EV Charging Solutions for Multifamily Properties

Multifamily properties, also known as multi-dwelling units or MDUs, are in the midst of a transformation period when it comes to their adoption of smart technology solutions, with building owners and managers looking at how the benefits of these technological advancement can help grow the efficiency and appeal of their properties.

Pricing has been an initial barrier in the past, with the cost of retrofitting older properties preventing many multifamily property owners from taking the first step forward. However, as electric vehicle (EV) technology becomes more affordable, the opportunity for multifamily properties to adopt smart technology and offer EV charging as a basic amenity is growing.

The demand for EV charging stations is growing

EV charging is a factor many residents consider when making home rental or purchase decisions. Over time, it’s a factor that is likely to grow. With around 3.4 million EVs currently on US roads, this figure is projected, by some estimates, to rise to up to 35 million by 2030, driving a potential need for up to millions of additional EV chargers.

Access to home-based EV charging is increasingly important for EV owners. However, only 15% of multifamily properties have installed EV charging stations, according to Parks Associates. However, this is set to change, with an estimated 32% of multifamily property owners planning to invest in EV charging stations within the next year, according to the same study. This shift presents an opportunity to future-proof multifamily properties by integrating EV charging infrastructure.

Why should multifamily properties care about this growing demand?

Residents want EV charging stations

EV charging in multifamily properties is becoming an increasingly sought-after solution. It makes the process of owning an EV easier, providing the simple opportunity to charge a vehicle whenever a resident is home. As more people purchase EVs, access to charging infrastructure in their homes becomes a necessity. It not only provides a high level of convenience, but it also grows the appeal of a property to both existing and future tenants who are looking for a new home or may be considering electric vehicles in the future. 

Beyond convenience, EV charging stations support a more sustainable lifestyle, aligning with the values of environmentally conscious residents.

Revenue generation

EV charging facilities offer multifamily properties multiple revenue generation opportunities through both direct and indirect streams. Property owners can implement usage-based fees, charging residents and visitors per kilowatt-hour consumed or through time-based rates. Subscription models can provide steady income through monthly packages, which can include additional benefits like reserved charging spots, premium access levels, and loyalty discounts. Properties can also set up cost recovery mechanisms, such as maintenance fees, to cover operational costs, helping to maximize profits.

EV charging tax credits for businesses

When a business installs EV charging infrastructure on their property, they may be eligible for tax credits through the Inflation Reduction Act (IRA). The Alternative Fuel Vehicle Refueling Property Tax Credit is available to properties that install qualified EV charging or other alternative refueling facilities during a given tax year. Properties may be eligible for a tax credit up to $100,000 per qualified item. Additional incentives may also be available depending on your state, utility, or local government.

EV charging solutions for multifamily properties – what can this look like? 

At Comcast Smart Solutions, our process helps prepare your multifamily property for the future, and makes sure the solutions you implement work for you. For a better idea of how an EV charging solution can be tailored to your multifamily properties, here are some of the key features that we offer:

If you own multifamily properties and you’re looking to invest in EV charging technology, what should you do?

Once you’ve decided to explore adopting EV charging stations, the next step is to book a consultation with a smart technology partner, where you can speak to an experienced advisor in the field. They will use this session getting to know you, your business, and your objectives. With this background, they can use their extensive experience to recommend the solution that best aligns with your goals.

They’ll be able to help you answer questions such as:

• What is the electrical capacity of my property?
• What is the best location for EV charging stations on my property?
• Which EV charging solution is best for my property?
• What is the projected budget of this project?
• Are there any incentives that could help with the cost?

By choosing Comcast Smart Solutions you’ll be working with an experienced team of smart technology experts and our trusted technology providers, who can help you implement an EV charging infrastructure that impacts resident satisfaction, helps drive potential revenue, and creates a competitive advantage.