With zero-emission initiatives gaining momentum and electric vehicles growing in numbers, developing robust EV infrastructure has become the need of the hour. Residential and commercial developments in urban areas are continuously evolving to adapt to the changing needs of consumers. Developers are focused on making the lives of inhabitants easier and EV infrastructure is one of the prerequisites for making cities smarter and more sustainable. Equitable access to EV infrastructure encourages individuals to move towards eco-friendly transportation. Common Charging Stations or Shared Charging Stations will become very important for developers and premises owners of existing and new commercial and residential projects. This can resolve several challenges and benefit inhabitants in more ways than one.
EV infrastructure should be among the most important considerations when planning amenities for new projects. It is essential to include EV charging infrastructure as one of the amenities right from the planning stage for new & upcoming projects. Charging infrastructure needs a big push as EV adoption grows. Here are a few top reasons to equip new projects with EV infrastructure:
The Indian electric vehicle market size is projected to grow to USD 113.99 billion or by 2029, exhibiting a CAGR of 66.52% during the forecast period. EV manufacturers have launched a range of EV models with special offers on one hand whereas, on the other hand, the increasing fuel prices are encouraging the millennials of the urban market to make the switch to electric vehicles. With electric vehicles gaining more traction, charging infrastructure has become a necessity. As consumers become more environmentally conscious, developers must equip their projects with charging infrastructure to keep up with the latest technology and upgraded lifestyle of consumers.
Including EV infrastructure results in greater property valuations. EV-ready homes command a premium in the real estate market. EV charging stations have become a must-have amenity for any residential or commercial project these days. Installing EV charging stations adds value to real estate projects through capital values of new buildings or appreciation of existing buildings. Newly constructed buildings with charging stations can have price appreciation anywhere between two percent and five percent. The installation of charging stations will lead to economies of scale in the long run for developers. Developers can outsource charging point installation to reputable EV charging station contractors.
The government has introduced several EV policies that mandate the installation of EV charging stations in residential and commercial establishments. States like Andhra Pradesh, Kerala, Madhya Pradesh, and Uttar Pradesh have mandated a 5000 sq ft built-up area for installing electric charging stations. Tamil Nadu and Delhi have made provisions to reserve 10% and 20% of parking spaces to accommodate EV charging infrastructure. Developers constructing new projects should install EV charging stations on the premises to stay compliant with the government policies.
Common or Shared charging points in commercial establishments will contribute to better utilization of infrastructure with the help of technology. Consumers can put their vehicles on charging while they go shopping or watch movies. Equipping commercial projects with robust EV infrastructure will reduce range anxiety, save time, and attract more customers. Developers will earn the reputation of being eco-conscious, modern, and inclusive of people who are environmentally responsible, modern, and tech-savvy. Integrating adequate charging points at residential and commercial establishments will ensure more people buy electric vehicles, thereby reducing the carbon footprint to a significant extent.
The government is encouraging EV adoption with various incentives and subsidies. The EV market is witnessing an upward trend and subsequently, the need for EV charging infrastructure will increase. By including EV charging infrastructure in their design layout, developers can stand out from the competition and more importantly establish their brand as environmentally responsible. EV adoption will accelerate only if there are EV charging stations to support EVs. Developers are getting increased inquiries from buyers regarding EV charging facilities at their residential and commercial establishments. Installing EV charging stations can also be a huge support for gig workers as they can reduce carbon emissions and save money on fuel, especially for logistics operations like last-mile deliveries.
EVFLO Mobility is an EV charging station company in India that specializes in EV charging installation for residential, commercial, and outdoor EV charger installation. Get in touch with us today for customized EV charging solutions.
