of money and time.
EV chargers increase property value
- Modern buyers are looking for this important amenity, and properties with EV chargers command a premium. And let's face it, the future is electric. Upgrading your home with an EV charger can prepare your property for future electrification planning.
EV chargers improve building sustainability
- Making it easier for people to use EVs, especially through at-home charging, supports the transition to a renewable energy economy. Which then supports cleaner air for your community and for the planet at large.
Rebates & Incentives
Many utility providers now offer incentives to encourage the installation of home EV chargers. You may be eligible for various savings, depending on your utility provider and the number of chargers you'd like to install. Many property owners utilize rebates and incentives to offset the up-front installation cost and ongoing electrical usage, making EV chargers much more attractive financially.
Overall, installing an EV charger can bring many benefits to property owners and tenants, from cost savings to increased property value. If you're considering installing an EV charger, be sure to research the incentives available in your area and explore the potential savings available to you. In the long run, investing in an EV charger can be a great way to keep your property competitive and do your part to support accessible clean energy.
FAQ
Do I have to change the charger when a tenant leaves?
- If you're installing at a rental property, we recommend installing a NEMA-14-50 receptacle. A NEMA 14-50 will allow you to support all EV types without the additional work of installing multiple chargers.
Is there a lot of maintenance involved?
- A professionally installed EV charger provides years of service without any needed maintenance. Just like a standard electrical socket.
How much will the installation cost?
- A platform like Kopperfield can make getting the exact installation price easy, often without a site visit. We'll also work with your tenants to get an exact, shareable proposal so you know all costs before purchasing.
Do landlords typically foot the bill?
- Yes, and no. We've seen a range of "who" pays the bill. Some tenants pay for the total install cost, some landlords pay for the full install cost, and sometimes a split payment is negotiated.
Will I have to coordinate the installation?
- A platform like Kopperfield will make the install process easy and stress-free. Once you've agreed to the installation, we'll work with your tenant throughout the entire process, from start to finish. You'll be left with a quality install that will benefit your property for years, as installations booked through Kopperfield are performed by top, licensed electricians.
Will there be added work after the installation is complete? (damage to the building, repairs, etc.)
- The majority of EV charger installations require no additional work. Expert installers typically surface-mount any wires needed in a very tidy fashion. Most owners do not find it necessary to perform patching or painting after the fact. However, we recommend confirming this with your electrical professional beforehand to avoid any surprise repairs.
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