The UK Government has committed to eliminating the sale of fossil-powered vehicles by 2035 and building a strong EV charging network, including home charging. By the end of this year, we will see a 20% increase, at least, in electric vehicle sales, not accounting for plug-in hybrids. This is a clear shift in consumer sentiment and a sign that the switch towards electric vehicles is unlikely to change.
In addition, demand is only likely to be spurred due to recent announcements by two of the largest OEMs, Stellantis, and Nissan making further commitments to the UK market. Nissan has announced a £1 billion investment to include battery manufacturing, whilst Stellantis will open its first dedicated EV factory.
As consumer adoption of EVs rises and the federal government focuses on incentivising EV charging for rented and rental properties, now is an opportune time for landlords to invest in smart EV chargers, like Wallbox’s Pulsar Max and futureproofing their investment properties.
Take advantage of government incentives
Building a network of smart home EV chargers is a priority for the UK Government. To help spur the industry forward, the Office of Zero Emission Vehicles (OZEV) has specified three types of grants for residential users, two of which directly benefit rented and rental properties. Tenants renting a flat can apply for current EV charging grants, but also landlords for flats and houses with off-street parking. This was eliminated for owner-occupier houses in April 2022. The current grant covers up to 75% of the cost to buy and install a charge point socket, up to £350 per grant. So far, the Electric Vehicle Homecharge Scheme has supported over 177,063 domestic installations across the country.
Attracting and retaining tenants
As demand for EVs grows, prices for new EVs drop and second-hand vehicles enter the market, we can only expect smart home chargers to become an expectation rather than a perk for tenants. As the market grows, having smart EV charging available will help retain tenants in properties. Wallbox says that it is aware that 80% of EV charging happens at home, meaning EV drivers prefer to charge at home and they expect to.
Aside from the convenience of home charging, there are also financial incentives for making home charging accessible to tenants. Some industry experts suggest that consumers could save £230 a year simply by charging their car off-peak, which can be scheduled through platforms such as myWallbox.
It is also possible that tenant access to smart EV charging will become a national standard. In 2019, the Government began consultation on introducing a requirement for charging infrastructure to be built into all new homes. If passed, England will become the first country in the world to mandate electric charge points in all new homes – further driving demand from tenants in both new and existing rental properties.
Now, the UK produces over 50% of its power from low carbon technologies, ultimately helping green the lifecycle emissions of EVs. There are clear environmental benefits for installing smart home charging units, like Wallbox’s Pulsar Max, that can charge with self-produced solar energy but can also prioritise charging with more sustainable energy both by charging when it is cheapest – which usually aligns with when it is also greenest – and by tapping into utility run demand response programs like Octopus’s Intelligence Octopus Go Tariff.
Smart charging allows drivers to shift charging to periods of lower overall demand for electricity, like overnight, or high renewable generation like windy or sunny weather – ultimately contributing to a greener UK.
Future-proof your investment properties with Pulsar Max
Pulsar Max is Wallbox’s future-proofed smart charger from its best-selling product line, Pulsar. Pulsar Max is IK10, meaning it is designed to withstand indoors and out. In addition, it has advanced intelligence offering the smart charging features of today, but future-proofed for software upgrades of tomorrow. It is available through all good installers and distributors.