Can Installing an EV Charger Raise the Value of Your Home?

Along with the meteoric rise in electric vehicle (EV) sales is the desire for at-home chargers. Convenient, accessible, and affordable, juicing up the car at home is an attractive deal. It comes as no surprise that homebuyers seek out this future-proof feature of a property.

How common are EVs?

More and more EVs are seen cruising the highways alongside their gas-powered counterparts. In 2022, about one million EVs were sold in the US. By 2023, sales surged to 1.6 million. The US represents one of the three major global markets for EVs.While Tesla holds the mammoth market share of EVs at 56.3 percent, Chevrolet comes in second with a 5.9 percent market share in the US. Ford is close behind, holding a 5.8 percent US market share. Other makes, such as Volkswagen, BMW, and Mercedes-Benz are on the rise.

Why is a home charger desirable?

As more drivers gravitate toward EV ownership, the demand for convenient charging options is increasing. Public stations are available; however, charging the car comes with extended wait times, the challenges of finding a station, hefty prices, and additional fees.On the other hand, an at-home charger is available at the EV owner’s fingertips, eliminates the long waits, and is a far more affordable option. Furthermore, installing an EV charger at home delivers a number of eco-friendly advantages valued by the environmentally conscious.

Does installing an EV charger boost home value?

The benefits of having an at-home EV charger are clear. Homebuyers, especially those committed to sustainability, eye properties fitted with an EV charger favorably. As a result, buyers are willing to spend more to purchase a property installed with an EV charger.How much more? A study conducted by the Lawrence Berkeley National Laboratory finds that homes with an EV charger sell for about $15,000 more than properties without one. The US Department of Energy reports that homes installed with EV chargers sell for 1-3 percent more.

What makes an at-home charger a smart investment?

Appeals to more buyers

Buyers who are considering EV ownership or already drive an EV look for homes that cater to their needs. An existing at-home EV charger makes a potential property alluring. In short, investing in an at-home charger appeals to a larger proportion of buyers.

Stands out from the competition

The current real estate market is competitive, with millions of homes selling per year. By offering a convenient at-home charger, a property stands out favorably in the eyes of buyers, especially environmentally conscious house-hunters. A charger simply sets the home apart from others.

Shows commitment to technology

Beyond the added convenience and cost-savings, an at-home charger is more appealing. Sellers show their commitment to modern technology and sustainability practices—both of which draw in buyers who are willing to spend more to purchase a home that caters to their immediate needs.

Future-proofs the investment

Rather than on a decline, EV ownership is on the rise. This creates a demand for homes with the proper infrastructure for charging. By offering an at-home charger and meeting this increasingly popular demand, home sellers ensure their investment does not become obsolete in the near future. 

What are the benefits of at-home chargers?

1. Convenience

Besides raising a home’s value, an EV charger installed at the home delivers additional benefits. The convenience of having immediate access to the charger is a major draw for EV owners. Especially when a Level 2 charger is installed, the EV can be juiced up overnight.

2. Cost-Savings

At-home chargers save EV owners a bundle, especially in comparison to charging up at a public station. Savvy homeowners save even more when they charge during off-peak hours, when electricity prices are lower. This means charging the EV primarily at night.

3. Smart Features

Smart features are available with most EV chargers. These features include those that allow EV owners to schedule their charging sessions, monitor energy use, and optimize charging times—all of which maximize energy efficiency and save even more on electricity costs.Homebuyers actively seek properties that are energy efficient. This means that homes with an existing EV charger appear more desirable and capable of fulfilling their needs. Attracting potential buyers can be readily achieved by advertising the EV charger as a luxury item in the sales listing.While a Level 1 charger involves simply plugging the EV into an electrical outlet, a Level 2 charger installation is recommended for its rapid charging speed. The Level 2 charger delivers a charge up to eight times faster than a standard Level 1 charger.When considering a Level 2 charger installation, choose a location closest to the electrical panel. Compare the cost of the charger installation with the potential increase in the home’s value. Then hire a reputable residential EV charger installation service, like Nu-Trend.

Contact Nu-Trend for EV Charger Installation

We offer dependable, efficient charging installation services for EV owners and those looking to convert to EV ownership in the near future. Our skilled electricians are certified to install Level 2 chargers in residential properties and Level 3 chargers in commercial settings.Nu-Trend handles every phase of the installation, from obtaining the necessary permits to checking the existing electrical system to see if it can support the required voltage. Upon installation, a final inspection is performed to ensure quality workmanship. We also offer charger repairs and maintenance.With Ford taking 5.8 percent of the US EV market share, we are proud to offer EV charging stations that are compatible with this make. Other EV makes with which our chargers are compatible include BMW, Volkswagen, and Toyota. Tesla EVs are incompatible with our chargers.EV owners who aim to raise their home’s value and experience the benefits offered by a residential charging station choose Nu-Trend. We are committed to a safe and quality installation. Our well-rated service is available to residential homeowners in Chicago, IL. For more information, call our office in Schaumburg, IL at (847) 882-1888.