Make Money With a Home EV Charger
Electric vehicle chargers are gaining popularity with homeowners as they reduce the amount of money spent on charging your car, but did you know that they can add value to your home? Not only this, but you can rent out your charger to generate some extra income.
Electricity is now around 34p/kWh since the start of October, while petrol is around 165p and diesel 181p, according to RAC. Public charging can get an EV to 80% for £32.74, while home charging can reduce this to £17.87, thanks for the Energy Price Guarantee. Whether you have your own drive and room for a home charger or not, you’re still saving money on filling up.
Uswitch found that a year’s worth of fuel is about £1,153, while charging an electric car will only set you back £309.65. That’s an annual saving of £843.35. As the price of petrol fluctuates greatly based on international markets, you can gain more financial security by reducing the amount you pay out to fuel your car.
Not only will an EV charger save you money on charging, but the electric vehicle itself will. They’re exempt from road tax as they produce no exhaust pipe emissions. While the most expensive cars to tax will cost a staggering £2,245 in the first year, the average amount for road tax is between £120 and £585, which is a nice amount to save just by changing your car.
Clean air zones are free for electric cars as well, which will save you £12.50 a day compared to vehicles that don’t qualify reduced emissions criteria. If you find yourself in and around reduced emissions zones, choosing an EV will give you substantial savings.
The best part about owning your own EV charger is that home charging is cheaper than public charging. A lot of companies have upped their costs recently, even before the Energy Price Guarantee was announced. According to RAC, a public rapid charger has jumped by nearly £10 since May, which equates to about 18p per mile.
This graph shows the price of public rapid and ultra-rapid chargers on a non-subscription basis over the past year. This is costed in pence per kilowatt hour rather than pence per mile.
Home charging, on the other hand, will cost around 9p per mile, effectively halving this cost. If you have solar panels as well, this can reduce the cost even more, and a solar battery can make this go even further.
Installing an EV charger adds value to your home. New builds are required to have them fitted according to recent changes in Building Regulations, which is starting to build the infrastructure we need. By fitting your own, you can add an average of 2.75% to the value of your home. Even if you don’t have an EV, fitting one before selling your home could see a better return on investment.
Even better news, even if you don’t own an EV, you can make money if you allow other people to use it by charging a fee. Various apps exist that allow you to do this, such as justCHARGE and Co Charger, connecting those who have charging points to those in need of one.
In other words, there isn’t a downside to going green and buying a home EV charger. It’s a money maker and a money saver at the same time. You can feel good about reducing vehicular emissions while also keeping more cash in your pocket.