EV Charging Stations as Revenue Streams? Yes | Ivy Energy
Why a Multi-Family Building Should Look at EV Charging Stations as Revenue Streams
In today’s competitive landscape, Multi-Family owners must think of creative ways to attract customers while also boosting the value of each tenant. Transforming your property into an EV charging destination is one of the simplest ways to do just that. The US is among the top markets for electric vehicles and almost half of all the US sales of EVs in 2019 were from California. The number of EV car owners continues to grow each year. A new report from Experian dug into new car registrations to show that electric vehicle sales grew 95% between January and April 2021 compared to 36% for the overall US new car market. This also indicates a growing demand for making EV charging stations more accessible.
Here’s why you should install EV charging stations for your multi-family building:
Generate a New Revenue
The most obvious way EV charging can boost profits is the revenue earned from the stations themselves. Depending on the business model you choose, you can generate additional income by setting charging fees, and your customers will be more than happy to pay them. As the charging station owner, you can set your own charging fees and adjust them at any time. This may include a fixed session start or connection fee and a variable rate for the energy used. One common practice is to charge by the amount of energy being used (i.e., $0.10/kWh). You also have the freedom to define your own mark-up (i.e., $0.35/kWh). So, if a car pulls up and needs to charge 25 kWh, that’d be: 25 kWh x $0.45/kWh = $11.25.
Enhance your Reputation
EV charging stations also put your business on the map—literally. Popular navigation sites like Google Maps or Waze, and dedicated charging apps such as Plug Share feature interactive maps that enable drivers to locate nearby public charging stations. By having charging stations at your site, you can boost your brand visibility on these platforms and attract new customers.
Improve your Eco-Friendly Status
Environmental concerns are increasingly top-of-mind for your customers. By having charging stations on your property, you can establish your business as an eco-conscious organization—and even earn some prestigious sustainability certifications for your location (LEED, GBB, WELL). Additionally, you may even opt for selling solar to tenants as a part of your green strategies for your multi-family unit.
Attract Tenants from a Coveted Demographic
Renters are seeking properties that align with their personal views of green initiatives. Properties that check the boxes for amenities like shared solar, EV charging stations, or designated parking spaces for EV vehicles are highly preferred. And the absence of proper facilities for EV owners in a multi-family property can be a deal-breaker for many. According to the Q4 2019 Experian Automotive Quarterly Briefing, over 70% of EV owners are college-educated, married, and belong to a high-income category. If that’s the demographic you are targeting for potential tenants, you may want to make your property more EV owner-friendly.
Access to an Array of Rebates
You can cover the cost of setting up EV charging stations at your property through several incentives. There are several regional rebates available through municipalities and other entities for those installing EV charging amenities in multi-family properties. If your property is in Southern California and you are planning to get one of the approved EV charging stations, you can get a rebate of up to $80,000 from the California Energy Commission.
Adherence to Building Codes
Offering amenities that promote sustainable living is not just important for doing your bit for the environment but you may also need to do it to ensure that you are not breaking any laws. Even if your municipality doesn’t have any building codes that stipulate EV-charging stations on-site, you can surely expect it to come into the picture soon. Installing EV charging stations is an excellent way to future-proof your properties to ensure adherence to EV-friendly municipal building codes.
Here are some other factors to keep in mind while installing EV charging points at your property:
- Understand the local EV market trends well. This should give you an idea about the kind of infrastructure you need to be looking at.
- Plan the number of charging ports keeping in mind the current need but also anticipate future demands. Consider all the factors in expanding the number of ports in the future.
- When choosing an installation partner, look into what you are paying for. Compare service providers based on prices, what these rates entail, and their customer support among other factors.
- Get complete clarity on how much it is going to cost for the complete setup. Factor in operation costs of these charging stations as well.
The US is not a young EV market anymore. This means that a good chunk of the EV charging installations and other infrastructure that are available have already been tested out well over the years. Electric vehicles are monumental towards the creation of a sustainable lifestyle. Offering amenities that encourage the use of EVs are definitely an important contribution you can make to a cleaner environment. EV charging is a desired amenity for many California drivers and can attract more traffic to your business, improve tenant or employee satisfaction and generate a new revenue stream (fees for charging). It is going to be an important factor that tenants are going to consider when choosing where they want to live.
Learn how you can Combine EV Chargers with Shared Solar
Pioneering the Future of Multi-Tenant Solar Energy Management
2024 was a trailblazing year for Ivy Energy, where we shattered barriers, redefined possibilities, and delivered innovative solutions to address the multi-tenant solar split incentive challenge. By driving product advancements, forging impactful partnerships, and scaling operational processes, we empowered multi-tenant properties to embrace clean energy with confidence.
