Future Group powers up funding for EV chargepoints in flats

On 2 February, the Government announced a £20M cash injection to boost the number of on-street chargepoint for electric vehicles (EVs). As we get closer to the cut-off point for sales of ICE vehicles and more of us go electric, provision of more chargepoints is great news for people living in houses. But flat owners need to charge their vehicles closer to home and it’s not always easy to persuade landlords to invest in car park EV infrastructure until there is buy-in from a majority of residents.

Other issues for blocks include:

  • The need for power upgrades
  • Management of cable infrastructure, chargepoint installation and billing
  • Lease issues around parking space allocation and service charges
According to our Group director, the major hurdle to overcome is the big financial outlay when residents want to get an apartment building up and running with EV infrastructure.

Funding

Funding is a big issue for blocks of flats for two reasons. First, the investment required to install EV chargepoints is around £2000 per parking space, so landlords are reluctant to fund EV projects upfront. And second, because of the way that service charges are split between residents.

fully-financed and maintained solution

When it comes to EV charging, apportionment is just not possible in the same way that the service charge can be split according to the floor area of a flat. Car one might be a taxi clocking up thousands of miles each week, whereas car two may just be used to pop to the shops on a Wednesday. How can that usage be fairly divided and the cost allocated to the service charge?

With more than two years’ experience in the EV infrastructure sector, the Future Group has found a simple solution to the problem. To break the log-jam and make take-up easy and cost-free for block owners, the company is now able to offer a fully-financed and maintained solution supported by a new finance partner. This allows flat owners to completely by-pass their service charge – and there is no charge to the landlord either.

Sounds too good to be true? Well here’s how it works. From February 2021, the Future Group is rolling out an exciting fully-funded charging solution for apartment buildings. EV chargers can be pre-cabled in block parking spaces, encouraging residents to easily switch to electric vehicles hassle-free.

The Tech Talk

Installation and maintenance of dedicated 7.4kw chargepoints with RFID or app-based control plus technical support comes via a range of unlimited charging bundles that start at £79 per month. There is also a PAYG option, which can be used for additional users such as guests and friends. Whichever option is chosen, users get a wide range of digital charging management features such as scheduling, access to green energy tariffs, network roaming, and remote HVAC control. Residents simply pay a one-off initialisation fee to cover the cost of installing and commissioning their own charger.

Future believes that block car parks will be more than half full of electric vehicles charging by the end of the decade. And they are not the only ones. There is now plenty of evidence to show that future-proofing blocks for EV charging has a positive impact on both desirability and property values. It is clearly a factor that buyers and renters will increasingly take into consideration as the UK continues its journey towards zero emissions transport.

To find out more, contact Future Group