As more automakers enter the electric vehicle (EV) market, real estate developers and building owners may need to plan for overnight charging at apartments and condos. This could offer cost savings on electricity, with EV owners potentially saving up to 50% on electricity by charging from their parking spots overnight. As the costs of charging equipment decrease, it may become more cost-effective to install chargers across garages, and EVs may even be used as backup power generators. The auto marketplace may also move towards shared EVs, with Tesla CEO Elon Musk suggesting that Tesla cars will generate rideshare revenue for their owners while they’re at work.
In accordance with the latest findings of a report from CleanTechnica, the shift towards electric vehicles (EVs) could have a significant impact on real estate planning. As more automakers follow in Tesla’s footsteps and enter the EV market, the demand for overnight charging solutions at apartments and condos is likely to increase. This shift could offer cost savings on electricity and put pressure on building owners to provide charging services.
Anthony S. Wexler, a University of California–Davis Professor of Engineering and Air Quality, believes that garage charging solutions will become increasingly prevalent in apartments and condos. He predicts that these solutions may move away from a pay-as-you-go system, with residents gaining the ability to charge from their parking spots overnight. Wexler estimates that EV owners could save up to 50% on electricity compared to going to charging stations.
As the costs of charging equipment decrease over the next several years, Wexler expects it to become more cost-effective to install chargers across garages. This trend is likely to become more prevalent in apartments and condos, as building owners seek to attract EV owners to their properties.
Homeowners are also likely to benefit from decreasing prices for charging equipment, as well as the increasing availability of solar panels. In some states, homeowners may even be able to re-sell electricity back to the electrical grid during times of peak demand. Tesla’s Powerwall and Virtual Power Plant program in California are already enabling homeowners to do this.
In addition to these changes, Wexler predicts that EVs could also be used as backup power generators. The average Tesla stores around 75 kWh of electricity, which is enough to power most middle-class homes for just over three days. While Tesla’s cars don’t currently offer bidirectional charging, future iterations might, and certain EVs already include the feature.
Beyond real estate itself, the EV transition could also impact the auto marketplace as a whole. The concept of shared EVs is becoming increasingly popular, with Tesla CEO Elon Musk suggesting that the automaker’s cars will someday be able to drive with full autonomy, generating rideshare revenue for their owners while they’re at work.
Regardless of how the EV transition plays out, it’s clear that it will have a significant impact on how our society plans for and utilizes real estate development. Building owners and developers will need to adapt to the changing needs of EV owners, providing charging solutions that are convenient, cost-effective, and reliable. As the cost of charging equipment continues to decrease, it’s likely that EV charging will become more accessible and widespread, making it easier for people to transition to electric vehicles.
