Enhancing your property Value via Electric Vehicles Chargers
Boosting Property Value with Electric Vehicle Chargers
Electric vehicles (EVs) have gained significant popularity in Singapore in 2022, with the government, particularly the Land Transport Authority (LTA), actively promoting the transition to EVs by increasing the number of charging stations throughout the city-state.
Funding for Electric Vehicle Charging
With 20% of affluent residents living in landed homes and condominiums, the LTA is leading the way by offering grants to condominiums looking to install EV chargers. Most of this funding is available for Management Corporations Strata Title (MCST) through the LTA's Electric Vehicle Common Charger Grant (ECCG), which allows owners to claim up to $4,000 for each charger installed.
The grant is available on a first-come, first-served basis for non-landed private residential properties, with a limit of 2,000 chargers or until December 31, 2023, whichever comes first. The ECCG aims to encourage MCSTs to add EV charging points in their condominiums.
According to the ECCG guidelines, funding can cover the installation of smart chargers for up to 1% of residential parking spaces, rounded to the nearest whole number. This initiative is intended to promote the installation of chargers in numerous residential complexes.
Before starting the EV charger project and applying to the LTA, it is essential to obtain approval from the owners' general body, typically through a special resolution passed at either an Annual General Meeting or an Extraordinary General Meeting.
Previously, EV charger vendors offered a five-year contract requiring a 90% approval rate in AGM resolutions. However, with the introduction of the LTA grant, vendors now provide three-year contracts that require only a 75% approval rate, classified as a Special Resolution.
It is expected that electric vehicle charging points will become commonplace in condominiums over time, and the LTA grant will be fully utilized once 2,000 installations are reached or by December 31, 2023
Extracted from LTA's ECCG grant
*The ECCG may co-fund the installation of smart chargers for up to 1% of residential car park lots, rounded-up to the nearest whole number.
Example 1: If there are 140 car park lots in a NLPR, 1% of 140 =1.4, rounded-up to the nearest whole number to 2. This means that 2 chargers will be eligible for co-funding.
Example 2: If there are 70 car park lots in an NLPR, 1% of 70 = 0.7, rounded-up to the nearest whole number to 1. This means that 1 charger will be eligible for co-funding.The ECCG is designed to catalyse deployment of chargers in as many NLPRs as possible. As such, the ECCG will only fund the installation of chargers for up to 1% of residential parking lots within each NLPR.
Read More about the EV Gant from LTA
