Change can be difficult to embrace.
It took a full-blown pandemic for employers worldwide to begin accepting that remote work arrangements and flexible working hours can be feasible. While requiring workers to be physically present in offices was a rarely-challenged norm pre-Covid, hybrid work is now seen as the widely-accepted future.
In time to come, the same transformation will be observed in the automotive industry. Already, the winds of change are blowing – automakers like Bentley and Mercedes-Benz are committing to hybrid- or electric-only fleets in the coming years.
At the same time, governments like Singapore’s have set goals to phase out internal combustion engine (ICE) vehicles and expand on its electric vehicle (EV) infrastructure.
Property managers too will play a key role in the EV landscape as the industry expands. As EVs start populating the roads, the need for EV chargers will only increase. And properties – whether they are retail, industrial, commercial, or residential – are prime land for these chargers.
As property managers, it’s time to hop aboard or be left behind. But it’s not just about chasing trends – installing EV chargers can have real and tangible benefits for them as well.
Generate revenue with EV chargers
Owning an EV charger helps property managers generate revenue in numerous ways.
Firstly, having an EV charger can encourage more patrons to visit and spend time at the property. This is especially beneficial for retail properties like malls.
A supercharger can charge a vehicle in approximately 15 minutes, while normal chargers can take three to four hours. This means additional time customers spend browsing, and a higher likelihood of them spending on products and services within the properties.
Research has also found that EV owners are wealthier than average, which may mean a higher spending power.
Finally, EV drivers pay a fee to charge their vehicles, much like how car owners today pay to pump gas at the station. As the owners of an EV charger, property managers stand to earn from these charging sessions.
Positive branding and reputation
Supporting the EV cause showcases a property’s commitment to sustainability, an issue at the forefront of people’s minds these days.
A survey by the Institute of Policy Studies released in February 2021 found that a majority of Singaporeans believe environmental protection should be prioritised over economic growth. Consumers are also more likely to purchase from brands which align with their values.
Additionally, EV charging stations may also help your property obtain environmental accreditation, which can improve the reputation of a property. Research has found that real estate developments in Singapore with green certification tend to be seen as more valuable than those without.
How property managers can reap the full benefits of EV chargers
While the benefits are definitely there, is it worth the cost of installing and maintaining these chargers?
Well, the costs may not be as high as you think.
First, the Singapore government is keen to expand the local EV infrastructure, and has launched the EV Common Charger Grant (ECCG) as part of these efforts. The ECCG will cofund the costs of 2,000 EV chargers in condominiums and private apartments with subsidies of up to $4,000 per charger.
Additionally, Watt helps residential property owners defray initial installation costs through its lease-to-own programme. This scheme allows property owners to lease EV chargers for 36 months while enjoying shared profits with Watt. Subsequently, ownership is transferred to the property and they enjoy the full profits – totalling approximately S$5,000 annually per charger!
Beyond monetary cost, Watt also helps with the logistical and administrative aspects of managing chargers through its Watt360 programme. The Watt360 programme provides property managers with a seamless EV charging experience by handling all the work so you can enjoy the perks.
It covers everything from EV charging hardware and maintenance, to customer service and billing. Watt also handles chargers from other brands if properties already have chargers installed, but don’t want the fuss of day-to-day management.
There is no better time than now for property managers to join the EV movement. While the government is providing incentives and the EV charging market is yet to be saturated, properties with EV chargers have the opportunity to stand out from the crowd.
Learn more about how Watt can help you become owners of your very own EV chargers, with all the perks and none of the work. Contact us today at firstname.lastname@example.org