The soaring price of petrol has caused a growing number of UK motorists to switch to electric vehicles, which has led to a spike in demand for homes with off-street parking, according to estate agency Savills.
If you’re considering driving an electric car, or have already made the switch, keep reading to find out the cost of installing and using your EV (electric vehicle) charging point and how much value it could add to your home.
Can I get an EV charging point installed?
If you have off-street parking and you’re the owner of your property, you should be able to get a charging point installed. You may be able to get a home charger set up if you live in rented accommodation, but you’d need to get permission from your landlord.
You’ll also need to consider where your charging point is installed and whether the wire will cause a trip hazard when the car is charging.
How much does a charger cost to install?
It usually costs between £450 and £1200 to buy and install a charging wallbox. The cost can be spread across 12 months, and you’ll be saving money in the long run since it is typically cheaper to charge your car at home than at a public charging point.
Remember, you can also save money on purchasing and installing electric vehicle chargers through a government grant. The EV charge point grant provides funding of up to 75% towards the cost of installing electric vehicle charging points at domestic properties across the UK.
Is it cheaper to charge my electric car at home?
Despite the surge in energy costs, charging an electric car at home is still much cheaper than refuelling a petrol or diesel car. It is also less expensive than using a public charger. The cost per charge depends on your electricity supplier’s rates, but you can shop around for the best tariff.
What value will it bring to my property?
Over the last few years, people have become more cautious about the impact their lifestyle has on the environment. This partnered with rising fuel prices and the future ban on the sale of new petrol and diesel cars – by 2030 – has caused a surge in electric car sales.
Savills recently reported that a driveway now adds 4.7% to the price of a home, whilst a driveway in one of London’s most expensive areas can add up to 33% to the price of a property! If electric vehicle demand continues to outstrip the number of public chargers, homes that offer private charging points will likely come at a premium. In fact, implementing an EV charging point could already add around £5,000 to your home’s value!
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