Why should you add EV charging stations to your MDU property?
The benefits are numerous and significant, making it a strategic investment for property owners.
More and more cities are building up rather than out. In addition to maximizing space, this can help create desirable, walkable, and "15-minute" cities, a quality in high demand. For Gen Z mil, millennials, and an aging population looking to downsize but not lose amenities, MDUs present a huge opportunity, especially as they move away from the stale look of late-20th-century high-rises and step into the future of intelligent buildings designed with aesthetics, sustainability, and technology in mind.
Due to their increasing popularity, MDU properties face intense competition. Finding ways to set your property apart from the rest is becoming more important.
For those considering new construction, renovation, or facing rising demand, it's essential to factor in the needs of the growing number of EV drivers. A crucial step is to consult an EV charging solution provider who can offer comprehensive support, including site analysis.
While implementing EV charging stations in MDUs can present challenges, they can be easily managed with proper planning, a solid implementation plan, and ongoing support. The benefits of an MDU EV charging station are substantial, far outweighing the challenges and making it a reassuringly worthwhile investment.
1. Create a new revenue stream and increase NOI
If you have MDU-owned charging stations on-site rather than passing the cost on to residents who purchase level 1 or 2 chargers, you can create a new revenue-generating opportunity. The right EV charging management system can help you optimize and manage power usage and revenue streams.
For example, you can charge less during the day when demand is lower (which is valuable for residents who work remotely) or more for overnight charging. Additionally, you can offer incentives for new or long-term residents as you can control charging fees based on the user/driver. Flexibility and opportunity can be plentiful.
2. Be prepared for the future
EV adoption is not an if; it's a when. Experts predict a 35% increase year-over-year. That means even if you're still waiting to see the demand, you'll need to be prepared when you do. When selecting your EV charging network, ensure it is future-proofed, so look for an EV charging solution that utilizes OCPP (Open Charge Point Protocol) and is ready for OCPI(Open Charge Point Interface). The industry is focused on interoperability, creating greater accessibility and ease of use for drivers. Ensuring your system is designed to handle the future of EV charging will save you headaches later.
3. Maintain control and visibility into your charging stations
Often, building owners worry that adding new technology and hardware to a property adds to overhead and can be a resource drain for oversight and maintenance. Making a wise choice when choosing an EV charging platform management system and EV charging network will help.
4. Attract and retain high-value residents
Indeed, and thankfully, more affordable EVs are hitting the market. Still, most EV owners earn $100K per year or more. This is an attractive demographic for MDUs looking to attract long-term stable residents.
As noted above, many of the amenities one MDU uses to attract tenants are offered by many other MDUs, from gym and pool facilities and rooftop lounges to managed Wi-Fi and other bundled services like cable. It's getting harder and harder for MDUs to differentiate themselves in a crowded marketplace.
With the right choice, you can have complete transparency regarding users/drivers, power usage, pricing, revenue, etc. At GreenMarbles, we can help you design and find the best solution for your property. Talk to one of our experts today.
