As an EV owner, you probably also have a home charging station. Even though it may only be a slow Level 1 Charger that takes all night to charge your battery, it still ensures your vehicle is ready for the morning commute. Along with the convenience it provides, can an EV charger increase home resale value? The short answer is yes. Home EV chargers can increase the value of your home. We’ll take a closer look at how an EV charger can boost your home’s value in the following paragraphs.

Why Install Home EV chargers

There are a few reasons why it makes sense to install an EV charger at home.

• Being able to charge your vehicle at home is convenient. You don’t need to locate and drive to a public station every time you need to charge your vehicle’s battery.
• You can save money on charging costs by taking advantage of lower off-peak electricity rates.

Installing a home EV charger also benefits the environment. By relying on an EV for your transportation needs you’re helping to reduce carbon emissions.

How Home EV Chargers Increase Homes’ Resale Value

The Lawrence Berkeley National Laboratory conducted a study and found that homes with EV charging stations typically sell for about $15,000 more than homes without them. Your home’s resale value can vary depending on a few factors like the type of EV charger, home style, and neighborhood, but all residences can increase in value with the installation of a home EV charging station.

Home EV Chargers is a Smart Investment in Sustainability and Equity

As the need for public EV charging infrastructure continues to grow, homeowners can help fill a little of the void. Home EV chargers are a smart investment that provides equity, sustainability, and convenience for homeowners.

Increase Sustainability Value

EVs are environmentally friendly, the electric vehicles produce almost zero carbon emissions. Using home EV chargers connected to solar panels can help you meet your sustainability goals while also reducing your environmental impact. The initial cost of a home EV charger can be daunting, but you can recoup some of the expense in fuel savings. Charging after peak hours also reduces electricity costs.

Improve Your Home’s Equity

Homebuyers are more frequently looking for energy-efficient properties. As this trend continues, EV chargers will play a crucial role. Research indicates that you can increase your home’s overall value by up to $50,000 by installing an EV charger. This amenity can help your home stand out from others on the market. You can advertise your home’s EV charger as a luxury to draw potential buyers in.

The Value of Convenience

Placing a value on convenience is difficult, but its importance can’t be understated. Instead of driving around searching for a public charger, and then waiting in line for your turn, you can plug your vehicle in at home. Even if the home only has a Level 1 charger, it’s typically still enough for most EV owners. Your EV battery can charge overnight while you sleep. Homes with faster units like our Level 2 Home Charger can easily charge their EV battery up to 80% in only a couple of hours.

Benefits of a Home EV Charger

We’ve discussed the convenience and potential savings you get with a home EV charger. You have the convenience of charging at home and saving money. However, did you also know home EV chargers can be an attractive addition for potential buyers? Homebuyers are becoming more eco-conscious and look for properties with green amenities. This includes EV chargers for use at home.

Don’t forget that EVs are the future and a charger assures potential buyers that the property they’re interested in is future-forward.

Costs Associated with Home EV Chargers

Costs associated with home EV chargers will vary depending on unit type, placement, and installation. Most homeowners can expect to pay between $300 to $1,200 for purchasing and installation costs.

Some factors to consider that can affect costs include,

• Whether the installation can be completed by you or if an electrician or other type of professional needs to perform the job.
• If your home’s electrical capacity needs upgrading to support the EV charger.

You may be eligible for tax credits and other financial incentives that can help offset purchasing and installation costs.

A Look at Home Value with an EV Charging Station

The U.S. Department of Energy released a report on home value with an EV charger. The report finds that homes with EV chargers can sell for 1-3% higher than homes without them. This value is expected to increase as the need for home EV chargers continues to grow.

Using Green Technology to Boost Your Home’s Value

Green technology can be anything that reduces environmental impact, including home EV chargers. The benefits of green technology are extensive, but some include,

• Lower energy bills
• Reduced carbon footprint
• Improved indoor air quality
• Enhanced comfort and convenience

Before purchasing and installing an EV charger, most homeowners like to know the ROI. A simple formula can help you determine your return on investment.

ROI = (Gain from Investment – Cost of Investment) / Cost of Investment

For example, ROI = ($10,000 – $5,000) / $5,000 = 1

The Gain from Investment is the increase in your home’s resale value and the Cost of Investment is the total you spend to purchase and install the charger. Every homeowner’s ROI will be different but for most it’s well worth the investment.

To learn more about how EV chargers increase homes resale value contact Apogee Charging Solutions today by calling 484-816-2076, emailing [email protected], or schedule a call that fits your needs by clicking the button below!