The winds of change are blowing through the automotive industry and it’s clear that electric vehicles (EVs) are here to stay. In New South Wales, EVs represented 8% of new car sales in the first half of 2023 and that number is only expected to rise. With this shift in the automotive landscape, there’s a growing need for apartment buildings to adapt to the EV revolution.
In NSW, approximately 15% of the population resides in apartment buildings with nearly 84,000 strata schemes. Recognising the importance of this transition, the NSW Government has initiated a significant step to support apartment buildings in becoming EV ready. They’ve set aside $10 million in funding to co-fund the assessment and installation of EV infrastructure upgrades. This funding is available through the EV ready buildings grant.
The Road to EV Readiness
So, why invest in EV charging infrastructure for apartment buildings? Firstly, it provides residents with the necessary infrastructure for EV charging. With a growing number of people turning to EVs, having convenient access to charging at home is becoming an expectation.
Moreover, making your apartment building EV ready can increase the appeal of your rental properties. As more individuals opt for EVs, they’ll naturally gravitate toward living in buildings that cater to their charging needs. By taking this step, you can make your property more attractive to a broader pool of potential tenants.
Finally, investing in EV infrastructure promotes equitable access to EV technology. It’s a step toward a more inclusive and sustainable future.
Understanding the EV Ready Buildings Grant
The EV ready buildings grant is divided into two stages, each serving a unique purpose in making your apartment building EV ready.
Stage 1: Feasibility Assessment
In the initial stage, apartment buildings are co-funded to conduct feasibility assessments for the installation of EV charging infrastructure. The process begins with the applicant contributing $2,000 (ex GST), which is paid directly to an independent consultant chosen by the NSW Government. After the assessment is complete, the government subsidises the remaining cost of the feasibility assessment.
If an applicant has previously conducted their own feasibility assessment before applying for the grant, the NSW Government will review it at no cost to determine its suitability for a stage 2 grant. If the existing assessment is deemed unsuitable, applicants may apply for a new co-funded feasibility assessment.
Stage 2: Installation of EV Charging Infrastructure
In the second stage, apartment buildings receive co-funding to install EV charging infrastructure. The NSW Government covers 80% of the cost for retrofitting electrical infrastructure to make the building EV ready (capped at $80,000 ex-GST per application).
This includes essential upgrades like load management systems, electrical cabling, residual-current devices, switchboards, distribution boards, circuit breakers, electrical surveys/load management assessments (if further assessment is needed after the initial stage 1 assessment), open charge point protocol (OCPP) management systems, network upgrades and more.
Funding may also extend to cover up to four chargers per site, placed in common property areas to ensure convenient access for all residents.
In addition, the NSW Government offers to co-fund 50% of the cost for software subscriptions related to load management and shared charger billing usage capabilities for two years (capped at a total value of $1,200 ex-GST per application). This feature is optional.
Applicants are eligible to apply for a stage 2 grant upon successfully completing a stage 1 grant. It’s important to note that stage 2 grants are not available to applicants who have not completed stage 1.
For more detailed information and a comprehensive overview, you can visit the official NSW Government website.
Empowering the Future of Energy and Mobility with Strata Choice
At Strata Choice, we’re committed to staying ahead of the curve and delivering the best solutions for our clients. That’s why we’re thrilled to collaborate with Strata Energy Services, a key partner in helping apartment buildings achieve EV readiness.
Leveraging decades of experience in energy retail and strata management, Strata Energy Services has successfully saved clients over $21 million in energy costs since 2018. Their expertise in providing optimal advice and price comparisons for energy-related matters has made a significant impact as an Australian-based business with a national operation and covering an extensive portfolio of over 32,000 buildings. Their extensive reach enables us to provide tailored solutions to meet the diverse needs of our strata clients across NSW.
As the energy and sustainability landscape continues to evolve, Strata Choice is here to guide you every step of the way. Contact us today to learn more about our services and how we can assist your Owners Corporation in achieving EV readiness and optimising energy management. Together, we can embrace the future of energy and mobility.