The increased adoption of electric vehicles charger results in increased demand for charging. Home charging is now the preferred option for many EV owners, however, there are still opportunities within the real estate industry for businesses, too.
In offering to charge electric vehicles for employees, tenants or hotel guests, and hotel guests, you can position your company as an innovator in electrification.
How Does EV Charging Affect Commercial Real Estate Revenues?
Global sales of electric cars will grow by 75% during the initial quarter of 2022 when compared to the year before which will result in a massive demand for charging electric vehicles in commercial and residential establishments:
Overnight charging is an attractive feature in multifamily housing communities.
Office buildings are a great way to attract green businesses and eco-conscious workers.
Retail establishments can provide additional charging for EV owners, while they can do routine tasks.
Hotels that provide EV charging facilities could help EV owners to plan trips out of town.
Private car parks also have the ability to diversify their income streams by installing electric charging stations for vehicles.
The commercial electric car charging market is in its infancy. Early adopters do not necessarily have an income model on that they can base their plans, so they must study fee models to determine the best method of charging owners of electric vehicles for this service.
A multi-family residence could offer the monthly pass as an additional service or incorporate the cost into the rent to offer this service at no cost. Private parking is billed by the hour or the model of a subscription where customers can buy a set amount of weekly or monthly hours at discounted or tier-based prices.
When examining the effect on the impact of EV charges on properties for commercial use, it's essential to recognize there are a variety of properties that offer the same revenue-generating opportunities. Even though EV adoption is growing globally, EV adoption may vary depending on the location. The location of your property and its accessibility are important considerations in determining the need for charging stations for electric vehicles at your property.
Extra Considerations in Commercial EV Charging
Could offering electric vehicle charging negatively impact commercial real estate, instead of making money? Electricity-powered charging stations are prominent architectural elements that could alter the perceptions of your company and create a reputation as an environmental leader.
Making the investment in EV charging can send a powerful message that could attract those investors as well as partners that are interested in sustainability, social, and environmental aspects. More than 50% of people believe that sustainability will be more important in 2022 than in 2021. In addition, EV chargers can attract guests, tenants, or customers who are ready to invest in companies that align with their beliefs. In the end, providing EV charging can drive greater traffic to your business.
To increase the potential for revenue to increase revenue-generating potential, you can provide customers with electric vehicles additional products or services as they wait for their batteries to fully recharge. Gas stations are already using this model of one-stop to earn revenues through the convenience stores that are attached which is a market worth $250 billion.
Possible obstacles and ways to deal with these obstacles and how to address
The charging infrastructure is an important investment in electrification in the near future. Knowing the barriers that hinder the project is crucial for proper planning.
How will the accelerating EV change and the resulting demand for EV charging access affect commercial real property in the near future? At present, one charger is accessible for every 12 EVs and the overall demand for charging is rising However, regional patterns are erratic and EV adoption isn't evenly dispersed across counties, states, and cities.
Inquiring about your customers or tenants to determine how many have electric vehicles or are planning to buy one will provide you with a better knowledge of the effects on your area and customers. This first step will provide you with an understanding of the utilization of EV charging stations at your property.
Maintenance and installation
Electric vehicle charging is a fairly new technology, and the lack of familiarity with the system can make the process of installation appear more difficult than it actually is.
Commercial installations might require panel upgrades to ensure they can handle multiple chargers. Additionally, you might need to improve your parking infrastructure in order for better access to chargers.
Charging stations require little maintenance however it is important to maintain the charger's cleanliness and examine the various parts of the charger frequently.
Engaging a professional in the initial phase of research for an electrical conversion can help you to gather the information you require. Professional electricians are able to obtain the necessary permits, make electrical upgrades, tailor your project to suit specific needs, and carry out regular maintenance.
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