According to the Department of Energy’s Alternative Fuels Data Center, Texas has the third-most registered electric vehicles in the country. As EVs become more common on the roads, are EV chargers the next addition to your properties? Consider these steps below before making the investment.
Assess the Demand
Have potential or current tenants inquired about EV charging options? If so, or if your property is in an area with a growing number of electric vehicles, installing a charger can give your business a competitive edge.
Follow Regulations
Installing an EV charger is easier said than done. You’ll need to follow local regulations and work with any constraints from your property’s existing layout and electrical setup. Consulting with an EV-charger expert can help you avoid costly mistakes.
Check Your Budget
While it’s possible to provide EV charging for about $400, faster-charging solutions cost thousands of dollars. Again, an EV expert can estimate installation costs for various options as well as ongoing expenses.
Provide Info and Support
To lengthen the lifespan of the chargers and head off tenant complaints, make sure your tenants know how your EV chargers work, safety protocols, and etiquette for who has access and at what times.
Get a Tax Credit
If you think adding EV chargers will work for your properties, you may qualify to receive tax credits. Be sure to consult an accountant or other tax expert if you have questions about the tax credit.
Read more about EV chargers from this May 2023 article in Texas REALTOR® magazine.
