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Growing Apartment Revenue with EV Charging

Date Created:
Jun 22, 2022
Date Last Updated:
EV charging at apartments can be difficult and expensive, however, by choosing the right solution and provider, building owners can not only attract and retain residents but also open up brand new revenue sources as well. 

New EV sales are increasing with a reported 60% growth in the first quarter of 2022, even as overall new car registrations dropped 18%. Additional with roughly 31% of the total US population now residing in multifamily housing, the need for EV charging as an added amenity is essential to apartments and condos. 

Installing charging stations in these scenarios can be difficult and expensive, however, by choosing the right solution and provider, building owners can not only attract and retain residents but also open up brand new revenue sources as well. 

EV Charging Adds Revenue

Two main reasons why apartments install EV charging stations are to retain current residents and to attract prospective new tenants. Like any amenities, EV charging is a way for building owners to attract residents willing to pay more for the convenience of having EV charging directly on-site. Tenants with home charging are more likely to renew their leasing agreements as this amenity can be essential in their daily life and enjoyment of owning the vehicle. 

EV charging goes further than just retaining and attracting residents though. With Orange Outlet, building owners have the ability to monitor and recoup the cost of electricity used. By leveraging Orange’s solutions properties recoup their investment back within a few years, something that will typically take decades with other networked or power-managed solutions. Furthermore, Orange can easily install double the number of stations for half the cost, adding even more to a building's bottom line. 

EV Charging Increases Satisfaction

Building owners should consider that adding EV charging will most certainly increase tenant satisfaction with the property. 90% of EV drivers charge at home, as it's the most reliable and convenient place to plug in. Drivers simply come home, plug in, and go about their day. Orange Outlet then tracks the energy used, bills residents, and reimburses the property so building owners can focus on more important tasks. Installing EV charging shows residents that your building is focused on providing the resources they need most where they want them without adding more tasks to the property managers list. 

Orange Outlet is a Holistic Solution

Orange Outlet was specifically designed for apartment communities and carefully balances the needs of all parties involved. We ensure EV drivers get access to affordable charging, the community gets equal access to that amenity via dedicated charging, and property owners recoup their investment quickly and have roughly a 200% return on their investment. In most cases, properties will see a profit from adding EV charging in less than ten years, something our competitors simply cannot do. 

To learn more about how Orange Outlet can help your properties contact us today.