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The Future of EV Charging in Multifamily Buildings: Beyond Rent Podcast with SWTCH’s Mike Mulqueen

07/08/2024

In a recent episode of the Beyond Rent podcast hosted by Rent Manager, Mike Mulqueen from SWTCH delved into the evolving landscape of electric vehicle (EV) charging in the multifamily sector. With the number of electric vehicles on the road increasing exponentially, the need for accessible and reliable charging infrastructure in residential buildings has never been more critical.

Check out the interview here:

Beyond Rent Podcast

Below is a summary of the key takeaways discussed:

EV Charging to Meet the Growing Demand

As of late 2023, over 3 million electric vehicles are being driven in the United States, highlighting a pressing need for charging solutions, especially for renters where 80% of charging happens. “More than 30% of the country live in multifamily buildings,” Mulqueen noted. “Providing tailored EV charging solutions where people live is essential to meet the growing demand for electric vehicles.”

SWTCH’s EV charging offering focuses specifically on multifamily buildings; creating a tailored solution for each property to address the unique challenges posed by shared electrical infrastructure. These buildings will require smart, scalable charging solutions to accommodate the increasing number of residents opting for electric vehicles over the coming years.

Key Multifamily Challenge: Limited Electrical Capacity

One of the primary hurdles in multifamily EV charging is the complexity of shared infrastructure. Buildings must consider how to balance electrical loads to prevent system overloads. Mike explained, “Vehicles are parked for long periods, which allows us to charge them slowly and efficiently, sharing the electrical infrastructure without significant upgrades.”

SWTCH’s intelligent load management and scalable infrastructure ensures property managers can navigate these challenges, balancing charging speed with cost-effectiveness. Additionally, SWTCH’s dedication to open standards, like the Open Charge Point Protocol (OCPP), ensures a flexible asset that’s future-proofed for property owners.

Incentives and Tax Credits are Available Today, but not Forever. 

The window opportunity to install EV charging systems in multifamily buildings is here as there exist various incentives and tax credits (eg: USA’s 30C Tax Credit) available at the federal and state/provincial levels. These incentives can cover a significant portion of the capital costs, making it more feasible for property owners to invest in EV infrastructure. Mike emphasized the importance of taking advantage of these incentives while they are available, as they can disappear quickly.

Looking Ahead

The adoption rate of electric vehicles is expected to continue its upward trajectory. While many multifamily buildings currently lack sufficient charging infrastructure, there is a substantial opportunity for growth. New construction projects are increasingly being built with EV readiness in mind, and existing buildings are beginning to retrofit their infrastructure to meet future demands.

For property managers and developers looking to stay ahead of the curve, understanding and implementing EV charging solutions is crucial. Mike’s advice is clear: “Ensure you have a plan. Understand your electrical infrastructure, leverage incentives, and provide scalable solutions that grow with the demand.”

As the shift towards electric vehicles accelerates, companies like SWTCH are at the forefront, providing innovative solutions to make EV charging accessible and convenient for everyone.

For more insights and to learn how SWTCH can help your property prepare for the future, visit swtchenergy.com or get in touch to discuss EV charging at your property, here.

 

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