As sustainability and eco-conscious living continue to grow in popularity, many homeowners are incorporating newer energy transition technologies into their homes and daily lives.
Electric vehicles (EVs) are at the forefront of that movement, offering many advantages such as improved safety features, enhanced efficiency, and cost savings over traditional, gas-powered vehicles. Growing alongside the mass adoption of EVs is the implementation of at-home EV charging stations, with approximately 80% of homeowners preferring the added cost savings and convenience of charging at-home, and often overnight.
But with EV charger installation often requiring additional investments in a home’s electrical infrastructure, many homeowners considering installing an EV charger question if these upgrades will also increase their home’s value.
In this article, we’ll explore into the real estate value added by EV charging stations, offer insights and expert advice on how you can take advantage of this energy transition movement to increase your property’s worth, and working with a professional electrician trained in electrification technologies is vital to not only the safety and security of your home, but also to the value of your home.
The appeal for sustainable and energy efficient homes is driven by the benefits of an environmentally-focused market, the limited availability of public charging stations, and the preferences of tech-savvy buyers in today’s home-buying market.
EV-ready homes cater to the growing demographic of environmentally conscious buyers and tech and automotive enthusiasts who have embraced electric vehicles. In fact, a survey by the National Association of Home Builders (NAHB) found that 78% of home buyers are concerned about the environmental impact of their home, but only 15% are willing to pay more for an eco-friendly home without realizing any additional benefits such as convenience or cost savings. Regarding cost savings, the same survey found that 58% of those buyers would pay an upcharge of $5,000 or more to save $1,000 in annual utility costs.
The environmental appeal and cost savings of installing at-home EV charging align with this thought model especially as electric vehicles continue to dominate the auto market, with many automakers planning to only produce EVs in the coming years. Offering a sustainable and environmentally-efficient home may get buyers in the door, but the economics of EV chargers will sell them if they already drive an electric vehicle or plan to in the near future.
At the same time, the progressive sustainability goals set forth by the U.S. government signify a major commitment to making EVs accessible to a broader audience.
The mandate for 182,000 new public fast charging stations is a significant stride towards this goal, especially as fast-charging stations play a pivotal role in facilitating long-distance travel and quick top-ups—making EVs a viable choice for those without home charging capabilities.
Additionally, the government is working to install more than 1 million public Level 2 chargers to further supplement public EV charging needs. Level 2 chargers offer a practical solution for EV owners who require a reasonable charging rate, as while they do take longer for a full charge, they also cost significantly less than their fast-charging counterparts. Level 2 EV chargers can be strategically placed in public spaces, enhancing accessibility for those who rely on public charging options.
Outside of public charging access, more than 26 million Level 1 and Level 2 chargers will be needed in private residences by 2030 to fully support the transition to electrification and sustainable transportation. This shift towards residential chargers will empower more people to make the transition to electric vehicles, and homes without these convenient chargers will find themselves forced to rely on more expensive and time consuming public charging options.
A recent survey of U.S. drivers, conducted by Polestar, a prominent Swedish electric vehicle manufacturer, aligns with the findings of the NAHB regarding consumer purchasing decisions. Notably, the survey reveals that 55% of U.S. drivers opt for electric vehicles for reasons beyond environmental benefits. Instead, they prioritize advanced technologies, such as seamless connectivity, infotainment, and cutting-edge user experience (UX) design.
In line with this technology-focused perspective, the appeal of EV chargers extends beyond their utilitarian function, also serving as a symbol of a home’s modernity and reflecting the preferences of tech-savvy buyers.
These insights are also apparent in a study by JD Power on EV charger preferences, which further showed that next-generation EV technology holds greater appeal to buyers.
When it comes to electrical work and the integration of cutting-edge energy transition technologies such as electrical panels and EV charging stations, the importance of a high-quality installation and future-proofing cannot be overstated, especially when it comes to the value of your home.
