Eventually, everything comes down to money, and electric vehicle charging projects are no different. Most property managers want to buy charging stations. They want to maintain ownership, list the chargers on their balance sheet, and run their program how they want. But what if you have already exhausted your CapEx budget for the year? What if you need flexibility in adding or moving your stations? This is where alternative financing like capital leases or Charging as a Service come in.
EV Charging Leases
After a purchase, a lease is probably the most traditional and well-known way to get commercial EV charging stations for your property. For a low monthly fee, your property can receive two smart stations with network services and maintenance for the duration of a five year contract. With SemaConnect, you receive the Series 6 – a charging station designed for shared use. You have complete control of pricing. You get the same great customer support and Network services as properties that buy EV charging stations from SemaConnect. And you can market yourself as a business that supports the community and reduces emissions.
Charging as a Service
Charging as a Service, or CaaS, is a little different from a lease. SemaConnect CaaS is paired with the Series 5 and is designed for multifamily properties with dedicated parking. The contract is ongoing and has a five-year minimum term which includes full network services and maintenance for life. That means that if the station is vandalized or damaged by a vehicle, you’re covered. Unlike a lease or purchase, EV CaaS also includes hardware upgrades. Because the Series 5 is designed to be assigned to a single user, we offer a 90 day deferment in case of tenant move-out. Drivers pay for access to the station through the SemaConnect Network itself. That means that if you set driver fees above your CaaS program fees, you will receive a check in the mail every month for the difference. After installation is complete, as long as driver income is above your CaaS fee, you will have no recurring costs. It’s a completely turnkey program that helps multifamily properties offer personal charging to residents.
If you have already allocated your 2020 capital budget, consider your leasing or CaaS options! It’s easy to offer EV charging as an amenity for your tenants, employees, and customers. Want to learn more about your options? Contact your SemaConnect sales manager today.