USA: Is the EV revolution over?

3 mins read
EV Electric vehicles (EVs) Charging infrastructure Multifamily properties EV adoption Government incentives

Despite recent headlines painting a grim picture of electric vehicle (EV) adoption, industry experts emphasize the importance of charging infrastructure in multifamily properties. While concerns arise over production issues and frosty weather problems, the Biden administration’s push for increased EV adoption through tax credits and charging infrastructure expansion underscores the ongoing momentum in the market. Multifamily operators face the dilemma of whether to invest in charging stations amidst changing dynamics. However, industry leaders stress the necessity of integrating EV charging into property developments to meet evolving tenant demands and regulatory requirements. With utility incentives available in some states, developers are urged to consider EV charging as a standard amenity to attract tech-savvy renters and future-proof properties. Despite fluctuations in demand, the long-term outlook for EV adoption remains promising, urging multifamily property owners not to overlook the significance of charging infrastructure.

The most recent headlines might seem to suggest that the craze for electric vehicles ( EV ) ended before it even began.

Some consumers have the impression that now is not the time to switch from a gasoline-powered vehicle after hearing about EVs sitting on lots, production cuts, frosty weather problems, and complaints about poor charging infrastructure. The Biden administration is also promoting increased adoption with fresh vehicle tax credits and a target of installing 500,000 chargers across the country by 2030. 

Multifamily operators are left with the dilemma of whether to keep adding charging stations to the site or delay due to this change in events.

No including the infrastructure would be a mistake, according to Luque, Aaron, CEO of Atlanta-based EnviroSpark, an EV design, install, and operations firm. 

He told Multifamily Dive that “for the past ten years, we’ve been focused on building public-facing infrastructure at malls, restaurants, gas stations, and another locations.” That’s where national funding is going, and we need that. However, we’ve discovered that at home is the best place to install infrastructure in terms of value.

In order to avoid having to go to the mall or another people location and kill time while they wait, EV drivers want the convenience of charging up at home, particularly immediately. For single-family homeowners, adding infrastructure is fairly simple, but for the roughly one-third of Americans who rent their homes, they frequently have no control over that amenity.

For the multifamily market, it’s about playing the longer game, according to Pinter, Andres, co-CEO at Bullet EV Charging Solutions, based in Austin, Texas. 

According to him, “Generally, EV drivers have been homeowners, but that’s changing as the price of electric vehicles drops and the next generation of younger drivers enters the market.” ” The early adopter phase is over, and everyone is jumping into EV then.”

According to Pinter, the fresh laundry room—a necessity for several tenants—is Electric charging. This is particularly correct for brand-new construction: “EV charging is a must-have amenity for groud-up development.” During the design and construction phases, it is more cost-effective to integrate and install charging into tenant parking, he said. In fact, EV charging is now mandated by a specific amount in some jurisdictions for building codes. For instance, 20 % of parking spaces in fresh multifamily buildings in Atlanta must be EV-ready. 

Luque added that another justification for offering it is to draw in tech-savvy, socially conscious renters.

He stated “the younger statistical wants to work with businesses that uphold their values.” They see an socially conscious community when they find one with EV charging or plans to add it.&nbsp

Moving forward

Although it’s true that demand for EVs decreased in 2023, Pinter predicted that entire 2024 will also have a higher sales year.

He claimed that “growth in new technology is often linear.” ” Electric sales were the highest ever in the U.S. last year, despite demand tapering off at the end of 2023.” The U.S. market’s EV share increased from 5.9 % in 2022 to 7.6 % today.

As more EV chargers appear across the nation, adoption will likewise increase. Recently, the Department of Transportation announced$ 623 million in grants to support nationwide charging infrastructure.

Transportation Secretary Pete Buttigieg stated in announcing the grants that” the electric vehicle revolution is pretty much here, not coming at this time.”

According to Pinter, this means that developers considering a new build or retrofit should also include EV charging. Depending on the state, utility companies may provide incentives or rebates to multifamily developments. For instance, California Edison offers charging ports up to$ 3,500 each or$ 7,000 for a dual charging port.

According to Luque,” Multifamily is close and dear to our heart, and we want to raise awareness of EV ownership.” With one or two stations, you can get started quickly. More Electric drivers begin using the station the longer it is that, which increases the value of your properties.

The bottom line is that, despite the gloomy news coverage of EV adoption, don’t bet against the strength of electric vehicles. 

According to Luque,” Much of the multifamily market is already committed to electrifying their properties, so they shouldn’t slow down.” Without charging stations, you run the risk of losing a tenant or failing to find fresh ones.

Viktor Musil

Victor Musil, pen name for Edouard Py, advocates for inclusive, people-centered city development. His work underscores the importance of ethical considerations and equitable access, shaping the discourse on urban innovation worldwide.

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