If you are looking for ways to make your rental property more attractive to potential tenants, then adding electric vehicle charging stations is a great option. Not only will this help you appeal to eco-conscious renters, but it can also provide a convenient amenity that will set your property apart from others in the area.
Here is everything you need to know about adding electric vehicle charging stations to your rental property.
Benefits of Adding Electric Vehicle Charging Stations
There are many benefits of adding electric vehicle charging stations to your rental property, including:
Increased Appeal to Tenants
There are currently 1.1 million electric vehicles on the road. As more and more people make the switch to electric cars, adding charging stations to your rental property will make it more appealing to potential tenants.
Tenants who own electric vehicles will appreciate the convenience of having a charging station on-site. Adding EV charging stations can give your property an edge over other rentals in the area that don’t offer this amenity.
Boost Property Value
Not only will adding electric vehicle charging stations make your property more attractive to tenants, but it can also boost its overall value. Charging stations are a great way to add value to your investment and make it more appealing to potential buyers down the road.
Getting Started with Electric Vehicle Charging Stations
If you are interested in adding electric vehicle charging stations to your rental property, there are a few things you will need to do to get started. First, you need to decide what “level” of electric vehicle charging station you will want to add to your property:
Level 1 is a standard wall outlet that provides 120 volts of electricity. Since the voltage output is lower, it usually takes a long time for Level 1 charging stations to charge a vehicle completely. Most EV owners use a Level 1 charging station to charge their cars overnight.
Level 2 electric vehicle charging stations provide 240 volts of electricity, and adding one requires a special outlet. You will need to check your local and state regulations as most of them require an electrical permit or a licensed electrician to install a Level 2 charging station.
Level 3 charging stations provide between 400 to 900 volts of electricity. Tesla charging stations are called Superchargers or you may hear these types of charging stations referred to as DC Fast Chargers.
With the exception of Tesla, almost all electric vehicles use a standard J-plug to charge.
Before any installation of electric vehicle charging stations takes place, you will want to have a meeting with your tenants. This discussion period will allow you and them to bring up any concerns. You may want to have an industry expert at the meeting to answer any questions. In addition, you will want to check state and federal websites to find out if there are any grants or rebates you may be eligible for.
Another important decision is determining how to bill tenants for the increase in electric usage. In a multi-unit dwelling, an agreement must be reached that will be fair to everyone, whether or not they drive an electric vehicle, such as EV owners paying an extra flat fee per month.
Next, you will need to install the charging station in a convenient location on your property. This decision will also require a discussion with your tenants since there will probably need to be a re-assignment of parking spaces. To avoid unnecessary installation expenses, you will want to have your charging stations near an electric panel.
Finally, you will need to promote the availability of your charging station to potential tenants.
If you are looking for ways to make your rental property more appealing and increase its value, installing electric vehicle charging stations may be the perfect solution. Not only will this provide a valuable amenity for your tenants, but it can also help set your property apart from the competition. Keep in mind that the installation process can be time-consuming. Have you installed electric vehicle charging stations on your rental properties? What has been your experience? What tips would you share with others considering doing the same? Let us know in the comments below!