Sure, pools and gyms are great. But the amenity that’s increasingly in demand is EV charging.

Electric vehicles are expected to represent nearly 30% of new vehicles in the United States by 2025. That means more renters will choose where to live based on the availability of EV chargers.

But the price of installing charging stations, which can cost anywhere from a few thousand dollars to $100,000 or more depending on equipment type and retrofit requirements, is giving some multifamily operators pause.

Thankfully, some electric utility companies are offering to offset costs or even foot the bill.

Here’s what you need to know:

Is Your Infrastructure Up for It?

According to National Grid, Level 2 charging stations are adequate for multiunit dwellings, providing a full charge in three to eight hours using 240V electrical service.

In some cases, a property’s existing electrical panel may have enough capacity to accommodate the extra 240 volts needed, but older properties may need a new electrical service. This could involve installing new transformers or upgrading existing ones.

The installation process itself typically involves running power from the electrical panel to the parking lot or garage where the charging stations will be located. Depending on the site layout, this could require trenching and significant electrical work.

Sound daunting? Don’t worry. Both technical and financial help is available.

Tap Into Incentives

From state and federal tax incentives to local rebate programs, several sources may be available to help fund or completely cover your EV upgrade. National Grid, for instance, offers programs that can pay up to 100% of the infrastructure costs, including wiring, trenching, and even the EV charging station itself. And properties with 20 or more units are eligible for National Grid’s no-cost EV Ready Site Plan, which helps determine the best location for chargers and the need for electrical upgrades.

Property owners are eligible for these rebates on a per-port basis, meaning the more charging stations they install, the more financial support they can receive. There is no limit to the number of EV charging stations a multifamily property can install under the program, giving operators the flexibility to anticipate demand.

Charge for Charging?

You won’t necessarily be on the hook for the electricity residents consume charging their vehicles, though some properties provide it as an amenity. With networked EV charging stations, residents can set up accounts to track their usage on their phones and be billed accordingly.

Networked EV stations are connected to a centralized system, allowing for communication between the charger, the user, and the service provider. These stations provide several benefits, particularly for multifamily properties:

Load Management: Networked stations can throttle power based on the number of vehicles charging at any given time to prevent overloading the building’s electrical capacity. Networked stations also integrate with renewable energy sources, such as solar panels or battery storage, to further optimize energy use.

User Access and Monitoring: Residents can monitor their charging sessions remotely and in real-time via mobile app. This allows them to see if a station is available, track how much energy their car is using, and receive notifications when charging is complete.

Scalability: Properties can start with a few charging points and expand as demand grows. They can also monitor the usage patterns to better predict future needs.

For multifamily operators, now is the time to take advantage of the available rebates and incentives to install EV charging stations. Not only does this help meet current resident demand, but it also positions properties as forward-thinking and environmentally conscious—an increasingly important factor for prospective tenants.

Learn more about National Grid’s Multi-Unit Dwelling Electric Vehicle Charging Program.