Government legislation now requires all new commercial buildings, as well as homes and property undergoing major renovations, to install electric vehicle (EV) charging points.
More Brits bought an EV last year than in the previous five years combined, and roughly seven million UK drivers will make the switch to electric in the next decade. With the ban on the sale of new petrol and diesel cars coming into force in 2030, adapting our buildings for EV charging was never a question of ‘if’ but ‘when’.
Some landlords will need to foot the bill for these chargers, but it is ultimately good news because their properties will become more eco-friendly, relevant and sought after.
Companies looking to rent a property will want one that appeals to as many employees and customers (both current and future) as possible. Offering free charging is a nice perk and is especially relevant when a large proportion of UK homes do not have a driveway or garage and so cannot charge their vehicles at home. Businesses will increasingly pay a rental premium to help attract these people and get an edge over their competition.
Businesses themselves are also under increasing pressure to reduce their carbon footprints. If their CSR policies are based on sustainability, the absence of an EV charger might undermine brand trust. This could be damaging, for example, if they are looking to attract the younger, sustainability-conscious Gen Z.
It is true that not all businesses will see the direct appeal in having an EV charger on their premises. But savvy landlords can still benefit by renting their charger out to passing EV drivers by using apps like JustCharge or Co Charger.
Installing EV chargers demonstrates a proactive approach to innovation and a modern culture. Those landlords that embrace this will reap the benefits and those that do not will get left behind. Change is coming, and it pays to be ahead.
Charlie Cook is founder of charging intermediary Rightcharge