Micro Real Estate

Can I Lease My Parking Spot to an Electric Vehicle Charging Company?

Ancillary Income

If I was looking for another way to make money with little effort, I would wonder if I could lease my parking space to an electric vehicle charger company. Is this possible? Honestly, it depends on the rights that you have to your parking spot. If you own a parking garage, then sure you can lease out all of your spots. If you have a designated parking spot in a garage that is owned by an apartment complex, then no you can’t lease out your parking spot to an electric vehicle charging company, unless you get permission from the owners of the garage.

If you own your own home and you park on a town/city street, then you’re out of luck again. You would need to get the city to install an EV charger for your spot, and I think that is a long way off – but the number of chargers in the U.S. is certainly growing, and the squeaky wheel gets the oil. If you do park on the street and are considering buying an EV, you probably need to rely on public charging stations or you can run a 120V charger from your home out to the street with an extension cord (if you’re willing to take the risk of it getting stolen – though some have anti-theft measures).

Would anyone want to lease my parking spot at home?

If you live in the suburbs or out in the country, you could try to convince an EV charging company that it is worth it for them to install a Level 2 or 3 charger in your garage and sell the electricity back to you (effectively, this would be like you renting the charger from them), it is very unlikely, but you can try. You could also seek out an electric vehicle charger locator business to have them connect you with companies that are looking to place EV chargers.

If you want to lease a Level 2 or 3 electric vehicle charger for your home, it’s probably going to be expensive – though there are some cheaper decisions you could make to reduce the total cost of the installation. Level 2 chargers typically cost between $3,000 and $10,000, and trying to install a $50,000 Level 3 Charger in your home would likely require a few $100K, unless you live in a industrial area that already has 3 phase power going to the building, and then it might only cost $50K to install it. We all can’t be Elon Musk.

Directly Rent Out Your Parking Space

If you have a parking space that you do not intend to use, and therefore want to rent it out, you could increase the value of that parking space rental by adding an EV charger to it. In effect, you’re adding a upgrade to the parking space, and therefore will be able to charge more to rent it out.

This doesn’t really make sense if you’re adding the EV charger to a garage on the side of the house in the suburbs, since that sport likely isn’t going to be rented by anyone. It does make sense for parking spaces in cities or on the edges of cities that might see high demand during certain large events like sports games, or concerts.

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