Situation
Ori Residential is a Washington State-based property ownership company with multiple buildings in the Seattle area. They made their mark by transforming underperforming properties through effective management, direct ownership, operations, prioritizing the maximization of net income, and fostering a stable renter base. They wanted to add EV charging throughout their portfolio to deliver a community-focused, tenant-first service, but still maintain a high internal rate of return (IRR) and net operating income (NOI). Ori Residential also wanted to ensure they used a single system throughout their portfolio to reduce friction by creating a single source of contact.
Solution
Ori Residential invited Pando Electric to come on-site on each of their 5 properties and perform multiple site walks to determine how much available capacity each had to add EV charging and to ensure that the property got the lowest possible installation cost. Additionally, Pando worked closely with Seattle City Light to obtain $15,000 in incentive funds for each project, which by using the innovative daisy-chaining plus Adaptive Load Management setup that Pando employs, each property received three or four Pando Smart Outlets at no cost to Ori Residential, something that would have been impossible with any other provider. Pando also worked with each property manager to design the system so as more residents switch to electric vehicles, more Pando Smart Outlets can be added at little or no cost (depending on incentive availability) to Ownership.
Results
All five of Ori Residential’s Seattle-based properties now have at least three Pando Smart Outlets per site, with the ability to easily add more for only a fraction of the original costs. Across all 5 properties, Pando was able to save $30,000 in upfront installation costs, allowing each property to obtain their charging solution completely free of charge. However, due to the size of each installation, Pando recognized that these stations would likely be forced to share in the near future as more residents arrive with EV charging needs. Pando recognized this could be an issue for property ownership so the system was designed to scale easily. Due to Pando’s unique installation and technology, each property can add charging stations for less than $1k/device and all will generate positive IRR and NOI immediately with or without incentive funds. Today, Ori Residential has increased NOI by 2% across their properties and can easily scale as needed until they cover all parking spaces with EV charging coverage across their portfolio. By selecting Pando Electric from the start, Ori Residential not only solved their immediate EV charging needs, but have effectively solved their potential future needs as well without harming their long-term return on investment.
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