A Year of Growth and Market Expansion
Ivy has grown its active project pipeline 450% compared to 2023, with a line of sight to clear +600% in active projects by the end of the year. Our tech-enabled solutions empower more communities than ever. With $18M in Series A funding (Read more) and the strategic acquisition of Glow Energy (Read more), we are poised for unprecedented growth and impact. This investment enables us to enhance our technology, streamline operations, and expand our reach into new markets nationwide.
Entering new markets with increased resources allows us to address diverse energy challenges and deliver tailored solutions to property owners and tenants. Additionally, the launch of our consulting arm provides expert guidance for our clients and partners to save money and enhance ROI while navigating intricate solar investments.
Meaningful Operational Updates
At Ivy, innovation isn’t just about technology—it’s about creating digital tools that empower our clients and their tenants:
- PropTech Integrations: Partnered with RealPage, Entrata, and Yardi to automate rent roll syncing, move-in/move-out updates, and direct charge posting to resident ledgers. These integrations reduce monthly processing time by up to 2 hours per property while enhancing data accuracy and operational efficiency.
- NEM Credit Delay Optimization: The Utility Coordination team adopted the CPUC informal complaint process to reduce delays in NEM activation after PV solar system commissioning. This improvement cut the average resolution time for delayed NEM credits from 123 days in 2023 to 49 days in 2024, allowing property owners to see Net Operating Income over two months sooner on average.
Platform Advancements that Lead the Industry
Our engineering team broke new ground, ensuring our platform stays ahead of the curve:
- Migrated to a new infrastructure processing system for faster processing and further automation improvements across operational features.
- Introduced IvyDual in response to regulatory requirements in California, which allows us to enter new markets where consolidated billing is not viable.
- Achieved SOC 2 Compliance, reaffirming our commitment to data security. (Read more)
- Built initial public API for Conservice integration and new utility data access pathways, strengthening our platform’s versatility and reliability.
Empowering Positive Experiences with CX
At Ivy Energy, our customers rely on us as true partners in their clean energy journey, helping them achieve long-term NOI growth while providing exceptional support for property owners and tenants. We consistently deliver this experience by simplifying complex utility processes and offering our white-glove service that ensures our clients feel supported, informed, and empowered to succeed. This year, Ivy’s Customer Experience Team launched two significant platforms:
- Ivy Implementation Portal: A step-by-step, transparent portal that simplifies solar implementation for our clients and partners across multiple organizations. (Watch a walkthrough of the new portal here.)
- Resident Help Center: Educate tenants about the solar program with helpful resources and offer direct support online or by phone. (Explore the Help Center)
Shaping the Future Through Thought Leadership
In 2024, Ivy Energy reinforced its position as an industry leader; our Virtual Grid 3.0 impressed the judges and earned first place in Solar Power World’s “Best in Show” award for large-scale solar innovation. (Read more)
Leadership team members Alex Dogan, Tanya Kuhn, and Sean Nam were celebrated in San Diego Business Journal’s Leaders of Influence in Technology 2024 for their contributions to advancing sustainable energy. (Read more) Ivy was also featured in Alt Energy Magazine (Read more), San Diego Business Journal (Read more), and on Solar Academy. (Read more)
Logan Carter showcased Ivy’s groundbreaking innovations in a main stage speech at Cretech NY (Watch here), an engaging appearance on the IMN Podcast (Listen here), and a deep-dive interview with Chris Moreno, also known as “Mr. PropTech.” (Watch here) Ivy’s policy team further expanded its influence by authoring a Model VNEM Whitepaper, a critical guide to enabling multi-tenant solar models nationwide. (Read the Whitepaper).
Measurable Environmental Impact
This year, Ivy Energy amplified its environmental contributions, with contracted units in implementation set to offset an astounding 109 million pounds of CO2. Meanwhile, active units have already offset 9 million pounds of CO2, demonstrating our ongoing dedication to reducing carbon emissions.
Looking Ahead to 2025
As we celebrate 2024’s successes, we are always looking to the future. In 2025, we’ll continue to push boundaries, deliver innovations that empower our clients, improve tenant experiences, and lead the multi-tenant housing sector toward a sustainable future.
A Message from Dover Janis, CEO of Ivy Energy
“2024 was a year of progress and adaptation. While utility-caused delays challenged our growing pipeline, our focus on agile problem-solving reduced their impact and kept the market moving forward. This is a testament not only to the dedication and focus of our team but also to the strong macro-level foundation that the onsite energy business model provides for real estate owners, even in the face of monopoly-driven resistance. With a large and expanding customer base and hundreds of projects, we have continued to validate the transformative potential of clean energy solutions for shared communities. I’m incredibly proud of our team—now among the most mature, knowledgeable, and experienced in the industry—as we trail blaze the path forward. The market is primed to grow and drive transformative change in local communities. I’m deeply grateful to our partners and customers, whom we have the privilege of serving every day as we continue to lead the way.”
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