The Electric Vehicle Wave!

The Electric Vehicle Wave!

Current trends = Future gains

Electric vehicles are gaining popularity in Alberta, and condo owners and prospective buyers are asking for the installation of charging stations (EVCS) in their communities. EVs are a growing trend and offer several benefits to the condo community. This includes modernizing your condo, increasing property values, helping owners sell their condo units faster, managing energy usage and costs, and most importantly, helping achieve property sustainability goals.

Municipalities in Canada are taking proactive measures to facilitate the adoption of electric vehicles by mandating the installation of EV charging infrastructure in parking lots. In Richmond, BC, Bylaw 8500 mandates that all parking spaces in new buildings constructed after April 2018 must have outlets capable of Level 2 charging. Similar regulations are being introduced across Canada, so it is important to stay updated with these municipal requirements. Whether you own an established property or a newly constructed one, recognizing the importance of EV chargers can enhance your property’s value and competitiveness.

Canada has a forward-looking plan for electric vehicle adoption with a projection of 60% of vehicle sales to be electric by 2030 and a full transition by 2035. Properties that install EV chargers now are strategically positioning themselves to meet future mobility demands. By demonstrating adaptability and foresight, these installations ensure that spaces remain attractive and relevant.

EV Readiness

If you are considering installing an Electric Vehicle Charging Station (EVCS) in your condominium building, you must review your infrastructure. Here are a few steps that can help you make the right decision.

  • Consider hiring a professional EV installation company to evaluate your needs and determine whether an EV charging system is appropriate for your condo. It doesn’t cost anything to talk with them. Speaking with a professional can help you access financing options that make the project feasible, receive industry-leading advice on incentives, and make the installation process more manageable.
  • Talk to a qualified electrician to determine whether your service panel can handle an EV charging station or whether a dedicated station can be installed at your condo building.
  • Speak with your energy provider to see if there are additional costs associated with an EV charging station for your condominium building.
  • If you’re planning to install an EV charging station, it’s essential to communicate the board’s intent to the unit owners. You can either call an informational meeting or send out a newsletter to ensure that the owners are fully informed about the process and the decisions being made. Communication is key in this process, and you don’t want to leave the owners in the dark when it comes to making significant decisions.

Before committing to an EVCS solution for your members, do your homework and talk to experts in this field to gain insights into electric vehicle charging stations.

Why miss out on an opportunity to improve your condo corporation’s bottom line!

Until next time, Maria Bartolotti, New Concept Management Inc.

This article provides a brief overview of EV Charging stations. It should not be considered legal advice, but strictly my opinion.