According to the latest monthly vehicle population statistics from the Land Transport Authority (LTA), the number of fully electric private cars has been experiencing exponential growth. As of October 2023, there are approximately 10,426 fully electric vehicles (EV) on the road, constituting just 1.6% of the total car population of 649,786. The government aims for all vehicles to adopt cleaner energy by 2040, with plans to install 60,000 EV charging points by 2030 across public and private premises.
Securing a 90% approval in the Annual General Meeting (AGM) for the installation of electric vehicle (EV) charging stations in existing condos remains a challenge. Nevertheless, this proposal has become a recurring topic, particularly with the introduction of the Government’s Electric Vehicle Common Charger Grant (ECCG) in July 2021.
The ECCG encourages the deployment of chargers in non-landed private residences (NLPRs) by co-funding 50% of the upfront costs for electric smart chargers, with an overall cap of $4,000 per charger and a $1,000 cap for cabling and installation. This fund is allocated to 1% of residential parking lots within private condo buildings, meaning a 500-car park condo is eligible for 5 charger co-funding.
Are Existing Condos and New Launches EV Car Ready?
In light of the latest new launch developments in 2022 and 2023, the developers who won the tender are gearing up to offer both active and passive EV charging lots. This initiative is part of their preparation for a future-proof plan for EV Charging Infrastructure Provision.
Major electric charging providers like Charge+, SP Mobility, and Kigo report a notable increase in the installation of EV chargers in condominiums, as seen in developments such as Highline Residences, Commonwealth Towers, Thomson Three, and Sturdee Residences. Although a centralized database to record the total EV chargers in condo developments is currently unavailable, more condos are leveraging the government grant to make Singapore EV charging-ready. The ECCG is set to be extended beyond December 2023 for an additional two years or until support is provided for 2,000 EV chargers.
Encouragingly, the recent amendment of the Building Maintenance and Strata Management Act, lowering the minimum resolution threshold for EV charger installation in strata-titled properties to 50%, is anticipated to lead to more successful approvals for electric charger installations in private condo developments.
Singapore Green Plan 2030 – Carbon Reduction Vision
Singaporean car owners face the dual challenge of coping with soaring COE prices while grappling with reduced government incentives for electric cars and VES Band A2 vehicles after 31 December 2023. Particularly for those with COEs expiring in 2023 or the next two years, navigating this inevitable struggle becomes crucial. The Electric Vehicle (EV) Adoption Incentive rebate on the Additional Registration Fee (ARF) tax, originally planned to last until 31 December 2025, will now be extended for another two years, albeit with a lowered incentive cap of $15,000 (down from $20,000).
Simultaneously, Vehicular Emissions Scheme (VES) rebates for Band A2 cars will be reduced to $5,000 starting in 2024 (from the current $15,000). These incentives and rebates collaborate to assist Singaporean car owners in narrowing the cost difference when transitioning to environmentally friendly vehicles. Overall, these measures significantly facilitate the decision for current internal combustion engine car owners to shift towards more eco-friendly options.
EV Car Charging and Cost
The ability to generate sufficient energy for charging electric vehicle (EV) lots and the available spaces within private condos are crucial considerations for accommodating this new change. Older condo estates or smaller private apartment developments may require extensive renovation and intricate planning, incurring additional costs from sinking funds. Convincing residents who don’t own or drive electric vehicle (EV) to vote in favor can be challenging.
In return, this change will significantly enhance convenience for car owners, allowing them to charge their vehicles within their condo compounds—whether for slow charging (AC Standard Charging) overnight for 7 to 8 hours or fast charging (DC Charging) in a 35 to 40-minute duration. To prevent parking space conflicts arising from visitors’ and residents’ usage, EV parking lots are strategically placed with limited access to residents. New in-house rules or signs must be implemented to avoid future disputes over limited EV lot usage.
Apart from the anticipated installation charges borne by condo management, residents with EVs are expected to be billed for their usage consumption, mirroring current fuel consumption costs. Depending on the service provider’s charges and available packages, some may operate on subscription models, while others follow a consumption-based billing approach. Costs for Slow Charging (AC) or Fast Charging (DC) will also vary. The summary table above shows the current EV charging costs from major EV charging providers, AC charging costs range from $0.48/kWh to $0.72/kWh, while DC charging costs range from $0.64/kWh to $0.72/kWh. With these future-proof facilities in place, condo developments equipped for EVs will add more property value compared to those without such readiness.
