Charging up your electric vehicle from the convenience of your apartment may soon be a reality. A new fund aims to provide apartment residents with designated home EV charging spaces.
EV charging deployment for apartments
With over 44 million Americans living in apartments and growing demand for zero-emission electric vehicles, the need for EV charging solutions for these residents has never been higher.
Amperage Capital, an infrastructure investor, launched a fund to accelerate EV charging deployment for apartment communities and residents. CEO Farrukh Malik shares why the fund was established, saying:
Currently, over 90% of electric vehicle owners charge their cars at home. However, apartment residents often have to share charging stations, which can lead to a frustrating customer experience and prevent them from fully benefiting from electric vehicle ownership. To address this issue, we believe that apartment residents should have access to designated home charging spaces, rather than relying on shared charging stations.
Although providing individual spots for residents can cost 10 times as much, Amperage Capital pays for 100% of the upfront costs associated with EV charging infrastructure and getting power to the parking spots.
In addition to providing 100% of the long-term funds needed for the deployment, Amperage offers a white glove service that takes responsibility for the entire process, including management, design, construction, permits, and installation.
Amperage plans to raise money from investors, using the money to pay for the installation. Then, EV drivers living in apartments can pay for a dedicated spot to charge, and the investors will (presumably) earn a return.
Now there’s absolutely no reason for apartments not to install EV chargers. Although some states like New York and California have passed “right to charge” laws allowing multiunit property residents to install EV charging stations, they do not require the rental property to pay for them.
A system like this encourages investment in critical areas of the EV rollout while encouraging drivers to go electric. If you had EV charging spots at your apartment, would you be more inclined to buy an EV?
The number of electric vehicles will continue multiplying, with drivers’ preference for EVs continuing to climb and new incentives to go zero-emission provided by the Inflation Reduction Act.
The Edison Electric Institute is forecasting 26.4 million EVs will be on US roads in 2030. Considering most EV charging is done at home, apartment residents also need convenient options.
Perhaps, more importantly, those living in apartments are often the most interested in going electric. A recent study shows 42% of Americans are considering buying an EV for their next vehicle, but that figure jumps to 55% among ages 18 to 29.
Meanwhile, nearly 50% of people under 30 are renters. Do you see where this is going? Renters will play a critical role in the mass adoption of electric vehicles. Let’s give them some convenient chargers.
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