Brooklyn’s Electric Vehicle Revolution: How Charging Infrastructure Expansion is Transforming Property Values and Creating New Opportunities
Brooklyn is experiencing a remarkable transformation as electric vehicle infrastructure rapidly expands across the borough, creating unprecedented opportunities for property owners to capitalize on this green revolution. With NYC DOT constructing new fast-charging stations at municipal parking fields, including the Bensonhurst Municipal Field at 1763 86th Street scheduled to open by January 2025, featuring four fast chargers capable of providing most electric vehicles with an 80% charge in 20 minutes to one hour, property owners throughout Brooklyn are discovering how strategic electrical upgrades can position their buildings for the future.
The Current State of Brooklyn’s Charging Network
As of July 2024, 62,192 EVs are now registered in NYC, representing 26% of all EVs registered in the State, and Brooklyn is becoming increasingly central to the city’s electrification goals. Brooklyn is one of the best places for EV owners in New York, with over 250 free charging locations, making it a prime market for property owners looking to attract environmentally conscious tenants and buyers.
New York City will build 600 new electric vehicle chargers across the five boroughs after winning a $15 million federal grant, with new Level 2 chargers to be installed along the curbside in all five boroughs, and at least half of these chargers will be sited in “disadvantaged and low-income neighborhoods”. This massive expansion represents the largest EV charging program in the nation, focused specifically on ensuring equitable access across all communities.
Property Value Impact: The Numbers Don’t Lie
The financial benefits of EV charging infrastructure for property owners are substantial and measurable. Homes that are within one kilometer (0.6 miles) of EV charging stations may see a price increase of 3.3% or $17,212 compared to homes without any EV charging near them, while homes that are only 0.4-0.5 km (0.2-0.3 miles) from EV charging infrastructure may see an even larger increase in house price at 5.8%.
Studies suggest that EV chargers increase property sales from 3% to 5% over similar houses without the feature, with buyers understanding the savings and convenience of having a charger installed, making that property all the more sought after. Real estate agents say properties with built-in EV chargers are generally sold faster than properties without, and in a cutthroat real estate market, a property with a charger can stand out and garner more attention, resulting in a decrease in time on the market.
Multifamily Properties: The Biggest Opportunity
For multifamily property owners in Brooklyn, the opportunity is particularly compelling. Electric vehicle (EV) charging stations for multifamily housing—also called multi-unit dwellings (MuDs)—such as condos or apartments, provide property owners with a unique way to help attract and retain residents and foster an energy-efficient community, though multifamily housing owners face unique considerations when installing charging stations, ranging from parking and electrical service access to billing and legal concerns.
Electric vehicle (EV) charging stations are now a necessary amenity for New York City condo, co-op and rental properties, as these charging stations can be a major selling point for prospective owners, shareholders and residents considering occupancy in a building when marketed as an amenity, while construction and installation costs for EV chargers can be quite high, NYSERDA and Con Edison offer incentive programs for multifamily residential buildings in New York City to help offset the initial investment.
Financial Incentives: Making Installation Affordable
The financial incentives available to Brooklyn property owners are substantial. Multi-unit dwellings that qualify as businesses can receive up to $14,000 in rebates and tax credits on a two-port installation, with these incentives reducing the average project cost for a two-charger installation from $13,600 to $4,800, while New York State’s income tax credit offsets 50 percent of the remaining project costs up to $5,000 per port, for a potential $10,000 in tax credits for a two-port project.
As a Charge Ready 2.0 qualified EV Charging network software provider, Matcha partners with property owners to maximize available incentives and further reduce or completely avoid installation costs, with qualified apartments, workplaces, and garages benefitting from up to 100% of costs covered, further accelerating the City’s electrification goals.
The Electrical Infrastructure Challenge
Successfully implementing EV charging infrastructure requires careful electrical planning and professional installation. There are no special certifications for electricians to install charging stations, but licensed electricians with experience installing charging stations may be able to help you complete your installation quickly and on budget, as provisioning charging stations can be tricky, and experienced charging station installers may be able to avoid some challenges with this process that less experienced installers sometimes face, while the Charge Ready NY 2.0 program will require registered electricians who maintain any credentials necessary to do business in New York state as installers.
For property owners considering this investment, working with a qualified Electrician in Brooklyn becomes essential to navigate the complex electrical requirements and ensure compliance with all local codes and regulations. Professional electrical assessment and installation are crucial for maximizing both safety and the available incentive programs.
Commercial Properties: Beyond Residential Benefits
The major value addition of EV chargers goes towards improving lands for businesses, multifamily housing, and retail space encouraging quality high-end tenants, as EV charging as an amenity works well for this generation of eco-sensitive tenants and long-term residents, allowing landlords to command higher rental rates, thereby earning these landlords even more money.
Offering the services people need in their daily lives, including EV charging, gives customers another reason to visit your business, and while they wait for their vehicles to charge (also known as dwell time), drivers may go on to use other facilities at your location, with DC fast chargers having a typical charging time of 30 to 40 minutes.
Future-Proofing Your Property Investment
The momentum behind electric vehicle adoption is undeniable. 50% of new vehicles sales are expected to be electric by 2030, and the growing number of EVs on the road is making the installation of EV charging stations essential for apartments and condominiums, as by offering electric vehicle charging owners of apartment complexes and condo properties can increase its value, attract and retain residents and differentiate themselves in a highly competitive multifamily property market.
As incentives cease while the popularity of EVs increases, those who install EV charging stations on their commercial property early won’t only enjoy the lower costs to install due to incentives and rebates, but their properties will be more enticing to investors later when the incentives no longer exist, as for commercial property investors, having the groundwork already laid out for EV charging will be an advantage compared to installing a charging station system when incentives aren’t available to offset the cost.
Taking Action: Your Next Steps
Brooklyn property owners have a unique window of opportunity to capitalize on the electric vehicle revolution while substantial incentives remain available. FirstService Residential recommends that all boards and building owners consider the installation of EV charging stations, especially because funding behind the Con Edison and NYSERDA incentive programs is finite and will soon be exhausted.
The transformation of Brooklyn’s transportation landscape is accelerating, and property owners who act now will be best positioned to benefit from increased property values, enhanced tenant attraction and retention, and the growing demand for sustainable living options. With professional electrical support and the current incentive landscape, there has never been a better time to invest in EV charging infrastructure for your Brooklyn property.