Nobody likes having their pockets picked.
Still, most Torontonians have less cash in their pockets than they expected after every trip to the gas pumps. The price of gasoline has skyrocketed again, reaching more than $1.30 per litre at some Greater Toronto Area (GTA) stations.
Some city dwellers have had enough, cutting costs and making the switch to an electric vehicle.
Electric vehicles are an increasingly viable option for those living in the city looking to reduce their carbon footprint and keep money in their pocket. But as more condo buyers are also purchasing electric vehicles, more are looking for the ability to charge their vehicles from home. In fact, research shows that 80 to 90 per cent of electric vehicle charging happens from home.
IS THE TREND A REALITY?
Remember life in 1994? Pearl Jam was blasting from stereo speakers everywhere, the VCR was still the most popular choice for watching a movie and an idea known as the Internet was seen by many as a passing fad.
Electric vehicles, like the Internet, are no passing fad. In June 2014, more than 7,500 electric vehicles were on the road in Canada – mostly in British Columbia and Ontario. With charging stations becoming more available and charging times diminishing, “the global light duty electric vehicle market is expected to grow from 2.7 million vehicle sales in 2014 to 6.4 million in 2023” according to Navigant Research.
Proactive condominium boards are following the trend, considering the installation of charging stations to appeal to electric vehicle owners. Condo boards at older buildings are forced to consider charging stations as well, as newer buildings are now often designed with electric vehicles in mind. Still, it’s a difficult decision to make when it only takes into account a small segment of condo owners and buyers, especially considering the rising cost of electricity.
Fortunately, engineering companies like Rikos are making the decision a little bit easier, by enabling condo buildings to generate their own power. Cogeneration power generators can provide 80 per cent of a building’s power, while maximizing efficiency by providing heat for spaces and hot water systems. Cogeneration systems allow a building to stay online during a complete power failure, when residents at other buildings are forced to make do without.
Getting power from off the grid will allow added amenities – like an electric vehicle charging station – to remain online and affordable for years to come.
Not every condo owner will benefit from an electric vehicle charging station. But the benefits of a cogeneration power system will be realized by every resident at the building.
WHAT IF OUR BOARD DOESN’T HAVE THE RESERVE FUND FOR A GENERATOR?
Don’t have the reserve to finance a capital project like cogeneration power? Rikos has you covered, again.
Rikos offers an Energy Supply Agreement, lasting 12 years. That agreement includes full maintenance and service. Once 12 years has passed, ownership of the cogeneration system is transferred to the condominium corporation.
Get ahead of the trend. Learn more by contacting Rikos at 416-410-3815 or email us at email@example.com.