With electric vehicles growing more popular each year, many homeowners have looked to install a home EV charging station to make the most of the electric vehicle ownership experience. This does a great deal to help the environment—but it can also mean more money in your pocket over the long haul. At TCA Electric, we’re often asked how homeowners can save energy and money with electrical upgrades. Home EV charging stations are a great way to achieve both of these goals by saving money on gas and increasing the value of your home.
Home charging is cost-effective
First-time electric vehicle buyers love the idea of never having to buy gas for their car again. Of course, the electricity needed to charge an EV doesn’t come free, but in the long term, EV owners can save a great deal of money by avoiding the gas pump. With a home EV charging station, the savings increase even further. On public charging networks, the cost per kWh is often about 30-40 cents. The average price of electricity in Canada, however, is about 17.4 cents per kWh, while the average in British Columbia is even lower, at about 12.4 cents. This means those with a home EV charging station will save a great deal over the years.
An EV charging station increases home value
As mentioned above, installing a home EV charging station is a wise investment for those who own an electric vehicle. You save money, and you get the added benefit of a fully charged battery without ever having to drive somewhere else for a charge. In other words, your car can fill up while you sleep!
Not surprisingly, then, EV chargers are also hot commodities for homebuyers. Green-minded homebuyers will love not having to do the work of scheduling an EV charger installation, as well as the convenience of having a charging station in their home. As electric vehicle sales continue to rise, those looking to sell homes with EV chargers will likely see substantial financial benefits.
In fact, some sellers have achieved higher home values simply by being near public charging stations. A realtor.com analysis found that median list prices for homes in areas with higher concentrations of EV charging stations were much higher than surrounding metro areas. While this doesn’t necessarily mean the charging stations caused home values to increase, the association is something to keep in mind when looking for electrical upgrades to increase your home’s value.
Other valuable eco-friendly upgrades
EV chargers are a valuable asset for any homeowner. However, there are many more ways to save money and increase your home’s value through green electrical upgrades. Examples of other value-adding upgrades include:
- Smart thermostats – These devices can help reduce your energy usage when it comes to heating and cooling your home. Some models can even learn about your family’s schedule and usage habits, optimizing your energy usage even further. And, like just about any smart technology, it’s a great way to make a strong impression on potential homebuyers.
- LED lighting – Once somewhat pricey, LED lights are quite inexpensive these days. They’re a price-conscious green upgrade that will suit any home, and they’re better than traditional incandescent and fluorescent bulbs in just about every way.
- Energy-efficient appliances – Kitchen remodels are commonly recommended for those trying to increase the list price of their home. That makes energy-efficient appliances an especially valuable upgrade. These appliances save on energy if you plan on sticking around, and they also provide a high return on investment when it comes to selling your home.
TCA Electric: Experts in Home EV Charging and Green Upgrades
At TCA Electric, we love helping homeowners improve their homes with green devices and energy-conscious upgrades. While we’re glad to do our part in fighting climate change, it doesn’t hurt to know we’re helping our customers save money, too. If you’re looking to switch to an electric vehicle, our expert electricians can help you pick the right home EV charging station for your needs. And if you want to save even more, we offer installation of a wide variety of green upgrades. Contact us today to learn more!