How the Charging-as-a-Service model works: a hassle-free EV solution for condos

For MCSTs, providing reliable EV charging is no longer a luxury but a necessity. However, the prospect of high upfront costs and complex management can be daunting. That's where the Charging-as-a-Service (CaaS) model comes in, offering a seamless and cost-effective way to power your community's future.

📌 TL;DR: The CaaS model allows condominiums to provide EV charging without financial or operational burdens. Service providers handle installation, maintenance, compliance, and customer support, while MCSTs enjoy a turnkey solution with revenue-sharing potential. This article explores how CaaS works and how it might be the solution for your condo.

How the Charging-as-a-Service model works

1. No upfront costs for MCSTs

Under the CaaS model, the EV charging service provider assumes the full cost of installing, operating, and maintaining the EV chargers. This eliminates the need for MCSTs to raise funds from residents or dip into sinking funds, making adoption seamless and financially feasible.

2. Turnkey solution for easy implementation

The service provider handles everything from site assessment and charger installation to ongoing maintenance and software updates. This allows MCSTs to focus on their core responsibilities without needing technical expertise in EV charging infrastructure.

3. Revenue sharing

Residents pay for the charging service through subscription plans or pay-per-use fees. In some cases, if the MCST retains ownership of the EV charging stations, they receive a share of the revenue generated, creating a passive income stream. Service provider, in this case, Eigen, establishes a clear and transparent revenue agreement with the MCST which outlines the percentage of revenue, payment schedules, and reporting mechanisms.

🔎 An example of a condo with 10 EV charging points installed with 22kW chargers. If each charger is utilized an average of 8 hours per day, and the charging fee is $0.55 per kWh, the potential revenue can be substantial. With a revenue-sharing agreement, the MCST could receive a significant portion of this income, creating a valuable financial asset. In this scenario, the monthly revenue could reach $29,040.

4. Compliance with regulations

By choosing a compliant provider, MCSTs avoid regulatory risks and ensure long-term sustainability.

• Service providers like Eigen ensures that all chargers meet Singapore’s regulatory requirements, such as TR25 standards and LTA registration.
• Licensed operators also manage safety inspections and compliance with evolving government policies.

To gain more info, you may find a more comprehensive guide here: EV charging regulations in Singapore.

5. 24/7 monitoring and support

Reliable EV charging is essential for residents. Fully CaaS providers offer:

• Real-time monitoring to detect and resolve issues proactively
• 24/7 customer support for seamless user experience
• Guaranteed uptime (e.g., 95% reliability) as required by LTA

This ensures that residents always have access to functioning chargers without disruptions.

6. Scalability

The CaaS model is scalable, allowing additional chargers to be installed as EV adoption grows within the condominium community. Smart charging systems are often used to manage electricity loads efficiently.

Benefits of Charging-as-a-Service for condominiums

Cost savings: MCSTs avoid upfront capital investment and ongoing operational costs like maintenance and electricity management.

Convenience: residents benefit from having reliable EV chargers at their doorstep, eliminating the need to search for public charging points.

Future-proofing properties: with Singapore’s push toward phasing out internal combustion engine vehicles by 2040, having EV chargers ensures condominiums remain attractive to eco-conscious buyers and tenants.

Regulatory compliance made easy: service providers handle all legal requirements, ensuring that condominiums meet LTA’s licensing standards and safety regulations.

Environmental impact: supporting EV adoption aligns with Singapore’s Green Plan 2030 by reducing carbon emissions and promoting sustainable living.

🔎 Examples of CaaS Implementation in Singapore

• Eigen has rolled out its CaaS model in condominiums like Commonwealth Towers where nine charging points were installed as part of its first wave of deployments.
• Sinopec utilises Eigen’s CaaS model to operate and maintain their EV charging stations island wide, providing affordable access to EV charging while ensuring seamless integration with existing infrastructure.

Why MCSTs should consider CaaS

The Charging-as-a-Service model is a game-changer for condominiums in Singapore. It removes barriers like high upfront costs and operational complexity while providing a sustainable solution that meets resident demand and regulatory requirements. By partnering with experienced service provider like Eigen, MCSTs can future-proof their properties, generate passive income, and contribute to Singapore’s sustainability goals.

If your condominium is considering EV chargers but worried about costs or management challenges, CaaS might be the perfect solution! Contact an Eigen Mobility Specialist today to explore how this model can work for your property.