Enhancing your property Value via Electric Vehicles Chargers
Electric Vehicles are the in thing in Singapore in 2022. With the Government's lead agency, LTA - Land Transport Authority taking the lead to encourage consumers to switch to Electric Vehicles by increasing the number of charging points in the city-state,
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FUNDING FOR ELECTRIC VEHICLE CHARGING
With 20% of affluent individuals residing in Landed Homes and Condominiums, the Land Transport Authority (LTA) is pioneering the provision of grants to condominiums aiming to install electric vehicle (EV) chargers.
The majority of the funding is accessible for Management Corporations Strata Title (MCST) to leverage through LTA's Electric Vehicle Common Charger Grant (ECCG). This grant enables owners to reclaim up to $4,000 per charger installation.
The grant will be allocated to non-landed private residential properties on a first-come, first-served basis, with a cap of 2000 chargers or until December 31, 2023, whichever comes first. The ECCG aims to incentivize MCSTs to incorporate electric vehicle charging points in their condominiums.
According to the ECCG guidelines, funding may cover the installation of smart chargers for up to 1% of residential parking spaces, rounded up to the nearest whole number. This initiative is designed to spur the deployment of chargers in numerous residential complexes.
Before commencing the EV charger project and submitting an application to LTA, obtaining a mandate from the owners' general body is imperative, typically through passing a special resolution at either the Annual General Meeting or an Extraordinary General Meeting.
Previously, EV charger vendors typically offered a 5-year contract to MCSTs, necessitating a 90% approval in an AGM resolution. However, with the LTA grant, vendors are now providing a 3-year contract requiring only a 75% approval, classified as a Special Resolution.
It is anticipated that electric vehicle charging points in condominiums will become commonplace over time, and the LTA grant will be fully utilized upon reaching 2000 installations or by December 31, 2023, whichever milestone is achieved first.
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