July 2023

EVCS... from page 27.

Parking Considerations: Forget the notion that an association can offer its commu nity free EV charging as an amenity. It’s simply not a viable solution once most people are driving EVs, as the cost of electricity will not be sustainable. Over the next 10 years, we estimate that charging stations will encompass up to 80% of the parking spaces in common interest communities (CICs). This is tough to imagine, but all the indicators are there and the challenges for a community will be immense if you do not make the right decisions early in the process. An association community usually has deeded or assigned parking for residents with a smaller number of common parking spaces for anyone to use. To future-proof communities for the influx of EVs, associations should fill common parking spaces with EV chargers as there is demand, potentially upgrade to faster chargers over time if it starts running out of common spaces, and, at the same time, offer a single-provider solution for deeded or assigned parking. This is also the best strategy for financial gain, as the association will be able to make revenue from common CONTINUES ON PAGE 30

If a community has a large amount of common parking and a healthy budget with room for capital improvements, they may want to consider investing in the installation of common amenity charging stations. This is a complex task, but the benefit may be worth it if done right. The main ben efit is that the association would be able to collect some, if not all, of the revenue generated from people using it. If the association can cover all the expenses and generate some profit, then it is possible for the association to recover the investment. However, models show that without economies of scale through a provider solution, it may never recover full return of the investment, and the association must be prepared to take some risk. Most communities will not have enough common parking available to provide enough EV charging capacity in the long run, so considerate is important to explore other alternatives based on parking designations.

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