July 2023

is a strong word, but people will have many options to live elsewhere, and in a few short years they will not have the option to drive something other than an EV. Therefore, they’ll be looking to live somewhere with the most convenient option to recharge. If a particular association does not have options, prospective pur chasers with EVs will choose an alternative association with better EV charging options. Said plainly, without EV chargers, occupancy rates will decrease. The long-term financial benefits are subtle, requiring a dive deep into relevant economic considerations, including grants, rebates, parking considerations, vendor business models, and revenue or profit sharing. Grant and Rebate Incentives: On average, grants and rebates may cover around 40% of the cost to install an EV charger. Grants and rebates are incentives, whereby grants typically come from the federal or state government and rebates are typically award ed by public utility companies. The grants are applied toward things like the charging station hardware and installation. Rebates are applied generally to the installation of the infrastructure between the charging station and connection to the electrical grid. Grants are more difficult to get awarded and are more competitive than rebates. The process can be difficult to navigate, so it may be helpful to have an EV charging service provider onboard.

CONTINUES ON PAGE 28

COMMUNITY ASSOCIATION BANKING Your experts in the HOA industry.

With First Citizens Community Association Banking, formerly part of the bank’s CIT division, you can count on continued service from the experts you know. And as one of the nation’s top 20 banks, we offer market-leading products matched with innovation and award-winning 1 technology to help you grow your business. Your community association management company deserves no less than a financial provider that can bring you the scale, service and capabilities you need to stay ahead.

Nicole Skaro, VP, Regional Account Executive nicole.skaro@firstcitizens.com | 908-524-8741

firstcitizens.com

1 We received a 2022 FinTech Breakthrough Award for Best B2B Payments Platform. © 2023 First-Citizens Bank & Trust Company. All rights reserved. MM#13544

27

JULY 2023