Property managers and landlords who are interested in attracting eco-conscious tenants should look into electric vehicle chargers or solar power upgrades. These features can increase revenue and tenant retention in all sectors.

Be Conscious Of Climate Change

The UN Development Program conducted a poll of 1.2 million people worldwide and found that nearly three-quarters of them would consider climate change a "global emergency." Electric vehicles can significantly impact climate change by reducing carbon emissions and using cleaner fuel sources like solar or wind power to generate electricity.

Biden also made it clear that he supports electric vehicles and aims to reduce carbon emissions. Allied Market Research estimates that the EV market will reach $802.82 million by 2027. Wall Street analysts are predicting market growth of as high as $5 trillion by the end of the decade.

EV Charging Stations Increase Revenue

Landlords can reap the benefits of EV charging stations, particularly if they own retail establishments. Atlas Public Policy discovered that electric vehicle charging stations could bring new customers to a store and increase their time staying there.

Landlords have the ability to position their commercial properties in a way that is sustainable, high-tech, and cutting-edge. Property managers should consider EV charging stations an opportunity to retain and attract tenants. More consumers see EV charging stations as key distinguishing factors of businesses.

People want environments that encourage eco-conscious choices, and EV charging stations are a great way to do that.

Apart from attracting tenants, EV chargers can also increase the owners' return on investment (ROI).

While ROI can vary greatly depending on the billing model used, state incentives, and demand for charging in your local area, most experts agree that electric vehicle charging stations can increase a building's resale value and can even be very profitable for landlords.

How Much Does An EV Charging Station Cost?

Level 2 EV charging stations are a cost-effective and efficient option. They use 240-volt electrical hook-ups to charge cars in as little as four to eight hours. These stations are popular for parking lots in multi-use buildings, apartments, and retail.

Property Manager Insider is a website that connects property managers with contractors from different industries. Level 2 charging stations will cost approximately $6,000, but costs for installation can vary depending upon the property and the building's electrical system. Always hire a licensed electrician to do any work.

We recommend working with an experienced company that can guide you through the entire process from financing and installation to deployment, driver support, and management. Many companies offer everything, from basic advice to full-service EV charging service deployment.

How To Pay For Your Electric Vehicle Charging Stations

Experts believe that financial incentives can offset initial costs, increase ROI and net operating income for buildings. The federal government offers a 30% tax credit for purchasing and installing electric vehicle charging stations. This credit is available to businesses up to $30,000 through December 31, 2021.

Property managers and landlords have the option of a range of billing models for their electric vehicle chargers. They can also provide charging stations as a service to residents and customers within their buildings.

Flat fee billing is available to landlords. Metered billing is based on energy use, charging time, and parking time. If you charge users for their charging times or energy use, you can recover most of the installation and operating costs. Many incentives are available from the federal and state governments to help offset initial costs.

He said that he has seen many businesses benefit from federal, state, and local incentives programs and those offered by utilities. These programs can all be used to offset the costs of building electric vehicle infrastructure.

The Case For Solar

EV charging stations could be paired with solar power to offset the cost of energy, increase a building's net operating income through lower electric bills, and increase property value when a property is sold.

He said that solar-powered chargers could be more efficient than electric. A solar gallon of power is about 71 cents. This compares to the average gasoline price. So combining solar and EV chargers can increase your ROI.

A federal tax credit can be granted to property managers who install solar panels on buildings. However, this credit is not inclusive of cash rebates. Eco-conscious states such as California offer additional cash incentives to solar.

There Are Other Ways To Green Your Investment Properties

It's more than installing energy-saving equipment. It is important to create a culture of sustainability in your buildings. The most successful operators are now implementing eco-conscious initiatives, tailoring to tenants and professionals who want more accommodation.

For example, installed smart HVAC systems on their properties and is looking into bike-sharing programs to further reduce their carbon footprint. These tenants are committed to a greener economy, and they want to live in a community where it is.