Your HOA board has decided your residents could benefit from a community EV charging station. Here are 5 tips to keep in mind as you pursue installation of your charging station.
Identify a Reputable, Experienced, Quality Vendor Partner – We are still in the infancy of electric vehicles and almost everything related to them, including charging stations. Hiring the right vendor partner will assure your process goes smoothly from conducting a needs assessment through operation, maintenance and repair, billing and revenue generation.
Choose the Right Technology – The better equipment you opt for, the greater the chance your HOA members will be satisfied. Select sturdy, high-quality chargers and consider factors such as connectivity.
Prepare for Changing Technology – Technology in virtually all aspects of the EV industry is changing rapidly, so keep in mind how changes in technology will impact your investment and make sure to plan for future upgrades.
Protect the HOA from Liability – Installing and operating a community EV charging station can raise questions and concerns about liability – especially should there be an accident, or the equipment doesn’t operate properly. (This is often a primary concern among HOA residents.) So, HOA boards need to work with their insurance provider to make sure the HOA is protected.
Plan for Energy Cost Increases – Energy costs fluctuate and most likely will continue to increase. Adding chargers will certainly increase the energy costs of the HOA, so the HOA needs to determine how those increased costs will be handled. Raising HOA fees is one solution but that might not be acceptable to HOA members who don’t drive EVs