How Transportation Trends Can Affect the Housing Market
You may have heard the phrase, "Electrify everything." As the world moves toward electricity generation free from fossil fuels, the transportation sector is considering strategies to follow suit, including battery-powered scooters, electric-assist bike shares and an increased number of electric vehicles (EVs). Toyota recently announced a partnership with Tokyo’s 2020 Summer Olympics that will use EVs to transport fans and athletes around. Lithium-ion battery prices are rapidly decreasing, making both EVs and battery storage systems paired with photovoltaics (PV) more economically feasible.
How exactly does this intersect with the building sector? Many countries, states and municipalities are now considering EV charging mandates, as infrastructure is needed to facilitate market growth and to help ease “range anxiety,” the concept that EVs can only travel so far on one charge and there might not be a charging station nearby. Some examples include:
- The United Kingdom recently proposed a mandate that would require all new homes and offices to install EV chargers.
- Howard County, Md., already has an ordinance that requires one charging station for every 25 apartment units and pre-wiring to be installed on single-family homes.
- Atlanta and San Francisco have "EV Readiness" ordinances, which are less costly to builders and homeowners than mandating the installation of the charger in its entirety. "EV Readiness" usually entails installing wiring, conduit, and circuits so that it is easier to install the actual charger in the future.