In the summer of 2021, The Government of Canada laid out an ambitious goal of eliminating combustible engine-run cars and light trucks by 2035 as part of it’s net-zero emissions goal to reduce global warming.
Canada is one of many other countries that are implementing similar zero-emissions goals that are required to meet the standards set within the Paris Climate Agreement.
The benefits of EV Chargers for Commercial & Residential Properties
With the expected increase of Electric Vehicles on the road over the next decade, the availability of public EV Charging stations will becoming increasingly important and will be a necessary addition to many commercial & residential properties.
In fact, we’re already seeing requirements around EV Chargers and/or EV Ready stalls for new buildings.
For example, starting June 2022, developers of most types of non-residential buildings in City of Vancouver will be required to install charging infrastructure on 45% of parking stalls, as well as 100% of car share stalls.
This is very much in line with the City of North Vancouver's requirement for 100% of parking spaces in new residential buildings requiring Level 2 EV Charging infrastructure.
With the availability of both provincial & federal incentives, installing EV Chargers within the next few years will bring forth a number of benefits to property owners.
Increase in “Dwell Time”
Charge time for electric vehicles is dependent on the type of Charging station and can range from 15 minutes - 6 hours, but even with high powered DC fast chargers, the charge time is about 15-20 minutes.
This increase in charge time (compared to gas refueling time) translates into “dwell time” – where drivers spend time doing other things, like shopping.
This is an especially attractive benefit for shopping centres & strip malls. Drivers waiting to recharge their vehicles are now held on-site at your property.
This down time can translate into increased spending at your stores and additional revenue generated from the charging station itself (depending on how you've set up your fee structure).
ChargePoint demonstrated this recently in a case study, which identified that EV Chargers could increase dwell time by as much as 50 minutes.
Additional revenue stream
The most obvious way EV Charging can benefit a property owner is through the revenue earned from the stations themselves as your drivers pay for this usage.
There are various ways in which you can structure your charging fees.
A common practice is to charge by the amount of energy being used (i.e. $0.10/kWh); adding your own mark-up as you please.
Additionally, you can set a fee based on time. For example, one of our residential clients set a rate of $2 per hour for the first 3 hours, and $5 per hour after that.
The way in which you structure your charging fees will be largely dependent on the type of property you own. Charging stations at a hotel will differ from that of a rest stop as a result of the time spent at these locations (overnight charging versus quick rest stop charge).
Most EV Charging manufacturers have software that allows you to track and monitor usage, session length, energy costs, unique customers and more, making it easy to track the additional revenue generated as a result of the dwell time.
Improved tenant retention
At present, buildings that offer EV Charging are considered a hot commodity.
Take an office building for example. Having EV chargers in office parking is not only a practical amenity for employees, but is something that companies will seriously consider when deciding to locate and occupy office space.
Same goes for a residential building. Drivers prefer at home & overnight charging. In fact, research has shown that the proximity of EV Chargers correlates with higher property value.
Offering amenities like EV Charging is bound to attract and retain high quality tenants and reduce vacancies.
Charging head first into the future
As we move down the path of a zero-emissions future, Commercial real estate developers & property owners are in a unique position to capitalize on the EV market.
Installing EV Chargers sooner than later not only puts you ahead of the game, but it allows you to take advantage of the current rebates & incentives to help reduce your initial investment costs.
Take one of our large strata customers for example - after noticing an increase in EV drivers in their building, the strata council went ahead with the installation of ChargePoint CT-4000 dual port chargers, plus 8 energized outlets.
They received a $16,000 rebate from BC Hydro in the process, which was a huge selling feature for them & helped reduced their overall investment costs.
The first step is to create an EV ready plan.
If you own or manage a strata property, you'll want to consider reviewing this checklist.
You can also reach out to our team with any questions - we have a team of pros who can assist you with your EV ready plan & recommend the right chargers for your property.
