EV Chargers and Property Value
With Ireland firmly on the road to becoming fully electric, the adoption of electric vehicles (EVs) is rising steadily. 3,952 EVs were registered in the first five months of 2021 – the biggest increase to date. This is an increase from 1,847 in the same period last year. So naturally, this means an increase in EV chargers in homes.
While no wide scale study has been completed in Ireland, studies across the UK have pointed to an increase in property value for homes with an EV charger installed. In a survey completed in the UK, one in five respondents said that they would not switch to an EV because of limited access to a charge point. However, it is speculated that man did not know that you can install one at home. EV chargers cost around €500 to start when relevant grants are taken into account, including labour. But for some, this could seem like a bargain when a home EV charger could be linked to an increased valuation of your property.
After analysing 1,000 house prices across 50 UK areas, a UK firm found that homes with an EV charger installed sold for 13% more than the local average. With the average UK house price now standing at £194,000, that would mean a value increase of £25,220 to a property.
Within the data collected, 76% of homes with an EV charger installed showed an increase in value, when compared to the local average. For the 38 out of 50 areas which saw a positive association between property value and EV chargers, the analysis showed an increase of £50,595 on average.
Out of the 50 cities surveyed, only one in four (24%) did not see a positive link between house prices with a charger installed and the local average. The average loss was 16% in value.
The same study also analysed the prices of houses without an EV charger installed and compared them to the local average. Their analysis found that 80% of homes with no EV charger installed or nearby sold for less than the local average. The average difference in price was minus 20% or £64,696.
This could indicate that EV chargers are valuable to potential homeowners when they’re looking for a new property.
5 tips for installing home EV chargers
- Apply for a government grant – The SEAI grant roughly halves installation costs for your home EV charger.
- Avoid installing your own charging point unless you are qualified – if you opt for a self-installation, you’ll miss out on grants, as well as the risk of damaging your car and home.
- Install solar panels – installing a solar panel to charge your car can help save hundreds on car charging.
- Choose the right EV charger – if you don’t travel very long distances and have a suitable amount of time to charge your EV, such as overnight, a lower kW charger can save you money.
- With new-build homes, you should really consider installing an EV charger. Not only will this increase the property value, you are futureproofing your home.
Why else should you install a charging point?
- Installing a charging point in your home isn’t just linked to property value – they’re also much more efficient for charging your EV
- Convenience– charging your car and handy for friends and family who stop by.
- Reduced Cost – it’s estimated to save you over €1,000 a year using your own charger rather than one outside your home.
- Faster charging – EV chargers are 30-60% quicker than using a standard wall socket.
- Increased efficiency – traditional sockets aren’t designed for high power outputs over long periods, making charging less efficient.
- Get ahead of the curve – Normal internal combustion engine vehicles are being slowly phased out. Use the grant while it’s still there!