How to Prepare Your UK Real Estate for the Emerging Electric Vehicle Market?

An exciting revolution is underfoot in the UK’s transport sector. The sales of electric vehicles (EVs) are surging, and it’s not just the auto industry feeling the impact. As a property owner, you might wonder how this seismic shift will affect you. Will you need to adapt your real estate to cater to this fast-growing market? This comprehensive guide is here to help you navigate the electrification of the auto market and ensure your property stays ahead of the curve.

Understanding the Electric Vehicle Market

Before diving into how best to prepare your real estate for the emerging electric vehicle market, understanding the industry’s dynamics is fundamental.

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In the past decade, sales of EVs have skyrocketed. Given the increasing focus on sustainable transport, it’s no surprise that demand for these vehicles is burgeoning. Coupled with the UK government’s 2030 ban on sales of new petrol and diesel cars, it’s clear that EVs represent the future of transportation.

Statistics reveal the electric transformation. According to data generated by the Society of Motor Manufacturers and Traders (SMMT), 2020 saw a record-breaking 108.2% increase in battery EV sales. EVs now account for more than 10% of all new car sales.

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This trend is set to continue, with experts predicting that by 2030, there will be around 10 million EVs on UK roads. As the market grows, so does the need for related infrastructure, particularly charging stations – an aspect that will undoubtedly have implications for the real estate industry.

The Importance of Installing EV Charging Stations

As an increasing number of EVs hit the road, the demand for charging stations grows. For real estate owners, this presents an exciting opportunity.

Installing an EV charging station on your property can add value in several ways. It can increase the property’s appeal to potential tenants or buyers, potentially boosting its value. Not only that, but offering charging facilities can also generate additional income.

EV charging provider Virta notes that an average charging session lasts about two hours, and with the cost of a charging session typically around £5, there’s clear potential for profit.

When considering installing charging stations, you’ll want to think about the width of the parking spaces. Standard parking spaces are often too narrow for the charging cables to reach comfortably, so wider spaces can be a significant advantage.

Adapting Residential Properties for EV Charging

If you own residential properties, preparing for the EV revolution involves considering the practicalities of home charging.

Most EV owners prefer to charge their cars at home, primarily due to the convenience. As such, having an EV-compatible electrical system can be an attractive selling point for potential buyers or tenants.

For homeowners, charging an EV at home is as simple as plugging it into a standard electrical outlet. However, this type of charging, often called ‘trickle charging,’ can take a long time – up to 24 hours for a full charge. Many homeowners choose to install dedicated EV charging points, which can charge a car much more quickly, often in just a few hours.

If you’re considering installing a dedicated EV charger in a residential property, keep in mind the placement. The ideal location would be in a garage or near the driveway.

Commercial Properties and EV Charging

Commercial properties have a unique set of challenges and opportunities when it comes to preparing for the EV market.

Many businesses are keen to show their commitment to sustainability, and providing EV charging points for employees and customers can be an effective way to do this. Businesses can also benefit from government grants available for the installation of EV charging points.

However, the sheer number of vehicles that might need charging at a commercial property can present challenges. If you own a commercial property like an office complex or shopping centre, you’ll need to consider how many charging points will be needed, how they’ll be managed, and how the cost of the electricity will be covered.

Navigating the Technical Aspects of EV Charging

While preparing your property for the EV revolution may seem complex, understanding a few key terms can make the process much more straightforward.

Firstly, ‘Level 2’ charging stations are the most common type found in homes and businesses. These units require a 240-volt outlet – the same kind used for a clothes dryer or oven – and can typically charge an EV in about three to eight hours.

Secondly, the ‘Electric Vehicle Supply Equipment’ (EVSE) is the hardware that delivers electrical energy to the vehicle. This term often gets used interchangeably with ‘charging station’, but technically, the EVSE is just one component of the charging system.

Finally, the ‘connector’ is the part of the charging cable that plugs into the vehicle. There are several types of connectors, but the most common in the UK is the Type 2 connector, compatible with most EVs on the market today.

Whether you’re a homeowner or a commercial property owner, the rise of the EV market presents opportunities and challenges. By understanding these trends and how they impact real estate, you can ensure your property is well-prepared for the future of transportation.

Strategies to Implement EV Charging Stations

To successfully implement EV charging stations in your property, you’d need a well-thought-out plan. The requirements for installing EV stations vary, depending on the type of property you own – residential or commercial.

Firstly, evaluate the available space in your property. As mentioned earlier, the width of the parking spaces should be sufficient for the charging cables to reach comfortably. Suppose you are dealing with a residential property. In that case, the ideal location for installing the charging station would be the garage or near the driveway. Commercial properties, on the other hand, require a larger number of charging points to cater to the number of employees and customers.

Next, consider the type of charging stations you’d want to install. Level 2 charging stations are widely used in homes and businesses. They require a 240-volt outlet, similar to those used by ovens or clothes dryers, and can charge an EV within three to eight hours.

Moreover, familiarize yourself with the Electric Vehicle Supply Equipment (EVSE), a vital component of the EV charging system. This is the hardware that delivers electrical energy to the vehicle. The EVSE is often used interchangeably with ‘charging station’, but this is a common misconception. The connector is the part of the charging cable that plugs into the vehicle. Most EVs in the UK use the Type 2 connector.

Lastly, ensure that you have a user-friendly submenu item for EV charging options on your property’s website or app. This will allow potential tenants or buyers to easily find information about your property’s compatibility with EV charging.

Conclusion

In the wake of an electric revolution, the UK’s property market is presented with both opportunities and challenges. By adapting to the emerging EV market, property owners can increase their property’s appeal and generate additional income.

Whether you are a homeowner or a commercial property owner, preparation is key. By understanding the technical aspects of EV charging, you can adapt your property to cater to the increasing number of EVs on UK roads.

To conclude, the growth of the EV market is an unstoppable force, and it’s up to real estate owners to adapt to this change. By integrating EV charging stations into your property and balancing the cost and benefits, you can ensure your property does not just survive but thrives in the face of this transportation revolution.