With the uptick in EV sales, the electric vehicle (EV) market is expected to grow at a CAGR of 43.13% from 2019 to 2030
In the last few months, India's metro cities have seen a 2.5-fold increase in the number of EV charging stations
In this article, we will discuss the five major reasons why residential EV charging should be a priority for Indian metro cities
Human demand for resources has increased over time, hastening extinction, destroying ecosystems, and jeopardising people’s livelihoods, making sustainable construction and sustainable mobility essential.
With the uptick in sales, the electric vehicle market is expected to grow at a CAGR of 43.13% from 2019 to 2030. The government intends to meet infrastructure demand by deploying charging points in both public and semi-public areas, with a focus on residential EV charging.
In the last few months, India’s metro cities have seen a 2.5-fold increase in the number of EV charging stations. This has not only accelerated its adoption in the country but has also created a market for residential EV chargers. The Delhi government sets a good example with initiatives such as requiring residential institutions to reserve 5% of their parking space for EVs and providing suitable chargers. Additionally, the Delhi Government launched the residential EV charging guidebook, to encourage all residential societies to adopt EV charging on their premises, promote them, and raise awareness.
According to Statiq, more than 80% of EV owners charge their vehicles at home. In this article, we will discuss the five major reasons why residential EV charging should be a priority for Indian metro cities.
Pros Of Residential EV Charging
Convenience & Compatibility
The presence of EV chargers within residential premises not only provides residents with the convenience of charging their electric vehicles at home but also boosts confidence among people who are considering purchasing it in the future.
Furthermore, purchasing a home charger compatible with your EV is easier than searching for a public charger compatible with your EV’s brand and battery capacity.
Residential EV charging is less expensive than public charging because, instead of purchasing electricity from a third party, electricity from the available residential grid can be used. People can also choose an affordable home charging station based on their budget and needs. Additionally, residents can connect their home charging station to a sustainable and cost-effective renewable energy source, such as a solar panel.
The presence of EV charging stations in residential areas will not only raise public awareness, but will also benefit the environment by contributing to the zero-emissions target, cleaner air, and a lower overall carbon footprint.
Increased Property Value And Source Of Additional Income
As demand grows in the coming years, the availability of EV charging stations at residential properties will become a standard amenity, potentially leading to increased property value. This facility will help attract potential clients, retain property owners and tenants, and will be a value-add for the residents. Additionally, home EV chargers can act as a source of additional income in cases where the owner wants to rent out the charger.
Boosting Image Of RWAs And Societies
The presence of residential EV chargers improves the green image of societies and RWAs, allowing future generations to reap these benefits and become more environmentally conscious.
It is critical for a country like India to learn from other countries, particularly the Netherlands, which has the largest number of EV charging points with approximately 75,000 public charging stations and over 1,90,000 people having their charging solutions at home.
This was made possible through collaboration among various stakeholders, the government’s demand-driven approach, and a focus on local mobility programs. Furthermore, the country is focusing on the ‘Smart Charging for Everyone’ programme, which involves the installation of low-voltage home charging stations.
Finally, the reasons mentioned will not only accelerate the EV home charging wave in major cities but will also gradually expand home charging solutions to other cities.