Any addition to your home can influence its value, so what about EV (electric vehicle) chargers? Let’s find out.
Electric vehicle usage in the UK isn’t just high – it’s increasing at exponential rates. More than 1.36 million electric cars were on the road in Britain last year, with further growth anticipated for 2025 and beyond.
Does an EV Charger Increase Home Value in the UK?
Adding an electric vehicle charger can increase the value of a home by up to £5,000. Generally, the better the charger you have installed, the more value it can add to your property.
Only 850,000 UK homes are estimated to have an EV charger installed, which, considering there are more than 30 million residential buildings in Britain, is a very low number – making your home a rare find on the property market today.
With less than 3% of homes in Britain having an EV charger installed, your property may be more desirable than your neighbours – particularly to those with an interest in EV vehicles (which is over half of today’s car buying market).
How Much Does It Cost to Install an EV Charger?
Installation costs vary in a residential home depending on the type of charger you install. On average, estimates say installation costs around £1,000. However, it’s worth bearing in mind that some electricity providers install chargers for free.
Factors that affect the cost of installation can include:
Type of charger
Any EV charger will work on any electric vehicle, but different chargers are available to control the speed of charging. For example, you can get a slow charger or an ultra-rapid charger installed in your home.
Naturally, the faster the EV charger, the more expensive it will be to install. This can add more value to a property, but it will also be more costly to run, as more power is needed to charge the car quickly.
Location in property
Car chargers should be positioned in a desirable location, but some homes aren’t as well set up for an EV charger as others.
Charging an electric vehicle on a driveway is the preferred choice. This can add value to a home and potentially cost less to install compared to a pavement charger, which may require longer cables.
Home set-up
Another factor that influences the cost of installing an EV charger is your existing electrical setup at home. Some properties may have the facilities to accommodate an extra, external power point, so the costs will be lower.
While in other homes, the electrical panel may need to be upgraded before an EV charger is installed, which can make installation fees slightly higher. However, upgrading your panel can also increase your home’s value.
Ready For a Valuation?
Investing in an electric car charger can be a great decision to add value to a home. While the added value may only be up to around £5,000, it can still fund the costs of installation while also making your property more desirable.
Does your home already have an electric vehicle charger? See how much your home is worth with our instant online valuation tool, or book a valuation today with local estate agents in your area.