How Electric Vehicles can Benefit Property Owners

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In a 2018 study, Americans purchased over 360,000 electronic vehicles, which greatly surpasses the 200,000 purchased in the previous year.  An estimated 40 million Americans will consider buying an electronic vehicle as their next vehicle to not only help preserve our Earth, but reduce their costs.  However, why isn’t that 40 million helping to jump the numbers of EV that are actually purchased each year?  One major reason: Americans have “range anxiety”.  Simply put, individuals do not believe there are enough charging stations located throughout the country (in comparison to the 200+ thousand gas stations nationwide).  This causes the “what if” fear: “What if I get stranded on a road trip in the middle of the state and cannot charge my car?” “What if I have to drive across town every week just to charge my vehicle?”  People come up with these scenarios and then think it’s a safer bet to just stick to gas.

However, nearly 40% of all greenhouse gases are emitted from the transportation sector, and millennials especially, want to change that.  However, to drastically see that change there needs to be change regarding where and how frequent charging stations come up.  There needs to be stations at workplaces, restaurants, apartment buildings, hotels, schools, parking garages, etc.  And while some establishments have implemented this already, it is far too little in numbers.

Massachusetts recently joined in with the eight other states in adopting a low-carbon transportation regional policy aimed to reducing transportation emissions.  With this, the state is building strategies to support EV vehicles and increase electrification of the transportation sector.  To help, Eversource is stepping in and working with property owners to install nearly 3500 EV ports across the state by the end of 2020.  This is part of its EV Charging Station plan with over $45 million proposed to accelerate EV adoption.

So where does real estate come into all of this?  Well, think about the millions of individuals who live in apartment buildings and condominiums – especially with the rapidly increasing number of millennials. It is significant to note again that the millennial generation is also drastically more motivated to protect the environment.  So, by installing EV charging stations in these properties, it will attract and help retain residents.  This benefits three groups: the property owners, the residents, and the environment. A win, win, win.

The Eversource EV Charging Initiative covers the entire 100% of a total of 176 ports, with an additional 556 ports under construction.  Property owners can also expect help directly from Eversource: their experts will guide you through the project and help to coordinate all the work that is required including permits and inspects.  They will also provide you with energy recommendations on the configurations.

 

 

Article source: Troy, Julia: https://www.bisnow.com/boston/news/energy/electric-vehicle-charging-stations-are-fueling-the-future-of-massachusetts-real-estate-100388