November 2024
Has your strata been charging EVs and collecting carbon credits? Are you paying a high commission to your charging network operator to monetize carbon credits on your behalf?
Carbon Credits (market trade-able assets generated by British Columbia stratas who provide EV charging infrastructure to residents and visitors) are an important part of your cost-recovery opportunities.
If your strata has EV charging infrastructure in place, the Low Carbon Fuels Act in British Columbia provides an opportunity for you to more than recover your costs of electricity from EV charging. With few exceptions, every strata in BC with more than four dwelling units is eligible. In fact, reporting is required by the Act, except there is no penalty in the regulations — but there is the loss of the value of the carbon credits involved.
How much is this worth to your Strata?
Typically, the average EV uses 2,700kWh for 15,000km driving or for a typical strata about $300 worth of electricity. The resulting proceeds are variable and based on market prices at the time of sale, but on recent market pricing per EV value could range up to $1000 to the strata. Best yet, the owner of the carbon credits is the strata, and therefore these new funds flow into the annual strata budget to be used as any other revenue source. It’s a key consideration for councils hoping to provide low fee, cost recovery EV charging services to your residents and guests.
However, not every strata knows about this opportunity or taken it into account when projecting charging revenue. Unfortunately, some early adopters have even signed network service agreement where that revenue goes to the network operator. Credits are reported annually, so that government can validate their eligibility for trading on the open market to organizations seeking to offset their emissions and meet government standards for carbon generation.
How does Carbex help you?
Carbex navigates the complex regulatory compliance system to register and report your credits, and most importantly aggregates your credits to tradable volumes that transport fuel industry buyers are interested in.
Electric Advantage affiliate Carbex Carbon Credit Exchange Corp. is taking on new carbon clients until February 15, 2025 to meet the upcoming spring deadline for processing and reporting 2024 carbon credits.
