EVs & PRS - the perfect match

We deep dive into why PRS schemes and EVs are a perfect match.


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Millennials
are the most open to EVs, with the 25-34 demographic most likely to purchase
(91% said they would consider).  Younger
households are more likely to rent privately, with those in the 25 to 34 years
age group representing the largest group. 
This is the same age group as the major occupiers of PRS – a recent
government study shows 44% of PRS tenants are aged under 35.  This means an implied demand for EVs and a
need for EV charging infrastructure. 
However, the challenge is that it is not feasible for each parking space
an EV charge point and therefore the traditional model of overnight trickle
charging will not attract utilisation and fair distribution of the facilities
across the tenants.

Three
distinct purchasing groups emerged in research carried out by Cleantechnica and
shows that EV demand is being driven by the younger generations making it a
strong match to the core PRS demographic:

  • 18-24-year olds who are open and interested in EVs.
    • 2 out of 3 are interested in EVs.
    • Fewer than almost 9/10 say they wouldn’t consider an EV purchase.
    • Style of an EV is all-important to over half of them.
  • 25-54-year olds are not averse to EVs, but they do have distinct concerns. This audience is most likely to choose the EV compromise of a hybrid.
  • 55+ year olds who are significantly harder to convince:
    • Over half of over 55s (54%) term EV technology as experimental.
    • 7 out of 10 deem it unproven.
    • Even with improvement in EV technology, less than a third (28%) would consider buying an EV.

From
this research, Lower running costs (63%) and being better for the environment
(64%) were the biggest benefits for two thirds of the audience overall, with
the latter being most important for an under 25 audience and the former for the
over 25s. However, performance is not an issue, with just 20% saying they believe
performance be a barrier to purchase.

Research shows that PRS tenants are
driven by costs saving measures.  As the
cost of EVs decrease, more availability of EV leasing packages and the overall
lower cost of ownership, it is predicted that there will be a significant
uptake of EVs in this market.  This
demand will ultimately need access to EVCPs at home as this is where it is most
convenient to charge up their EV. 

  • EVs are cheaper to run and to maintain –
    through lower “fuel” costs, tax savings and incentives
  • Better access, with increase in ULEZ’s
    around the country restricting and penalising ICEs while EVs and PHEVs are
    unaffected
  • EVs are better for the environment – there
    is no air or noise pollution when compared to ICE vehicles and gain green
    credentials
  • Home charging means that the driver will
    never need to go to a petrol station again
  • EVs are quiet and quick
  • All pricing is transparent and clear

While enthusiasts have
taken to EVs, the current policy environment and mixed messaging on conventional
fuels (especially diesel) could fail to convince those beyond the ‘early
adopters’ to switch to zero emission vehicles. In a recent AA poll, 80% of
people surveyed who did not own electric vehicles said they were concerned
about the lack of charging points.  
Therefore, a key aspect of successful EVCP installations in the PRS
context is around education and consumer awareness.  “Range anxiety” reflects a key concern about
batteries in electric cars losing power before reaching a destination or
charging point.  It is among the most
common perceived disadvantages of electric vehicles but not the main.  new
research
reveals, as gaps of information (34%)
are a key barrier to EV adoption. It turns out that lots of people have very
low awareness of EVs (18%) but also have a high appetite to find out more
(59%).

Over a period of three months, What
Car? surveyed how 9,000 consumers rated their understanding of electric
vehicles as they researched the technology. Buyers rated their initial
knowledge at an average of 2.7 out of five during the first 10 days, rising to
3.4 after 10 days of research. However, understanding fell to 3.3 after a month
of research, suggesting some respondents came across confusing or conflicting
information. After three months, the average understanding peaked at 3.8.
 

By
comparison, What Car? found buyers rated their initial understanding of both
petrol and diesel cars at 3.8 – meaning it takes three months of research for
potential EV buyers to close the knowledge gap they have on EVs in comparison
to petrol and diesel vehicles.  What
Car?’s research also found that EV cost, not range, is the biggest barrier for
buyers. Range was the second-largest concern for buyers, with 28% put off
by the reduced flexibility compared with petrol and diesel, even though 10%
would be able to drive an EV without making changes to their lifestyle.  A further 15% said they were concerned about
charging opportunities and infrastructure, while 16% wished for a larger
selection of electric vehicles to choose from before buying one.

However, Urbanites in particular see the electric vehicle benefits People who live in or near cities are more positive about electric cars than those in rural areas. For instance, 41% of Londoners say they will consider buying a 100% electric car the next time they purchase a car, compared to a national average of just 30%.

Benefits of EV Charging to building owner

A flexible EV charging solution has a
number of direct benefits to building owners:

  • EV charge point free of charge including
    installation and maintenance with a lease income
  • Charge for electricity if you choose through
    the EconetiQ delivery model
  • Implement pricing policies that can make it
    a self-paying investment or even an additional revenue source
  • Restrict access and set pricing by driver
    groups, time of use and other criteria
  • Track costs, revenues and energy savings
  • Measure ROI and environmental metrics with
    reports and analytics
  • Best in class technology
  • Enjoy a completely turnkey and hassle-free
    solution with managed services and 24/7 driver support

Offer a superior charging experience
for your EV drivers, with real-time availability via mobile app and premium
features like Reservations Installing smart EV charging stations is good for
business. EV charging stations are a visible testament to your sustainability
commitment that will inspire your employees and customers every single day.