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Laurelle Stelle

Mar 18, 2023

About one-third of U.S. households 44 million currently live in rental properties and apartments.

Renters who want to charge an electric vehicle (EV) at home may soon have an exciting new option thanks to Amperage Capital, a company looking to set up EV chargers in the parking lots of multifamily properties.

EVs are becoming more affordable than ever, thanks to dropping prices, government subsidies, and low maintenance costs — not to mention that charging an EV’s battery is cheaper than filling a gas tank, even when electricity prices are surging, according to USA Today

But since many people rent their homes instead of buying them, they can’t install an EV charger of their own — meaning they’ve missed out on those savings.  

As Canary Media reports, about one-third of U.S. households — 44 million — live in rental properties and apartments. To use an EV, they would have to charge it outside the home every time their battery was low, which is too inconvenient and time-consuming for most. 

Landlords could have charging stations installed, but Canary Media points out that there’s not much in it for them, so they’re not likely to take on that expense. This means that even though EVs are cheaper to drive and better for the environment, many of the lower-income families that could benefit the most aren’t able to drive them.

But Amperage Capital is offering a solution. Instead of having landlords shoulder the cost of installation themselves, the company leases parking spots from the landlords, installs its own EV chargers, then rents the spots back to EV owners in the building. 

This makes them the go-between for renters who want to drive EVs and landlords who want to be more accommodating — making it easier than ever to own an EV.

Amperage Capital CEO Farrukh Malik said that tenants of rental units “need to be driving EVs for mass adoption to happen.” He added that he thinks “it’s just a matter of time” before more companies and landlords invest in charging ports. 

Widespread EV use would be great for individual owners since each one would save money, and it’s likely more charging stations would be built to accommodate the demand. 

Meanwhile, switching to EVs has been shown to lower air pollution. This would improve the health of millions of people, even those who do not drive EVs, and also reduce the amount of heat-trapping gases released into the atmosphere every day. 

In short, EVs are a vital part of the change to clean energy sources.

According to Canary Media, Amperage will choose 100 multifamily properties to do business with over the next two years. While the company will start by targeting areas where EVs are already popular, it and other providers are already looking for ways to expand access across the country. 

Read the article here on The Cool Down.

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