Preparing Multifamily Properties for the Electric Vehicle Revolution
The demand for electric vehicles (EVs) is poised to skyrocket in the coming years. According to projections by the National Renewable Energy Laboratory (NREL), by 2030, there will be a staggering 33 million EVs on the road in the United States alone. To support this influx of EVs, the country will need an extensive charging infrastructure, with an estimated 28 million EV charging ports required nationwide.
One crucial aspect of this charging infrastructure that poses some unique challenges is the need for accessible and convenient charging options for EV owners residing in multifamily properties, such as apartment buildings and condominiums. Given that the majority of EV charging is expected to occur at home and work, multifamily dwellings must prepare to accommodate the growing number of EV owners within their communities.
By 2030, NREL's estimates indicate that out of the 28 million required charging ports, approximately 2.1 million, or 7.6%, will be designated for multifamily homes, workplaces, stores, restaurants, and hotels. This figure underscores the necessity for multifamily property owners and managers to proactively plan for the integration of EV charging infrastructure into their buildings.
Level 1 (L1) refers to 120v AC charging from a typical US household outlet.
Level 2 (L2) refers to 240v AC charging like that used for a household electric dryer.
DC Fast charging in this study refers to charge rates of 150kW or higher.
Low power DC charging (e.g., 50 kW) is omitted from the study’s baseline scenario on the basis of assumed driver preferences for DC charging that is as fast as possible and 2030 vehicle technology scenarios where batteries are capable of accepting at least 150 kW of peak power.
Source: National Renewable Energy Laboratory, The 2030 National Charging Network: Estimating U.S. Light-Duty Demand for Electric Vehicle Charging Infrastructure, June 2023
Unlike single-family homes, where EV owners typically have the option to install private Level 2 (L2) chargers, residents of multifamily properties may face additional challenges in accessing charging facilities. The charging systems need to be thoughtfully designed, installed, operated, metered and maintained, which will require a capital investment and potential electrical infrastructure upgrades. Therefore, it is imperative for property developers and managers to begin the process of integrating charging stations to cater to the needs of their EV-owning tenants.
As a vertically integrated EV charging company, Humm has developed an innovative, subscription-based, charging as a service program for multifamily and other commercial partners. Humm's turnkey approach encompasses all design, installation (including make-ready, electrical infrastructure), operation, maintenance and billing, and allows property owners and managers to focus on their core business. Though this unique approach, Humm is often able to fully finance and integrate a smart, fully-networked EV charging system with no upfront cost to the HOA or property owner.
Moreover, the deployment of EV charging infrastructure in multifamily properties aligns with broader sustainability goals, as it encourages the adoption of clean transportation options and reduces greenhouse gas emissions. By facilitating EV charging within their premises, multifamily property owners can contribute to the ongoing transition towards a greener and more sustainable future.
Furthermore, integrating EV charging infrastructure into multifamily properties can offer various benefits, including increased property value, enhanced marketability, and improved tenant satisfaction. As EV ownership becomes increasingly mainstream, access to convenient charging facilities will likely become a significant factor for prospective tenants when choosing a place to live.