Mass adoption of EVs will never be a reality without sustainable solutions for the 44 million Americans living in apartment complexes.
Electric vehicle sales in the United States have tripled in the past three years, but there is one group of people that have been more hesitant than others to make the switch to green driving, apartment dwellers. A study conducted by JD Power says 27% of buyers that own their own home are “very likely to consider” an EV, while just 17% of renters fall into the same category.
The reasoning behind this is pretty simple; many people living in apartments simply don’t have the option to charge their vehicles at home. A 2021 study conducted by the UCLA Luskin School shows that 48% of renters don’t have access to charging in their home compared to just 5% of single-family home owners. In fact, in many areas of the country the difference may be even more pronounced as this study was only conducted in California, that U.S. state with the most EV chargers.
Farrukh Malik, CEO of Amperage Capital, is one of the people looking to change this dichotomy and make EV chargers available for renters and affordable for landlords. Renovating a parking structure can be timely and expensive, but Malik is looking to make it as easy as possible for landlords to say yes. “We take this completely off their plate a huge pain in the neck for (property managers),” he explains.
It works like this: Amperage Capital leases parking spaces from the buildings’ owner(s), and “upgrades” those spaces by installing and managing them as “EV charging spaces.” As these spaces increase in popularity, Amperage makes it’s money back — and even offers landlords an opportunity for profit sharing. The EV owner would pay a monthly fee for parking and charging and would have a dedicated space and charger available to them at all times.
As we move into the future, financial products like Amperage Capital’s are sure to catch on, and apartments will continue to add EV chargers to their list of standard amenities. Until that time comes, however, widespread EV adoption among renters will continue to lag behind.
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