Will An Electric Car Charger (EV) Add Value To My House?
Explaining what an electric car charger is, how much they cost and whether it will add value to your house…
Increasing the value of your property can be time-consuming, but it does not have to be. You may be on your way to a more valuable house with a few simple improvements.
An electric car charger at home will soon be the norm in the United Kingdom. By 2030, it will be impossible to buy a new petrol/diesel-fuelled vehicle in the United Kingdom.
Only electric cars will be allowed as new purchases. The National Association of Property Buyers (NAPB) estimates that an EV charger for a home may add £3,000 to £5,000 to the value of your house.
What Is An Electric Vehicle Charger?
An electric vehicle charger, often known as an EV charger, is a smart charging station that allows you to charge your electric vehicle by receiving electricity from the mains using a plug, charging cable and outlet arrangement.
In 2022, the bulk of EV smart chargers can be found in petrol stations, supermarkets and new developments.
Yet there is a notable trend toward obtaining EV chargers for homes due to their value and convenience.
Is It Cheaper To Charge An Electric Vehicle At Home Or A Charging Station?
It completely depends on what electric charger and vehicle you have, and how much electricity you can run through your charging station:
Slow charge-points (3kW) - The least expensive of the three options. They are typically used for charging over several hours (charge time from empty to 80% of 60kWh battery equals 8 hours) and may be placed at home.
Fast charging points (7kW - 22kW) - Generally found at supermarkets. Ideal to do your shopping when your vehicle is charged for a few hours (charge time from empty to 80% of 60kWh battery equals 2-4 hours).
Rapid charge points (43kw - 150kW) - The fastest & most expensive option. They cannot be installed at home and are generally found at service stations (charge time from empty to 80% of 60kWh battery equals 30 minutes).
Electric Car Charger At Home
Most EV owners prefer to charge their vehicles overnight at home with a slow charge-point charger; they are typically installed on a driveway, garage or other off-road location.
Slow electric car charger points are often divided into plug-in and hardwire.
The most prevalent are plug-in chargers, which enable you to put the charging end over a 240V outlet — hardwire chargers, however, are more sturdy but less portable.
If you rent or reside somewhere with no off-road parking area, installing a charger might be challenging, but not impossible!
Your local council should be part of the On-Street Residential Charge Point Scheme.
This acts as a ChargePoint grant for on-street charge points in locations with no off-street parking.
Only local governments may apply for this financing. But you can contact your local council to inquire about putting a Charge-Point near your house.
Depending on the location and style, off-road EV chargers will typically cost between £800 and £1500.
This may appear to be a significant upfront expenditure, but in the long term, it will save you money and, as mentioned later, add value to your home.
Electric Car Charging In Public
Various charge-point networks, including PodPoint, Chargemaster and Ecotricity, are available throughout the UK.
These are typically accessed by a smartphone app or Radio Frequency Identification (RFID). But some have begun to allow contactless payments.
Charging fees include a regular connection fee. As well as the quantity of power utilised multiplied by the electricity rate of the Charge-Point supplier or network (price per kWh).
You may receive some benefits if you use the same charging network frequently.
Benefits like membership or employment advantages may provide you with lower rates and save you money.
Although, if you were only to use rapid public charging points, it would cost significantly more than charging at home.
In August 2022, the the Office for Zero Emission Vehicles (OZEV) announced that the government would fund a new £20 million Electric Vehicle Pilot Scheme in the UK.
This scheme will introduce 1,000 new electric charge points. The plan will also invest an additional £10 million in the infrastructure for EV chargers.
Okay, But How Much Cheaper Is An EV Charger At Home?
According to The Eco Experts you'll typically save £449 per year by using a home electric car charger instead of in public.
But it all depends on your car's brand, whether it's fully electric or hybrid (hybrids are less expensive).
And if you have an energy tariff (or EV rate), solar panels or whether you're a member of a membership plan.
Do EV Chargers Increase My House Value?
Owning a home electric car charger increases your house's financial, environmental, and practical worth.
As stated, charging your EV at home overnight is less expensive (on average £449) than using a rapid charge point.
Riverdale Leasing also predicts that a property equipped with an EV charger may sell for 30% more than the average local house price.
Installing an electric car charger at home implies you're more likely to utilise the power in your hybrid.
And definitely your full electric...or it won't operate!
Hybrid and electric vehicles are far more ecologically friendly. Regular combustion engines emit greenhouse gases and other pollutants.
Installing an electric home car charger is a brilliant way to add practical value to your house.
You no longer have to go to the supermarket while twiddling your thumbs as your car charges. Instead, you may come home from work, plug it in, and unwind.
You may also set your EV charger to use smart technology, which means it will only charge when mains demand is low.
The Pros And Cons Of EV Chargers For Home
Cons Of Having An EV Charger For Home
As suggested above, the EV charger installation costs between £800 to £1500. You won't see any savings until you break even on the electric car charging point cost.
Having an EV charging point at home means you can only have a slow charging point (3kW) — which will charge your car overnight; sometimes you will be able to install a fast charging station (7kW), depending on the network.
If you want a plug-in charger and don't already have a 240V outlet, an electrician will need to install one — which might be an extra cost.
Pros Of Having An EV Charger For Home
Using a home charging system, you might increase the selling price by up to 30% over the local area average.
You will have greater convenience because you may charge your electric car whenever and however you choose.
You are assisting in the reduction of air pollution in your community.
You are future-proofing your property. The purchase of new petrol and diesel cars will be prohibited in 2030, and electric vehicles will be in great demand.
You may avoid using the grid if you have solar panels or other renewable energy options connected to your EV charger. You are creating relatively free energy to power your home.
Plug-in EV chargers are designed to be portable and may be moved around the property for more convenience.
So, having an electric car home charger will add financial, environmental & practical value to your house – in both the short term and the long term. Investing now in a charge point will save you almost £450 per year (according to the Eco Experts).
And it could also raise the value of your home over the local average by up to 30 per cent.
Are There Any Other Ways Of Adding Value To A Property Quickly?
Home electric car chargers are one option to increase the value of your property quickly, but they can be pricey upfront.
And, if you sell soon after purchasing the EV charger, you may never see a return on investment. Here are a few other ways you could increase your property value:
Sticking with the sustainable route, adding solar panels to your property could improve its valuation by 3-5%, although a similar problem arises – in that you may not break even before your sell.
You could also see a 3-5% increase by remodelling your kitchen or bathroom with contemporary fixtures and furniture.
You could also see a 3-5% increase, by remodelling your kitchen or bathroom with contemporary fixtures and furniture.
Another quick value adder may be to improve or add a patio and decking to your garden; this will add up to 10% to market value.
Finally, if you obtain planning approval, this can add up to 10% market value of your home.
Improving your house value for a quick sale can be costly – you have to consider labour costs and home improvements.
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