The economic benefits of EV charging for apartment buildings

In a world of ever-increasing environmental awareness and technological innovation, EV charging is not only a step towards a sustainable future, but it can also bring significant financial benefits. For apartment buildings and condominiums, the implementation of EV charging is not only an investment in the environment but also a way to realize significant savings and revenue generation. This article will dive deep into the economic benefits of EV charging in residential communities. We will also introduce our leading solution, "CURRENT," which simplifies the management of charging stations and makes it more cost-effective.

ELECTRICITY COST SAVINGS

One of the most direct financial benefits of EV charging in housing cooperatives is savings on electricity costs. Many may wonder how this is possible, as EV charging can seem like an increased load on the grid. However, proper use of smart energy tools, which includes monitoring spot electricity prices, can be key to minimizing costs. Here are some of the ways apartment buildings and condominiums can use automated energy tools to reduce electricity costs:

• Spot price monitoring and time-based charging: Spot prices refer to the variable price of electricity that changes in real-time based on supply and demand in the electricity market. This is where time-based charging comes into play. By monitoring spot prices in real-time, residents of apartment buildings can schedule the charging of electric vehicles when electricity prices are lowest. This usually means charging at night when demand is low and surplus electricity is available. The result is significant savings compared to daytime charging when electricity prices are higher.
  
• Intelligent charge management: To maximize savings, smart charging stations can be connected to spot price data. This enables the charging stations to adapt to the changing prices. They can start or stop charging depending on the price level, minimizing costs for both electricity providers and residents.
• Fair charging prices: Spot pricing is also key to ensuring fair prices for residents. By using spot pricing, residents can charge their cars and be assured that they never pay more than what their electricity actually costs in real-time. With the spot pricing feature from CURRENT, the chairman or managing committee of the apartment building can also ensure that costs are covered by setting a customized margin that follows the hour-by-hour price of electricity.

REVENUE GENERATION

In addition to savings on electricity costs, EV charging also offers the potential for revenue generation. This can be achieved in several ways:  

• Paid Charging: Residents of the apartment building may be willing to pay for charging their EVs. By providing a convenient charging service, communities can charge a fee to cover electricity costs and generate additional income.
• Publicly accessible charging stations: If the apartment building makes charging stations available to the public, they can attract EV owners from nearby areas. This can lead to revenue generation by charging "non-residents" for charging their vehicles.
• Support and Incentives: Many governments offer financial incentives for the installation of charging stations, including grants and tax benefits. This reduces costs for the apartment building and provides a positive financial benefit.

PROPERTY VALUE AND ATTRACTIVENESS

Apartments with electric car charging can have a significant positive impact on property value and attraction. When potential buyers or tenants are considering homes, EV charging is increasingly seen as an attractive feature. EV owners, or those considering switching to an electric car, view apartments with charging stations as highly beneficial as they provide a convenient way to charge their vehicles. This increases demand for the homes in the community, which can lead to higher property values. In addition, apartment buildings with EV charging can attract environmentally conscious residents who value sustainable lifestyles. This increased demand and positive reputation can help make the community more attractive, further increasing property values. With EV charging as an attraction factor, the community can not only gain financial benefits but also strengthen its position in the real estate market.

ENJOY THE BENEFITS OF AN EV MANAGEMENT SYSTEM

To maximize the benefits of EV charging in housing cooperatives, it is crucial to implement an intelligent and efficient EV charging system. As a recognized industry expert, we are proud to present "CURRENT" as the ideal solution for easy operation and management of charging stations in housing cooperatives and condominiums. The charging solution makes it easy for board members and property managers to maximize financial benefits and increase the attractiveness of the residential community. Learn more about the charging solution for apartment buildings. 

CONCLUSION 

EV charging in apartment buildings offers a number of financial benefits, including savings on electricity costs, income generation, and increased property value. Proper use of smart energy tools, such as spot pricing, is essential to achieve maximum savings. It's time for residents of apartments to consider EV charging as a path to a more economical and sustainable future. With solutions like CURRENT, the management of charging stations can be simple and efficient, which is key to maximizing financial gains. 

Book a demo with one of our experts to learn how CURRENT can help you quickly establish and manage EV charging in your building!