Electric vehicles are a great way to reduce carbon emissions and limit our reliance on fossil fuels. With electric and hybrid cars becoming more widely available and more economical with every passing year, their maintenance is becoming a hot topic of discussion. If you’ve made the switch to an electric vehicle, you might be debating whether you should add an EV charger to your garage — and whether that addition will add to the value of your home. We’ve got the answers here.
While electric cars have existed for more than a century, the recent spike in their production is largely due to Tesla’s 2010 debut of its ground-breaking luxury electric car. Since then, the electric car movement quickly gained traction and, as a result, the vehicles have become more affordable.
In fact, sales of electric vehicles tripled between 2016 and 2020, and the vehicles hit record sales numbers in March of 2021. With many car manufacturing companies committing to a steady increase in their electric vehicle production, it’s fair to say that electric cars are the future of automotive vehicles.
Your home’s value is based on what price a buyer is willing to pay for it. Since electric vehicles make up such a small percentage of the number of cars on the road, how many people would you really be appealing to by installing an EV charger in your home? To determine if an EV charger will increase your home’s value, consider a few factors.
New generations of home buyers
Younger generations prefer making eco-conscious choices. In fact, a Pew Research survey found that more than half of Millennials and Gen Z’s are in favor of completely eliminating the production of gasoline vehicles in the next 15 years. With Millennials making up almost 40 percent of homebuyers and older Gen Z’s preparing to hit the housing market soon, EV chargers will increasingly impact home values as time goes on.
Increasing overall interest in electric vehicles
There’s no doubt that electric vehicles are on a steady incline when it comes to popularity and accessibility. As eco-friendly vehicles continue to become more affordable, more people will make the change to plug-in cars. The same Pew Research survey found that almost 40 percent of adults are considering an electric car for their next vehicle purchase. With this level of interest, the appeal of an EV charging station in your home can be a great long-term investment since more and more home buyers will be looking for eco-friendly home features.
The region your home is in
While localized housing markets that have a higher number of home EV chargers tend to have higher home values, the connection between the two factors doesn’t necessarily mean that EV chargers increased those values. It could simply mean that wealthier people tend to purchase higher-priced electric vehicles.
However, in certain states, like California, New York, Florida, and Texas, electric vehicles are more prevalent than in other states, so installing an EV charger in your home will certainly be appealing to more buyers in these regions.
With environmental awareness at an all-time high, your home’s value can only benefit from green solutions that will be attractive to earth-conscious buyers. Here are some additional ways you can make your home more eco-friendly and give your property value a boost.
Install smart thermostats
Your home’s heating and cooling system is not only its biggest energy cost, but it’s also where most of your home’s carbon footprint comes from. To reduce your energy consumption without breaking the bank, install smart thermostats. Ultimately, you’ll use less energy since these systems can limit their output when you’re away from home, sleeping, or even in the other room for long hours at a time.
Buy energy-efficient appliances
Your washing machine, dryer, dishwasher, and refrigerator use up a lot of gas and electricity. Switching to eco-friendly models for your appliances reduces the amount of energy used and also adds aesthetic appeal to your home, both of which will appeal to environmentally conscious buyers.
Invest in solar energy
While it’s a costly investment upfront, a solar energy solution in your home is a massively appealing feature that eco-conscious home buyers will love. After the initial purchase and installation, a solar system is incredibly economical since it costs very little to operate.
Consumers are becoming steadily more interested in environmentally friendly home solutions, so we’ll see green energy capabilities topping the “must-have” lists of prospective homeowners. Investing in green energy solutions won’t necessarily increase the value of every home immediately, but the ever-growing popularity of planet-conscious products will certainly make it an impressive selling point.