Maximizing Value: Orange Charger CEO To Speak At Bisnow’s Northern California Multifamily Annual Conference On Oct. 11
California has been taking steps to secure a greener future for its residents, with one of its efforts being to cut down on fossil fuel usage in its vehicles. In September 2020, Gov. Gavin Newsom brought forth an executive order stating that by 2035, new vehicles sold in the state must be zero-emissions.
For multifamily property owners, installing electric vehicle charging stations can give them a competitive advantage over other properties and help bring in residents. EV charging company Orange Charger is helping multifamily owners enhance the value of their properties by installing cost-effective EV charging stations.
On Oct. 11, Orange Charger CEO Nicholas Johnson will be speaking at Bisnow’s Northern California Multifamily Annual Conference on the Maximizing the Value of a Multifamily Asset panel, which will explore how multifamily owners can invest in long-term solutions for their properties.
Bisnow sat down with Johnson to discuss the demand for charging stations in multifamily buildings, the challenges the sector may face and how Orange Charger works to provide an affordable solution.
Bisnow: What are some of the multifamily trends you're seeing in Northern California?
Johnson: California has very high EV adoption compared to the rest of the country, and we're seeing higher demand than originally anticipated from the multifamily developers we work with. The number of EVs on their property is increasing faster than they expected, and they're currently trying to figure out the path forward.
Currently in California, there are a lot of policies pertaining to the building code for EV charging that are forcing new developers to consider significantly more EV charging stations than they originally anticipated. Right now, 25% of parking spots in new multifamily construction are devoted to EV charging, and in 2024, that figure is going to rise to 40%.
Bisnow: What are some of the challenges that multifamily owners may have when it comes to bringing EV charging to their buildings?
Johnson: The big thing we’re seeing is that EV adoption is causing some buildings to become large energy consumers, and older buildings were not traditionally designed for EV charging. However, the requirements for adding EV charging are pushing these buildings into higher tiers of energy usage.
Additionally, with the electrification of everything, new developments are getting pushed from both sides. They're not being given more power from the utilities in Northern California, and they may not know when to upgrade the actual infrastructure that feeds the buildings, but are still required to electrify more of their properties. Things that used to run on natural gas, plus EV charging, are pushing over the limit of what many buildings can support.
Another thing to consider with these current standards is network connectivity. This is not something that has been well-addressed, particularly when you consider how to uphold a strong connection in an underground parking lot. This is something multifamily owners need to keep in mind as they move forward and search for new internet providers.
Bisnow: How does Orange Charger work to solve these challenges?
Johnson: We built a platform that generates anywhere from 50% to 150% return on investment over a 10-year life span. With our solution, you can come out on top and be excited about being a part of the transition to electric mobility.
Some of the multifamily owners we work with have either been burned by competitors in the past, and they're soured on EV charging, or they're looking at this as a code requirement they have to fulfill and they don't see the opportunity that they're actually gaining access to. We think about how to educate them on the opportunity to see EV charging as the “future gas station” for most cars. We also explain why the solution for these cars is different compared to a standard gas car that a lot of them are familiar with.
Network connectivity is something we have to place a higher value on as we continue to adopt new technology. Most of the people managing their properties are not IT experts. They’re not going to be setting routers up and building infrastructure for networking gear. If we can make it simpler, we’re helping them service their properties and tenants better.
Bisnow: How does Orange Charger help multifamily properties access EV charging at affordable rates?
Johnson: Our outlets are lower-power, and we spend a lot of time educating people on electrical capacity and power constraints. Our background in the EV industry and knowledge of infrastructure is where we add the most value.
We save anywhere from 50% to 70% on capex or installation costs by taking our low-powered approach, and we use drivers’ data to figure out how to best build our solution. Taking away the maintenance cost was a big part of it. There are a lot of chargers that have been installed that don't work, both at multifamily and public locations, so we wanted to alleviate ongoing maintenance for properties.
Bisnow: What are you looking forward to most about the Northern California Multifamily Annual Conference?
Johnson: The opportunity to connect with prospective customers at the event and to help them solve any issues they’re having with EV chargers. We’d love to meet with property owners as well as partners who can help us accelerate the process of making multifamily buildings greener and charging more cars.
This article was produced in collaboration between Orange Charger and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to [email protected].
