The electric car revolution is in full swing, and many landlords are already getting ahead of the curve.
New research by Direct Line has revealed that a massive 86% of landlords would be happy to install an EV charger for their tenants. This is great news for renters who want to ditch the petrol pump but struggle to find affordable charging options.
A wallbox charger isn’t just good for your tenants, it can also be a money-spinner for you!
Increase Your Property Value
40% of landlords believe that installing an EV charger will increase the value of their property. It’s a win-win situation – happy tenants, and a better return on your investment.
Who Pays for the Charger?
While most landlords are on board with the idea, there’s a bit of a disagreement about who should foot the bill.
- Generous Landlords: A fifth of landlords are happy to pay for the entire installation themselves.
- Split the Cost: Another 30% are open to sharing the cost with the tenant.
- Tenant Pays: But be warned, a stubborn 35% expect the tenant to cover the entire cost.
Important Tip: Make sure you have a clear written agreement with your tenant about who is responsible for the charger, including maintenance and repairs.
The Grant Advantage
The good news is that there’s help available! The government’s Electric Vehicle Chargepoint Grant offers landlords up to £350 off the cost of installing a charger.
If you have a larger property with multiple parking spaces, you could also be eligible for an electric vehicle infrastructure grant, which could give you up to £30,000 towards the cost of installing multiple charging points.
Landlords can use both the charge point grant and the infrastructure grant on the same property, which means you could get a significant amount of money back from the government.
The Future is Electric
The number of electric cars on the road is set to explode in the coming years. This means that having an EV charger could become a must-have for tenants. Get ahead of the curve and you’ll be reaping the rewards for years to come.
The Takeaway
Installing an EV charger is a smart investment for landlords. Not only will it make your property more attractive to tenants, it could also lead to a higher rental income and a boost in property value.