What You Should Know About EV Charging As A Property Developer

EVs are growing in popularity across the country, making the need for more charging stations obvious. Since most electric car owners prefer to charge where they live, an industry that will play a significant role in the broader adoption of EVs is property development. This is actually a massive opportunity for property developers because it lets them stay competitive, but they must be prepared. If you are a property developer, this article discusses the basic things you need to know about EV charging.

EV charging requirements for new properties

Last year, the International Energy Conservation Code, IECC, released its new provisional requirements for EV infrastructure for new homes and commercial and family multi-residential buildings. For new family multi-residential buildings, the IECC requires the following:

Many existing buildings do not have facilities for charging in their parking spaces, or EV-ready parking spaces. They also lack the infrastructure that allows the easy installation of charging stations. For these buildings, the cost of outfitting them with charging stations may be prohibitive. However, new buildings or constructions can incorporate EV infrastructure cost-effectively, which is why you should consider it as part of the development process.

What types of EV chargers can you install on your property?

There are three types of chargers that you can choose from. The choice you make is very important because it determines the costs and the charging speeds when your tenants plug in their cars.

AC Level 1 is the least expensive option. However, with modern EVs having larger batteries, this charger is not ideal because it charges the car slowly, adding between 2 and 5 miles of range per hour of charge. The next type of charger is AC Level 2, which uses a higher voltage and delivers 20-30 miles per hour. This is ideal for mid-day or overnight charging. However they are more expensive but also the most common for residential and commercial applications. They can be installed both indoors and outdoor either hard-wired or plugged into a 240V outlet otherwise know as a dryer outlet.

Lastly, you can install DC Fast chargers that take 480 volts and add up to 80 miles per 20 minutes of charging. They are the best option for places where the drivers won’t wait for long, or many cars take turns to charge. However, they are expensive to install starting at about $30,000 and can run up to $50,000 per charging connector.

Claiming tax credits

You can take advantage of the federal government’s tax credit that covers up to 30 percent of the cost of EVSE installation, capped at $30,000. Other tiers of government may offer additional incentives, so you need to research what is available and obtainable in your area.

What about charging your tenants for using the chargers?

Since setting up charging stations requires additional investments, you might want to recoup the costs by requiring a fee to access the chargers. Another option would be to include it in the amenities offered for the rental price. If you decide to charge your tenants, you might need to invest in more accessories that will allow you to easily bill them accurately.