As a homeowner, you always want to keep an eye on your home’s resale value. You also know that some upgrades are more valuable than others.
But what about adding a charging station for an electric vehicle to your home? Is this a worthwhile investment for the average homeowner? Here’s what you need to know:
Electric Vehicle Sales Are Increasing Rapidly
People are increasingly turning to electric vehicles partially because of concerns over the impact of fossil fuels on the environment and partially because of concerns about the cost of fossil fuels. Many see investing in an electric vehicle as an investment in the future as a whole – and that trend is likely to continue.
Which is one of the key reasons, F.C. Tucker Company partnered with Motor earlier this year to launch our new electric subscription service, Charging Ahead. This premium monthly subscription is an all-in-one program that offers agents and Indiana residents the opportunity to drive an electric vehicle of their choice without the hassle and headache.
Along with a Premium Electric Vehicle, the subscription also includes insurance, registration, maintenance, roadside assistance, in-home charger, and UNLIMITED miles!
Why Install a Home EV Charger in the First Place?
One of the selling points of electric vehicles has always been the fact that they can generally be charged anywhere you can find a 120-volt outlet to plug into. Special stations are not required for what’s called a “Level 1” charge.
That being said, a Level 1 charge has some major disadvantages. Plugging your car into the same outlet you use in the garage for your electric drill means you’ll get about 40 miles worth of electricity after eight hours – unless the weather is cold, which reduces the charge even further. The vast majority of people would find that insufficient for daily use.
How Much of an EV Charger Do You Need?
A Level 2 charger – which costs about $300-$1200 to install and requires a 240-volt outlet, can give you the same amount of a charge in just an hour.
Overall, homeowners who want a balance of convenience and affordability can reach a happy medium on both counts by having a Level 2 charger installed for one or more vehicles. It’s also good to consider the benefits of getting a portable station instead of hardwiring the station into the wall. Portables are somewhat more expensive but easier to repair or replace down the line.
Many utility, state and local governments offer deals and rebates on installing EV chargers. For example, AES will only charge $.2 per kWh if you get a separate meter vs. the average rate of $.11.
What Sort of Return Can You Expect on Your Investment?
There are two different ways to look at the return on your investment. First, there’s the value in dollars: A U.K. study indicated that homes with a Level 2 charger sold for about 13% more than comparable homes in the area.
Second, there’s an intangible factor: Your home may simply automatically be more attractive to younger people, particularly those in the Millennial and Zoomer generations. Both groups of young (and younger) adults were brought up to appreciate technological advancements and the environmental benefits of going with electric over fossil fuels. Adding a Level 2 EV charging station to your home can increase its appeal to those demographic groups (and subtly reinforce the idea that you’ve kept the home up over time).
With the rising cost of inflation, it’s more important than ever to be strategic about your home upgrades. If you want the most value for your dollars, keeping one eye on the future and the other on trends in automation and sustainable living is wise.