As electric vehicles (EVs) rise in popularity, the demand for suitable charging infrastructure follows suit. If you’re considering investing in property, here’s how EV charging points might factor into your decision.
1. The Rise of EV Charging Points in the Housing Market
While the sound of a classic car engine might have a nostalgic appeal, it’s the silent hum of an electric motor that’s catching the attention of home buyers. This shift in consumer interest is evident when looking at the latest property trends.
Estate Agents Take Note
The delay of the ban on new diesel and petrol vehicles by Rishi Sunak to 2035 hasn’t deterred the demand for home EV charging stations. Estate agents have noted a growing interest among buyers for homes with green features, such as EV charging points.
A testament to this growing demand, Jackson-Stops, a notable estate agency, added EV charging points to its “top-ten must-haves” for homes. It’s not alone in this observation. Rightmove reported a 40% increase in the number of homes listed for sale that mentioned EV chargers compared to the previous year, and a whopping 592% surge since 2019.
Tim Bannister, Rightmove’s director of property science, predicts a future where homes with green advantages, such as EV charging points and good insulation, become more desirable than traditional features like Victorian fireplaces.
2. Value Proposition: Do EV Charging Points Add Monetary Value?
While the desire for EV charging points is evident, their direct impact on a property’s price is still debated.
Estate Agents and Property Buyers Weigh In
The National Association of Property Buyers believes that an EV charging point can enhance a property’s value by £3,000 to £5,000. Some estate agents, however, have not yet observed this upward trend in property prices directly attributed to EV chargers.
3. Beyond Price: The Additional Benefits
Aside from potentially boosting property value, there are other reasons homeowners and investors should consider EV charging points.
Safety and Efficiency
James McKemey, from the EV charging company Pod Point, highlights that a dedicated EV charger is safer and quicker than a standard three-pin plug. Traditional domestic sockets, designed for 13 amps, can’t match the speed and safety of a typical 32 amp/7kw charger. These dedicated chargers offer around 28 miles per hour of charging, compared to the meager 9 miles from a standard plug. Overworking a standard socket can even lead to burnt-out wiring.
Economic Advantage
Charging an EV at home is typically more cost-effective than using public stations. With smart charging systems, users can capitalize on low electricity rates, often during nighttime.
Solar Integration and Savings
Pricier EV chargers offer compatibility with solar panels. David Martell of Andersen EV suggests that homeowners with solar-integrated EV chargers can recoup installation costs within a year.
4. Costs, Grants, and Earning Opportunities
The price of EV chargers varies, ranging from £300 to over £1,000. While cheaper models might not include installation costs, which typically range between £400 to £600, pricier options offer advanced features, such as solar integration.
Potential Grants and Permissions
If you reside in a listed building, you’d need planning permission for charger installation. Moreover, those who rent homes, live in flats, or are landlords with off-street parking might qualify for an EV charge point grant. This grant can cover up to £350 or 75% of the purchase and installation costs.
Renting Out Your Charging Point
Unused charging points can become a source of income. Chargers like the EVIOS One offer pin access, allowing homeowners to rent out their driveways to EV users. Platforms such as JustPark and Co Charger can connect charger owners with drivers, letting them set their own rental rates.
5. Conclusion: The Road Ahead
While the property market continuously evolves with changing societal needs and technological advancements, EV charging points represent a blend of environmental responsibility and modern convenience. Whether as a direct boost to property value or through the myriad of benefits they offer, EV chargers are fast becoming a prominent fixture in the modern home. As electric vehicles become commonplace, properties equipped to support this shift may find themselves in higher demand, offering a promising prospect for forward-thinking investors.