Are EV Charging Stations Worth the Investment?
Valuable incentives for your EV Changing project.
Our in-house energy advisors have delivered significant savings for boards and building owners looking to install EV charging stations and upgrade existing building mechanicals. While every project is different, you can always expect attention to detail and unrivaled local expertise.
Electric vehicle (EV) charging stations are a buzzword in New York City’s multifamily residential sector, especially with new legislation that could end the sale of gas-powered vehicles across the state by 2035, and a growing demand for amenity-rich buildings.
EV charger installation projects are not always simple and can require infrastructure upgrades, special permits, and significant investment. We recently surveyed our clients on their concerns and questions about EV chargers, which included project costs, incentive programs, potential revenue streams, and the impact on curb appeal.
"We've seen the interest in EVs grow from a rarity to commonplace. These are no longer one-off challenges, but rather, a conversation that all buildings, not just luxury high-rises, should consider if they want to attract new residents and keep their existing residents happy."
— Chris Normandeau | Director, FirstService Energy
What are the benefits of installing EV charging stations?
Investing in green energy and reducing your carbon footprint can have a positive impact on the planet, but how can EV chargers specifically serve you and your residents?- Get ahead of New York’s ban on gasoline-powered vehicles and keep current residents happy
With EV ownership on the rise, and New York’s impending ban on gasoline-powered vehicles by 2035, EV chargers will also be an important amenity for existing residents looking to purchase new vehicles.
- New revenue streams
Buildings with publicly accessible garages should consider implementing fees for using EV charging stations. When applied properly, monetization can offset electricity costs and create an additional source of revenue.
- Improve curb appeal
EV owners in New York City often struggle to find housing that’s equipped with chargers. In fact, the International Council on Clean Transportation estimates that only 30% of EV owners will have chargers available in their buildings by 2030. Installing chargers can give a building a considerable edge for prospective residents with EVs.
How much does it cost to install EV charging stations?
In New York City, installation typically costs between $2,000 and $10,000 per port. This includes labor, materials, and permits, but does not include the chargers themselves. FirstService Energy’s recent webinar, EV Charging, Made Simple, reviewed the specific factors that influence costs:- The type of EV charger
There are three “levels” of chargers that vary in price and electrical output. Level 2 is the most common in charging stations for residential buildings.
- The EV charger’s distance from the electrical room
Close proximity reduces the time an electrician needs to complete the job, as well as the cost of materials like electrical wiring.
- Necessary infrastructure upgrades
If your electrical infrastructure is not equipped to accommodate the load of a charger, upgrades can increase installation costs.
Are there rebates or incentives for EV chargers in New York City?
Many boards and building owners are unaware of Con Edison and New York State Energy Research and Development Authority (NYSERDA) incentive programs that offset the cost of EV Charger installation projects.- Con Edison offers support for the installation of Level 2 charging stations through their PowerReady Program. All buildings owners, developers, and boards can apply.
- NYSERDA offers support for Level 2 and Level 3 installations through their Charge Ready NY 2.0 Program. NYSERDA offers bonus incentives if you promote EV adoption within your building.
Both programs offer additional incentives for buildings in “Disadvantaged Communities.”
"These incentives are designed to get customers to participate. Once the demand becomes high, utilities realize there's no need to continue to provide the incentives, and so they tend to get reduced, and eventually they go away."
— John Skipper | Director, FirstService Energy
What kind of EV chargers work best?
There are generally three types of EV chargers available to the public. While there are many variables that will determine the cost of an EV charging unit, there is typically a direct correlation between the unit’s electrical output voltage and how it’s priced.
- Level 1 – A traditional low-voltage wall outlet like those found in a bedroom or kitchen.
These are more common for EV owners in single-family homes or with access to single-vehicle parking garages. They are best when used to charge a vehicle overnight.
- Level 2 – A higher voltage charger comparable to the output used for a dryer or stove.
These provide a full charge in three to six hours. Level 2 is the most popular option for a balance of charging speed.
- Level 3 – The highest voltage option normally found in roadside rapid charging stations.
These provide a full charge within one hour. Clients often ask about Level 3 because of its rapid charging speed, but most residents don’t need their vehicle recharged this quickly. Additionally, electrical service upgrades to support its output can be significant. Read our full guide on EV chargers for more information.
"With Level 3 chargers, yes, you get a lot more charge per hour, but most residents don’t just stop by for an hour and then leave. They're home and they often park overnight. This may not be the best option for a residential property."
How long does it take to install EV charging stations? How can FirstService avoid disturbing current residents during construction?
While each building will have its own unique challenges, it’s quite common for EV charger installation projects to take at least six months to complete. This includes the initial exploratory phase to determine which chargers will best suit the building, necessary infrastructure upgrades, cost projections, and vendor selection.Beyond controlling project costs, our goal is to mitigate any disruption to building operations and quality of life for your residents. To begin, our energy experts partner with boards, building owners, and property managers to create a communications plan to keep residents up to date on project status. The plan includes our team’s availability to answer any question or concerns. We also schedule projects in controlled phases and do everything we can to avoid obstructed sidewalks and disordered lobbies. At every phase, our team monitors the project to ensure all work remains within scope and is delivered on time.
Jumpstart your EV charging project with FirstService Energy, the dedicated energy advisory affiliate for FirstService-managed properties.
FirstService Energy has coordinated EV charger installation projects for multifamily buildings across the New York region. Our affiliate keeps costs down by leveraging years-long partnerships with local engineers, architects, and EV charger suppliers, and monitoring the latest incentives from NYSERDA and Con Edison that can significantly offset project costs.FirstService Financial, our financial management affiliate, also connects clients with lending solutions that carry lower interest rates compared to the national average and highly preferable terms.