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Integrating EV charging stations into commercial properties, such as shopping centers, office buildings, and multifamily housing, significantly enhances the property's appeal. This modern amenity attracts eco-conscious tenants and clients while simultaneously increasing the property's market value. Properties equipped with EV charging facilities stand out in the competitive real estate market, appealing to a rapidly growing segment of EV owners.
Who benefits from commercial EV charging infrastructure?
Virtually any type of commercial property would benefit from installing EV charging infrastructure. Some specific types that would see a boost in value include:
- Shopping and strip malls
- Standalone retail stores
- Office buildings
- Medical centers
- Multifamily housing
- Warehouses
- Garages
- Public parking structure
Basically, any property where tenants rent, lease space, and/or provide a service would benefit from having EV chargers installed.
Five benefits of EV charging for commercial real estate
There are five reasons to install EV charging stations at commercial real estate properties: Enhancing Property Appeal and Value, Attracting and Retaining Tenants, Generating Additional Revenue, Future-proofing Investments, and Showcasing Environmental Leadership.
Enhancing Property Appeal and Value
Integrating EV charging stations into commercial properties, such as shopping centers, office buildings, and multifamily housing, significantly enhances the property's appeal. This modern amenity attracts eco-conscious tenants and clients while simultaneously increasing the property's market value. Properties equipped with EV charging facilities stand out in the competitive real estate market, appealing to a rapidly growing segment of EV owners.
Attracting and Retaining Tenants
Commercial spaces with EV charging capabilities have an edge in attracting businesses and tenants who prioritize sustainability and convenience for their employees and customers. Facilities that offer EV charging are more likely to attract high-quality tenants, resulting in increased occupancy rates and potentially higher rental incomes.
Generating Additional Revenue
EV charging stations offer an additional revenue stream for commercial property owners. Charging for the use of these facilities can offset installation and maintenance costs and generate ongoing income. This is particularly beneficial in retail and mixed-use developments where the increased dwell time of customers waiting for their vehicles to charge can translate into higher spending on-site.
Future-proofing Investments
With the anticipated increase in EV ownership, installing charging stations is a forward-thinking move that prepares properties for future demand. It's also a step towards compliance with evolving building codes and sustainability standards, ensuring properties remain competitive and relevant.
Showcasing Environmental Leadership
Offering EV charging stations positions a commercial property as a leader in environmental stewardship. This not only enhances the property’s image but also aligns with the values of a growing number of consumers and businesses committed to reducing their carbon footprint.
Funding and Installation Considerations
Several government incentives are available to help offset the costs of installing EV charging infrastructure, making it more accessible for property owners. When selecting a charging station, considerations include budget, available power supply, and the specific needs of tenants. Both Level 2 chargers and Direct Current Fast Chargers (DCFCs) are viable options, depending on the expected usage patterns and the types of vehicles being accommodated.
Numerous government incentives exist to help commercial property owners install EV chargers on their premises. TurnOnGreen has compiled various state and municipal commercial incentives into an easy-to-search tool. Simply enter your zip code to see the available incentives in your region.
Nationally, the federal government offers the Alternative Fuel Refueling Infrastructure Tax Credit, which provides a tax credit of 30% (up to a maximum of $100,000) for installing EV charging infrastructure at qualifying businesses.
Is your property within 1 mile of the highway? The National Electric Vehicle Infrastructure (NEVI) Formula Programs will also fund installation at commercial properties near key roads. TurnOnGreen provides resources to help qualifying businesses get Level 2 and DC fast chargers with the NEVI and CFI grant programs.
select charging stations
EV charging infrastructure is a fantastic investment for your commercial property to raise value, future-proof amenities, attract employees and customers for your commercial tenants, and increase lease renewals. But which EV chargers are best for commercial properties?
There are two options to choose from:
Which one you choose will depend on several factors, including:
- Your budget
- Your available power supply
- The type of businesses that lease your property
Level 2 vs. DCFC for Commercial Real Estate
Generally speaking, commercial property owners will select Level 2 chargers like the EVP700 , though the EVP1900 is also recommended for locations with fleets. These powerful charging stations can deliver up to 80amp to charge an EV in a few hours and are ideal for businesses where customers will be spending more time, like a movie theater, mall, hotel, or spa. You can charge drivers for using them by the amount of electricity they use or charge by the amount of time their car spends plugged in.
On the other hand, DC fast chargers like the FSP1200 can charge a vehicle in under an hour. DCFC is quick, but they require additional electrical infrastructure that is unavailable at the typical workplace. DCFCs are typically found near rest stops, highways, or fleets where business owners do not expect drivers to park for very long.
Notably, the installation costs of DCFCs are significantly more than Level 2 charging stations. While many properties already have 240V power, DCFC usually requires significant electrical upgrades to add 480V power. Level 2 chargers are less taxing on available power supply and budgets.
TurnOnGreen network solutions
Joining a network like TurnOnGreen not only enhances the visibility of the charging stations but also provides property managers with tools for managing access and pricing. This integration can further maximize the utility and profitability of the charging stations.
As EV adoption continues to rise, incorporating charging infrastructure into commercial real estate is a strategic move that promises to enhance property values, attract and retain tenants, and support environmental goals. Now is the time to future-proof your commercial real estate property. Contact TurnOnGreen Charging today to speak to an expert and get a quote.
Charge ahead with confidence.
The #Green Team
