Home EV chargers are adding significant value to property
14 June 2021
Another reason has emerged for homeowners to invest in electric vehicles and to charge from home. New research reveals that homeowners who install EV home chargepoints are adding significantly to the value of their property.
Market forces drive EV chargepoint installations
The data underlines the perceived public value in the future of electric vehicles in the UK.
A recent report from the Society of Motor Manufacturers and Traders revealed that May automotive sales figures meant that there are now over a quarter of a million battery electric vehicles on the UK’s roads for the first time, as momentum continues to grow for the sector.
And powering those vehicles are a range of increasingly sophisticated EV home chargers, along with public chargers and corporate ones which offer employees the opportunity to charge at work.
But with queues forming at public chargepoints, for many homeowners the simple solution is to charge at home, at a convenient time and cheaper tariff.
Survey reveals information about EV chargepoint availability
Rivervale Leasing’s survey discovered that one in five Britons were not prepared to switch to an EV yet, believing that access to a charger was an issue.
But whilst there is an initial outlay for a chargepoint and its installation, these are partly offset by the Government’s OZEV grant in many cases.
And analysis of their data on 1,000 house prices across 50 UK areas, revealed to Rivervale Leasing that homes with an electric chargepoint installed sell for 13% more than the local average.
At the time of writing, the average UK house price, according to the ONS, stands at £194,000, which equates to an average property price increase of £25,220.
The report indicated that 76% of homes with an EV charger installed, increased in value.
A significant 38 of the 50 areas reviewed, saw a positive link between value and home chargepoints, with Rivervale’s analysis indicating an increase of £50,595 on average.
Homeowner call to action!
According to the report, the case for homeowners to install a home EV charger is compelling.
Not only can EV drivers run their vehicle for less money than a diesel or petrol vehicle, but they can improve the environment and potentially enhance the value of their home.
But there is a catch – the Government’s OZEV grant is only running for homeowners until March 2022.
Now is the time to act and beat the deadline if you are a homeowner! Why not contact Romatech today to obtain a quote?