Does An EV Charger Increase Home Value?
When having a home charger installed, a lot of people ask us the question, does an EV charger increase the average UK house price?
With that in mind, we take a deep dive into whether they are considered an asset, the impact a home charging unit can have on your property’s value and the factors that may affect the increase or decrease in value.
Why Is An EV Charger An Asset To Your Home
Having a home charger is, without a doubt, a benefit to anyone who owns an EV. It allows you to charge your vehicle conveniently at whatever time you want, it also means you can get cheaper energy tariffs by charging during the night and the public charging infrastructure still isn’t as good as it should be.
With the EV industry only growing, having a charger installed at your house makes it much more appealing to potential buyers further down the line. It’s one less job they would have to do and with more and more EV’s on the road, you are likely to see more and more houses with charging points already installed either on the side of the house or in the garage.
The Impact Of An EV Charger On Your Home's Value
Studies show that on a local average, a home with an electric car charging point installed is likely to have gone up in value compared to those that do not have one. This depends on where you are in the UK and other factors will affect how high the percentage has risen. It’s also worth noting that in some areas, some homes have seen a negative impact, but on the whole, it’s mostly increased the value of a house or property.
Some parts of the country have seen a rise of 35%, whilst some have seen a negative decline of up to 20%. If you are unsure, it’s worth contacting a nearby estate agent and asking some questions about the current market for your local area and the affect electric vehicles and an electric charging point has had on the properties.
Factors That Affect Value Increase
There are several factors that affect whether the value will increase, some of the major points to remember are below:
- No More Combustion Engines By 2030 – The Government has reaffirmed its commitment to ban the new sales of petrol and diesel cars by 2030. This is a major incentive for people to start purchasing EVs now before everyone starts to in the next decade, which means EV charging points are also on the rise.
- New Homes With EV Charging Point – From June 15th 2022, all new homes with provision for car parking will have an electric car charger installed. This is now a legal requirement building developers must follow.
- EVs Are Becoming Popular – It’s no secret that there is a steady upward trend in the number of people buying EVs, which means more charging points are needed.
- Houses With Charging More In Demand – The housing market also shows a promising trend of more buyers wanting a home with an electric vehicle charging point already installed.
- Type Of Charger – The type of electric vehicle charging port is not something many people consider, but if you have a 22kW charger compared to a 3.6kW, this will likely be much more appealing to potential buyers. Also the brand, there are many different options, styles and colours to choose from
- Location Of Charger – Most people want the electric vehicle charger tucked away out of sight so it doesn’t impose on the outside of the home and your placement of the EV charge point might affect whether new owners or property buyers like it.
Key Points To Remember When Installing
The installation cost itself is not cheap, with the local average charging unit costing about £800 plus the installation fee. Its usually always north of about £1200 for the whole package depending on the company you use.
Be aware of how much energy you’re going to be using and the additional costs that will be added to your monthly electricity bill. It all depends on the tariff you use and the size of the power output.
The electric charge point is your responsibility, so you have to have it annually serviced to ensure it’s safe and detect any issues early on. This will hopefully reduce repair costs and any downtime for the average charge point.
We can’t think of many disadvantages of having a electric car charging station installed at your house but some may include overpaying for the unit and installation itself. Make sure you shop around and read reviews on the chargers and teams who install an EV charging point.
Secondly, the area you live in may not be a hotspot for potential buyers wanting a house with a charger, this lack of demand may mean house prices don’t actually increase in value and could possibly even dip slightly.
Hopefully, this article helped you understand that an electric vehicle charging unit can certainly increase a home’s value, you just need to do your research and make sure that if you have one installed, its very much likely to boost your average local house price. Remember to consider the different factors and weigh up the upfront costs of installing an EV charger and running costs against the potential long-term gains of the property value when you come to sell your home.
If you want more advice, you can browse plenty of other guides on living with electric vehicles over on our main page.