Asbjørn Mitusch

23. Jan 2024 | 5 min read

Once the condominium has invested in a proper charging system, with electric car chargers for all residents, it is important to keep this investment from becoming a money drain. Most condominiums want the charging system to be self-funding. This means that the users of the charging system pay all costs associated with the installation, setup, operation, and management of their charger, spread over the lifetime of the charging system. This way, the condominium avoids losing money on EV-charger installation, and distributes the costs among the residents fairly.

Guest charging without financial loss for the condominium

In addition, many condominiums want to offer guest charging without losing money. Some also want the opportunity to earn a few bucks, which they can set aside to cover unforeseen costs related to the charging facility. If this is something you want to do, you need excellent chargers, the right software and, last but not least, tight control over all the financial aspects of the charging system.

Eliminate manual work: Simple financial management for the charging station

It is, of course, possible to keep track of income streams and expenses related to the charging stations by performing manual controls and budget balancing, but it’s an extensive and time-consuming process. Doing it that way means extra work for the board of your condominium. That’s why we at Current Eco AS have built our system to take care of the job for you.

Quick access to financial documentation for your charging station

If you go into the CURRENT dashboard and click on Economy, you’ll get a full overview of all income and expenses related to your charging facility. Here, you can easily check that the condominium is not losing money by offering charging facilities to its residents. This also makes it very easy to submit receipts in connection with accounting and auditing processes. All you need to do is run an export from the dashboard, and you’ll get everything you need.

Get control with spot price: Affordable charging in the condominium

If your condominium primarily wants to break even by offering charging to its residents, meaning that those who use the chargers cover the cost of electricity and operation, but nothing more, we have the perfect solution.

If you activate spot price, the system will automatically adjust the price of charging once every hour using the latest prices from Nord Pool. In addition, you can add a surcharge corresponding to the operating and maintenance costs associated with the charging facility. This way, you ensure users pay for all expenses, but not a penny more.

Plan for future costs: Operational coverage for charging facilities in the condominium

It is important to remember that an EV-charging system is an investment in the future. You will have the charging system for many years to come, but this assumes that you have control over repairs and maintenance. Eventually, you will need to replace components, make improvements, carry out repairs and service the system. All of this costs money. It is therefore important that you decide as early as possible on how you’re going to cover these costs.

Sustainable Pricing: How to Operate Charging without Increasing Common Expenses

We strongly recommend that you cover the costs of operation, administration, and maintenance via a surcharge on residents’ charging, and not via an increase in common expenses once the need for maintenance has arisen. As a surcharge, this will amount to a few cents per charging session and the charging will still be much cheaper than what users can get elsewhere. If you decide to adjust the common exposes, residents will perceive it as a much larger cost. This also helps to keep the level of conflict between residents who use the charging facility and those who don’t to a minimum, while allowing you to offer a fair price for charging to everyone living in the condominium.