Hiring a professional electrician for home electrical upgrades is crucial for ensuring long-term value, safety, and the seamless integration of cutting-edge technologies such as EV charging stations. A licensed electrician certified in electrification technologies can also work to future-proof your home, aligning it with sustainability and energy-efficiency trends, ultimately enhancing your home’s market appeal and functionality.
This section explores the compelling reasons behind the need for certified electricians when it comes to these critical upgrades.
Home buyers want to know that the home’s features are high quality and will be trouble-free for years to come. EV chargers are no exception because savvy buyers will ask who performed the EV charger installation and want to have a clear understanding of the certification and qualifications, so simply hiring a licensed electrician install the EV charging technology isn’t enough—they must also have the appropriate certifications and experience with energy transition technologies and use high-quality materials.
EV technology is complex and constantly evolving, so you should have EV-certified electricians who can ensure quality, safety, and compliance with building codes to ensure the security and longevity of your investment for years to come without compromising or taking on unnecessary risk by hiring an unqualified installer.
The Electric Vehicle Infrastructure Training Program (EVITP) is the largest and most widely known certification in the U.S. and Canada offered by a non-profit organization. A course candidate must be a licensed electrician and have a minimum of 8,000 documented hours of electrical construction work. A licensed electrician typically completes a 4-5-year apprenticeship, and for buyers, EVITP certification is a mark of their professionalism and quality assurance. To become certified by EVITP, an electrician must complete the course and exam in a combined 20 hours.
Certified installers will anticipate future needs, not just immediate electrical requirements. For example, they will ensure that there is capacity in the home’s panels for a second EV or other electrification projects in the future, and that the charging installation is laid out for orderly growth. In short, hiring a certified electrician for your home’s electrical upgrades is an investment in quality, safety, and the enduring relevance of your electrical infrastructure.
The concept of home EV charging stations holds a dual perception of value: one that is tangible and another that is intangible.
The tangible aspect revolves around whether EV chargers genuinely enhance a home’s financial worth. Does it command a higher price, or does it provide homeowners with concrete benefits like convenience and savings?
On the other side of this value equation, the intangible aspects explore a consumer’s environmental consciousness. How do buyers feel about their purchasing decisions and determinations to commit to an evironmentally-friendly EV charger and method of transportation?
By examining these different aspects of consumer value perceptions, we can better understand the impact of a safe, high-quality EV charger installation on a home.
Because they offer convenience with overnight charging, savings from public charging stations (which inherently include a markup), and greater independence and EV charging flexibility, it is logical to assume that a home EV charging station will command a higher price.
But does an EV charger increase home value? A recent joint study by several highly regarded universities found that the value of homes with improved charging availability increased by an average of $17,700. The study referred to increased public charging availability but charging cannot get any closer than at home.
When independence, convenience, and cost-efficiency combine, the argument becomes compelling, highlighting the substantial value added by EV chargers in boosting home values.
It’s evident that today’s homebuyers, particularly the younger generation, hold a deep appreciation for eco-friendly living and the many benefits of embracing the convenience of advancing technology. Owning an electric vehicle and investing in a home equipped with an EV charger symbolizes a deep commitment to the environmental well-being of our planet and adds additional value to the enjoyment and convenience of home ownership through automation, enhanced system capabilities, and other technology benefits.
There is strong evidence that they do, as well as compelling logic. It is critical to underwrite value with high-quality installation, and the best way to do that is to use or insist that the seller use certified, licensed electricians for installation.
There are many benefits to installing a home EV charger, but finding and hiring a certified electrician with the appropriate knowledge and experience can be challenging. Qmerit makes electrification easy. With over 269,000 EV chargers installed and the largest network of certified electricians in North America, no one is more experienced or trusted than Qmerit when it comes to EV charger installations and other energy transition services and solutions.
In fact, Qmerit is the North American leader in home EV charger installations and has the highest-rated customer satisfaction in the industry—backed by the Qmerit Peace of Mind Guarantee. To learn more about the value-added advantages of our home EV installation services, contact Qmerit today.