Does An EV Charger Increase Home Value
Installing a home charging point for an electric vehicle can be a fantastic way to reduce your charging costs. In this article, we will take a closer look at the related expenses and explore the potential benefits of having a home EV charger to your property value, including ways it could help you save more money and even earn income answering “Does an EV charger increase home value?”.
How Much Does Home EV Charger Cost to Install
When considering the installation of an EV home charger, you can anticipate upfront costs ranging from approximately £800 to £1,000 depending on your chosen electrician or installer and if they offer any brand-specific discounts. If you choose a smart car charger, the installation fee may be higher at around £1,145 due to its complexity.
It’s essential to ensure that your electric vehicle charging point is installed by a qualified professional engineer to guarantee safety and compliance with regulations.
Does an Electric Car Charger Add Value to your Home?
Although electric charging points have become increasingly common in home improvements, limited information on their house price impact remains available. According to the National Association of Property Buyers, early estimates from estate agents indicate that having an EV charger could increase the value of your home for potential buyers by £3,000 to £5,000. However, the actual value increase is influenced by several factors, including the home’s location and the availability of public chargers in the home buyers' vicinity.
The installation of an EV charger may contribute positively to a home’s attractiveness.
For homeowners with a private driveway, the addition of an electric vehicle charger offers a unique advantage that not all properties can provide. Currently, most properties require dedicated off-street parking to accommodate an EV charger which limits this feature in older homes and certain apartments.
Given the rising number of EV owners, adding a charging point could be seen as a future-proofing enhancement to a property, aligning with the growing demand for sustainable living solutions. Add solar panels for solar EV charging to further improve the sustainability enhancements of a home.
Installing a home EV charger can increase a home’s appeal as well as its value
Home EV Charger Benefits
Installing a home EV charger can offer various financial benefits beyond just enhancing your property’s market value. Homeowners with EV chargers can benefit from cost savings by charging their vehicles overnight, selling excess energy back to the grid, and even renting out their chargers when not in use.
Additionally, charging your vehicle at home is generally more economical than using public charging stations. For instance, by using a Hive EV charger along with a British Gas EV tariff, you can charge your vehicle at home for just 4.95p per kWh, which is currently the lowest EV charging rate energy tariff in the UK.
Discuss “Does an EV Charger Increase Home Value?” with Volta EV
If you are still unsure whether an EV home charger is the right for your property or your customers’ property, our expert team is here to help answer your questions.
Browse our range of home charging options if you are ready to start saving and earning money through flexible charging that could add to your overall home value.