Electric vehicles have monopolized America, and California is leading the way. Companies such as Tesla, Chevrolet, Nissan and Acura are taking over vehicle purchases with incentives to back them up. Established as five percent of new car sales, there are nearly 315,000 electric vehicles on the road, 75,000 in the Golden State alone. Already a pro-green state and desperately looking for ways to reduce our greenhouse gas emissions, California is seeking new ways to benefit those with electric vehicles. These ideas include increasing the rebate offer from $2,500 to $10,000 for an electric car purchase, making your new environment-friendly car cost the same or less than the gas guzzling option. Not only are there perks for purchasing an electric vehicle, but California is considering banning the sale of new gas-powered car altogether. This may send your head spinning over the loss of your favorite car brands, but many of the luxury automobile makers are joining the EV trend like Acura, BMW, Jaguar and Land Rover.
These changes in automobile allowances and perks obviously affect auto sales, but what about real estate? In a survey, EV owners said they would feel most comfortable charging their vehicle at their residence, foregoing the battle for a spot at public charging stations. Although “the California Public Utilities Commission has unanimously approved a pioneering program that will deploy 1,500 charging stations for electric vehicles (EVs) in Southern California Edison’s service territory,”1 how will the real estate market combat those who aren’t into searching for charging stations near their location, and are specifically looking for an in-home charge for ease and convenience? It is being said, that the new American dream will include an electric vehicle charging station in the amenities section of its property description.2 An added benefit to having your own charging station is that utility companies will offer tax incentives and rebates so you don’t have to deal with the spike on your electricity bill, not to mention the convenience of charging your car overnight so it is ready in the morning.2
Could charging stations for electric vehicles be a new luxury amenity that makes an instant sale of a home? It seems the city of Fremont in Northern California, where Tesla was born, thinks so. They have implemented a new law, requiring their new home projects, existing apartment complexes and commercial real estate to all include charging stations.2 According to the EV charging company SemaConnect, many new home construction projects in California will carry out this trend, including a charging station as an amenity with the new real estate it produces. So far, this has only directly affected Northern California, but many are hoping the Southern parts follow this rapidly growing movement.
In Southern California, companies such as ChargePoint and Tesla are building charging stations throughout Orange County and Los Angeles to better accommodate EV owners. That still leaves people vying for those coveted public spots as the popularity of electric vehicles grows. Battling the charger congestion and revolving your day-to-day life around where you can find the next charging station is still not ideal for electric vehicle owners. The convenience of having an at-home charging station is being noticed, and yes, you can purchase your own EV charger online for around $600, but when it comes to buying a new home, how convenient would it be to have it already included?
So far, in Southern California, we are seeing apartment buildings being required to include a charging station by the Edison Charge Ready Program. As more laws are executed in the already dynamic push towards using electric cars here in California, it seems the luxury real estate market will be forced to sustain these accommodations for luxury home buyers providing their very own EV charging station in the blueprints. Only time will tell as electric vehicles take over the automobile market, and the demand rises for these environmental-friendly cars.
Soucres:
http://www.latimes.com/business/la-fi-hy-electric-vehicle-subsidies-20170828-htmlstory.html
https://www.inman.com/2017/10/04/electric-cars-are-forcing-real-estate-to-change-gears/
Image from MotorTrend
