Because of the rising popularity of electric vehicles in India, it is fair to assume that the country is betting big on EVs to reduce its fuel import bill and boost environmental preservation by offering subsidies and incentives to encourage the usage of these vehicles. This, along with government help and backing from real estate developers, is pushing even residential complexes to go the EV way and offer inhabitants the requisite solid infrastructure.
Currently, the bulk of electric vehicle customers come from apartment complexes and gated communities in the metropolises of Delhi, Mumbai, and Bangalore. EVs are still in the minority in housing societies, but the movement is gathering steam. With electric vehicles becoming more common, potential residents are becoming more environmentally conscious. As a result, they will want EV charging as an in-unit amenity in their apartment, much as they will demand air conditioners in the future. As a result, RWAs and residential complexes must invest in EV charging stations to accommodate the increased demand of residents.
It all boils down to access. Given that 70% to 80% of EV charging happens at home or at work, the absence of EV charging availability in apartments and other forms of multifamily living is a major contributor to the adoption gap. Even in California, the state with the highest EV ownership and the most advanced policies supporting EV purchases and charging facilities, the laws lag. While California state law requires new single-family houses to be “EV ready,” only 40% of new multifamily units must satisfy this standard.
However, landlords do not need to wait for a legal reason to improve their premises with EV charging access. There are several benefits accessible to them and their tenants right now. The sooner they develop or renovate residences with EV charging stations, the better for everyone. Let’s look at 10 advantages that apartment EV chargers provide for tenants and apartment owners.
Electric vehicle charging should not be limited to households. Full adoption necessitates that everybody may charge whenever and wherever they need to. Having this capability at home has many significant advantages for renters.
Range anxiety, or the worry of not being able to reach a charging station before running out of battery power, remains the most significant barrier to EV adoption. And improving charging infrastructure is one of the most important elements in reducing range anxiety. This begins at home. It goes a long way toward alleviating these anxieties when drivers are certain they can leave their apartment every morning with a full charge.
Renters aren't the only ones who stand to gain from EV charging in residences. Owners have a lot to gain as well. Here are some of the most significant benefits for landlords.
Despite the disparity in EV ownership, homeowners are not the only ones interested in purchasing electric vehicles. According to a 2016 Multifamily Executive study, 15% of renters expected to purchase an electric car over the next five years. That was well before the current rate of EV adoption. Installing EV charging stations in your apartment provides you a competitive advantage with this rising number of forward-thinking tenants.
If the housing society provides electric car charging to its members as part of its shared amenities, the corresponding landholder in the relevant flat/apartment will be entitled to a 2.5 percent refund, excluding the government’s share of the tax in the land-based property tax. The Indian government has also said that housing societies can choose to set up an electric car charging station on a commercial basis in their premises, provided that it is not placed in the main parking lot but rather in another open space within the grounds. In such circumstances, society will be judged on a domestic basis rather than a commercial basis. As a result, housing societies can employ surplus, unoccupied space for commercial purposes while still receiving property tax breaks. The Indian Commissioner has urged housing societies to take advantage of the program.
Even with the incentives offered, multifamily property owners will consider how to recuperate the expenses of taking this step. The good news is that charging stations provide a new cash stream. Even if you give a subsidised or free rate to residents, you should think about opening your stations to the general public at a higher charge.
Investing in apartment EV chargers is more than simply a good way to fulfill immediate demand. The presence of these chargers in your home will only boost its value as EV ownership grows. When you’re ready to sell your home, you’ll reap the benefits of your investment and offset your initial expenditures.
Last but not least, installing EV chargers in an apartment complex provides property owners with an opportunity to contribute to a more sustainable future and reduce their carbon footprint. Adding charging stations makes it easy for more people to transition to EVs and may even assist you in more efficiently managing energy use on your property. It also counts towards LEED certification.
Indian societies or apartments are undergoing significant adjustments as a result of the EV revolution. The key motivation, or advantage, for a housing society to build EV charging stations during the early days of India’s EV revolution is that doing so demonstrates the society’s progressive nature. This is what will set the residential complex apart from others in the market who are still using a traditional method. Walking along the EV route shows that the community not only supports EV-owning citizens in their correct choice to safeguard the environment but also empowers all other residents who are thinking about acquiring electric vehicles. It is simply one of the factors that contribute to a society becoming an aspirational location for discerning owners and tenants ready to pay premium rent for excellent standards of living!
EV adoption is gaining pace across our culture, but more has to be done to make it a reality for everyone. Renters should be able to get the same benefits from charging at home as homeowners, and apartment owners stand to benefit greatly by assisting them. eVVe India can assist you in navigating the costs and procedures of putting EV charging stations in your flats, allowing you and your renters to reap the benefits right away and get started.
