Experts are calling on drivers to install electric vehicle chargers on their properties to help them save money in the long term.
An extension to the Government’s electric vehicle home charger grant was recently announced that allows homeowners to save hundreds of pounds off the price of a new EV home charger.
The new announcement will allow households without driveways or dedicated parking spaces to apply for the grant to install a home charger.
Drivers can get 75 per cent off the cost to buy and install a socket, up to a maximum of £350 with the Government extending the deal until March 31, 2025.
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Drivers could boost the value of their home based on where it is located across the UK
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According to data, 76 per cent of UK homes with an electric vehicle charger have a higher price tag compared to those with no charging port.
Properties with an EV charging port in Swindon and Walsall will see the most significant increase in value.
Dave Sayce, founder of Compare My Move, highlighted how any good renovation added to the property will raise the value, which also applies to any car features.
He added: “Introducing an EV charger to your property can add a few thousand pounds to its worth, while acting as an incentive to people who have or are thinking about purchasing an electric car.
“However, this boost in cost can depend a lot on the area in which your house is.”
Sayce added that the location of the property was vital, with the South East of England having the biggest electric car market.
People who own an EV and are looking to move to the area will be more attracted to the property if it has an EV charger – removing the need to rely on public chargers.
He said: “This suggests that adding an EV charger to your property in this part of the country is more likely to raise the value of your home.”
However, that doesn’t mean that drivers in other parts of the UK should be put off by installing an electric vehicle charger on their house.
As the UK moves closer to the deadline to ban the sale of new petrol and diesel vehicles from 2035, millions of electric vehicles will join the roads.
For areas where there are fewer public chargers, including the North East of England and Northern Ireland, EV chargers on homes will still add extra value to the property.
While the installation may cost more in the short term, if someone is selling their property towards the end of the decade, the EV charger will be an even larger selling point.
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Drivers in the South East of England could see an immediate return on their investment
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Sam Sheehan, motoring editor at cinch, said: “As the automotive industry continues to roll out new and exciting car tech to make driving a more enjoyable and efficient experience, property owners across the country are taking note and acting accordingly.
“As a homeowner or seller, one of the benefits of adding space or features to suit modern cars is that they can increase the value of the property.
“For example, installing a single charging point can boost your house’s price by up to £5,000 while making it more appealing to EV drivers. It’s a win-win situation.”