Will installing an EV charger increase a property's value?
If you drive an electric car, installing a home charge point could be a great way to save on your charging. In this blog we’ll explore how much it costs, and how an EV home charger could potentially both save you and earn you money.
How much does an EV charger cost to install at home?
The costs involved in getting an EV charger installed at home can vary. Costs depend on the type of charger you're getting, if any upgrades are needed, and how complicated the installation will be. An EV charger from Hive, costs from £989 – and that includes installation by British Gas-approved engineers, and you also get a 3-year warranty.
How much value does an EV charger add to my home?
Because electric charging points at home are a more recent home improvement, there’s not a lot of information yet. Early figures suggest that having an EV charger could increase a home’s value by as much as £3,000 to £5,000 according to the National Association of Property Buyers. However, any value add of an EV charger will depend on a few things, including the location of your home and how available public charging points are in your area.
So, if the evidence is not yet there around EV charging points adding value to your home, what else could you consider? Most homeowners who’ve sold their home will understand that preparing your home to sell is all about increasing it’s appeal to potential buyers. So, we add a fresh lick of paint, do a bit of decluttering, all in the hope of a faster sale - as close to asking price as possible. So, could an EV charger installed at your home increase it’s appeal to potential buyers?
More home buyers will have an EV
The number of electric vehicles (BEVs) on UK roads has quadrupled in the last 2 years. There are currently 1 million fully electric vehicles on UK roads, and according to the National Grid Group this could rise to 36 million EVs on the road by 2040.
This growth in EV drivers means adding an EV charging point to your home could be seen as a positive move.
More home buyers will need to charge an EV at home
EV public charging facilities are lagging behind the rapid growth in EV sales- at the end of February 2024, ZapCar reported 57,290 public charge points in the UK, that’s approximately 17 cars to every public charger. Because of this, most EV drivers rely on home charging to keep their cars powered up. It’s also more convenient too.
EV charging as a home improvement
If you’re a homeowner with your own driveway, it’s worth noting that you have an opportunity to add increased appeal to your home that other homeowners don’t currently have. Right now, in most cases to have an EV charger installed, a property needs to have dedicated off-street parking – which older homes and some flats don’t.
Future-proofing your home
The government recently introduced new laws for housebuilders, stating that all new homes, workplaces and supermarkets must now have EV charge points installed. Furthermore, the sale of petrol and diesel cars is set to be banned from 2035. A number of car brands will no longer be manufacturing diesel cars in the coming years – Volvo have announced that they will be moving away from combustion engines early 2024. Its clear that the UK is heading towards a more EV-reliant future, and installing one in your property could be a great way to get ready for this.
Additional financial benefits
The financial benefits of installing an EV charger go beyond potentially increasing your home’s value or appeal. If you have an EV charger you can save money with overnight charging, sell unused energy back to the grid, and even rent out your charger when it’s not in use. Platforms like Co Charger, Place2Park and JustPark are making it easier than ever to earn money from your unused driveway and EV charger.
What’s more, home charging is significantly cheaper than using public chargers. With a Hive EV charger and a British Gas EV tariff, you could charge your car at home for 4.95p per kWh – this is the cheapest EV charging rate in the UK.
Ready to invest in a home EV charger? Check out our page on EV charging at home here.