Humans have exhausted fossil fuels for centuries now, and the demand for resources has increased drastically owing to the rise in population. This has led to the extinction of many species, and the destruction of ecosystems, and it has also jeopardized the livelihoods of innocent people. It comes as no surprise that sustainability in all fields has been dubbed a necessity now.
India has witnessed a massive surge in the growth of electric vehicle charging infrastructure but it is still not adequate:
The electric vehicle market in India is expected to grow at a CAGR of 43.13% from 2019 to 2030 and the government is looking to meet the infrastructure demands by making more charging points in both public and semi-public areas with a primary focus on residential EV charging.
Just taking a look at the past couple of months, the metropolitan cities in India have witnessed a 2.5-fold growth in the number of charging stations. This has led to more customers switching to electric vehicles and has also created an entirely new market segment, one for residential EV chargers.
The Delhi government has done a great job of promoting EVs by offering initiatives such as 5% of reserved parking space exclusively for EVs and ensuring that they are provided the necessary charging facilities. The government has also launched the residential EV charging guidebooks, which encourage all residential societies to set up EV charging on their premises and promote them while raising awareness.
As per Statiq, over 80% of electric vehicle owners charge their cars at home, here are a couple of reasons why residential EV charging should be made a priority for metros in India.
- Convenience and Compatibility:
If EV chargers exist onboard residential premises, it will lead to not only the convenience of charging electric cars at home but will also boost the morale of those who are looking to buy EVs in the near future. In addition to this, getting a home charger that is compatible with your EV makes it easier in comparison to search for a public charger along with the respective brand of your EV.
2. Cheaper
Residential EV charging is relatively inexpensive in comparison to public charging as instead of paying for electricity from a third party, you will be drawing power from your own power grid. You can also choose an affordable home charging station depending on your financial situation. Residents also get the option to hook this home charging station up to a sustainable and cost-effective renewable energy source such as a solar panel.
3. Social Benefits
Public awareness will automatically increase once the infrastructure point of view is addressed. If residential areas have EV charging stations, it will lead to the public understanding of the need for reducing overall emissions which in turn will lead to cleaner air, and a lower carbon footprint.
4. Rise in property value and creation of an asset
Since the EV boom has just begun, as years go on, the demand for the same will just go up, and charging stations will become a necessity rather than a want. Buildings with charging facilities will be valued at a higher price than those that lack them, the facility would attract a lot of clients and it can also be rented out which will result in the creation of an alternative mode of income.
5. Improved goodwill
Any society or residential welfare association with a proper EV charging infrastructure in place will earn a good name. This makes societies more environmentally conscious.
In India, it is more important than ever to take a page from the book of other countries such as the Netherlands which is the leader in terms of the number of EV charging points with nearly 75,000 public charging stations and over 1,90,000 people having their charging facilities at home.
The government achieved this through collaborating with different stakeholders and by adapting a demand-driven approach, along with a primary focus on local mobility programs. In addition to this, the nation is looking toward the ‘Smart Charging for Everyone’ initiative which involves the installation of low-voltage home charging solutions. The increase in demand for EVs depends on the availability of charging solutions and the ease of access to them.
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