New Revenue Streams and Lower Installation Costs
Currently, there exists many shared or managed EV solutions targeting multi-unit condo or apartment properties. These solutions are based on a business model of where the tenant pays a monthly charge for EV electrical usage and the property manager is reimbursed. Often times, the reality of these programs are:
All upfront installation fees are borne by the property owner which are significant; the equipment is expensive and the ROI is long
The property continues to pay a monthly fee for maintenance in addition for the full electric utility for EVs used by the tenant
Reimbursement to the property owner occurs months later
The tenant is required to use an app for charging and creates confusion each time charging occurs
A Simpler Approach
For most property manager, a flat monthly EV charge has shown to be a simple solution with the following results:
Immediate monthly revenue from tenant for EV usage
Easy billing, property managers are well adapt at charging additional fees for upgrades
Easy to use by tenants and lower installation costs
No monthly fees for EV maintenance or ongoing charges
Comparing managed solution with COIL
COIL Revenue Benefits vs. 3rd Party Managed Solutions
The Property Manager bills a flat monthly fee to the tenant vs. having to use complicated apps and quarterly payouts by 3rd parties
Most properties understand and manage this process very effectively, no need to have a 3rd party involved in a basic property management function
Simple billing for the tenant and a constant revenue stream for the property manager
Electrical costs assessed on a yearly basis based on a baseline
COIL Costs Benefits vs. 3rd Party Managed Solutions
COIL offers reduced installation costs by using industry standard outlets and connections which allows the tenant to use their own portable chargers
With 3rd parties, there is a very high upfront installation fee or substantial monthly adder
We eliminate the need for costly equipment such as chargers and sub meters
ELIMINATE MONTHLY FEES - 3rd party's business model is an ongoing monthly fee which is becomes very costly over time
COIL Experience Benefits vs. 3rd Party Managed Solutions
COIL uses standard equipment and there isn't a managed app or cumbersome log-in procedures to charge
Out solutions are "Plug and Play"
Installations are standard which can be easily be serviced and managed vs. equipment which will need to be replaced due to technological obsolescence
Conclusion
For instances where the HOA or the Property Management will provide EV charging solutions, COIL can develop a fully customized solution generating immediate monthly revenue, lower installation costs and easy to use and maintain solutions.
