Saving Money and Environment: Top 5 Benefits of Installing EV Charging Station at Residential Property

Electric vehicles have become a popular mode of transport as the global population shifts towards sustainable solutions. The increase in the adoption of electric vehicles has driven the need for EV charging stations for residential communities. The global EV charging station for residential market size was $5,376.00 million in 2022 and is predicted to reach $101,035.80 million by 2032. There are several benefits of having EV charging stations for communities which include larger social benefits apart from ease of reach and cost effectiveness. Let’s explore some of the benefits of EV charging stations.

5 Benefits of Installing EV Charging Station

Convenience & Flexibility

The greatest convenience of having an EV charging station at home is that owners can utilize downtime for charging their cars. This reduces their range of anxiety, i.e., the fear of running out of battery while driving. Owners can conveniently charge their vehicles, ensuring the cars always have enough charge for their journeys. Having an EV charging station installed at home also saves one from driving long distances to a public charging station and eliminates the waiting time for charging. Companies like Regeny offer smart, simple EV charging stations for residential spaces to set up the infrastructure for electric vehicles, motivating a seamless shift to sustainable electric mobility.

Customization of Charging Speed and Type

When kept in residential space, EV charging stations can be personalized according to the user’s necessity. Chargers capable of both level 1 and level 2 charging may be installed to customize the speed and type of charging. Level 2 uses a 240-volt power supply offering faster charging, while level 1 offers a charging speed of 3.3KW to 19.2KW. This type of charger, called the dual level or hybrid charger provides greater flexibility and convenience based on specific needs and timing availability. On regular days, the chargers can be set to level 1 for overnight, slow charging.

Cost Saving & Safety

Installing an EV charging station at the residence is cost-saving and safe. According to Ecogears, the cost to set up level 1 AC chargers with a power output of 3.3kW is between Rs. 13,000 to Rs. 75,000 including installation and software. Level 2 AC charges with a power output of 7.5 kW and costs around Rs. 55,000. Qmerits, CarZone, Tata Power, Compleo, Wallbox, Allego, Naas Technology, and others have helped home and property owners install EV charging stations across various locations in the world. The home charging stations are safe as they can process higher loads of energy safely, designed to be weather and impact-proof. Furthermore, the connectivity functionalities offer smart charging features while protecting privacy and security. However, an RFID (radio-frequency identification) card is essential to stop the chargers from being misused.

Increased Property Value

Installing EV charging stations at condominiums and residences increases the value and appeal of the property to the growing number of electric vehicle drivers. There are many states in North America that have “Right to Charge” laws that mandate EV charging stations to be installed in parking lots. According to a study by realtor.com in 2019, properties with EV charging stations have median listing prices which is 2.6 times higher than the rest of the country. A 2020 National Multifamily Housing Council reflected that nearly a fourth of renters are not willing to rent without charging stations.

Predictability

Unlike the frequently fluctuating gas prices, the electricity rates do not change often. In a public station it is difficult to scale the pricing, while at residences, one can easily figure out the rate of the utility charges and calculate the cost by the rate of charging. Additionally, there is hardly any risk of being stuck anywhere due to a lack of charging stations. A level 1 charge can be used for any 120-volt house outlet, which will add 5 miles per hour. So, in the morning after a whole night’s charge, one can easily predict the mileage based on the distance to be traveled.

End Note!

Apart from advantages like battery optimization, and creating a resilient local grid, proximity, and value addition, the EV charging stations at residencies contribute to the larger goal of environmental justice. Having easily accessible charging stations encourages consumers to buy electric vehicles more confidently, thereby enhancing community building and commitment to sustainable living.

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About the Author(s)

     

Pooja Parvatkar

Pooja is an accomplished Editor with almost 6 years of experience in editing and a Master’s degree in analytical chemistry from the Mumbai University. She started off as an academic editor in one of India’s first and largest language solution provider companies. Post her rewarding tenure there, she further went on to pursue the role of a content development editor with a UK-based publishing house and worked in proximity with some of the IT biggies from around the world and published 8 books in a span of 10 months. Pooja currently handles the content and editing team at a market research company in Pune, India. Apart from her career in editing, she has been a professional dancer and specializes in Jive, Salsa, Waltz, Bollywood, Indian Folk, Belly Dancing, Dancersize, and Semiclassical.