Experts and electric vehicle drivers agree, if you’re an EV owner or plan to become one, a home charging station is a must. While installation, use, and cost, of EV charging stations, can sound daunting to new EV drivers, the process is much more straightforward than you may think and has unexpected benefits for the entire community.
How Much Will It Cost?
According to Plug-In Cars.com, a good quality EVSE will cost between $500-$700 (Level 2 chargers can be higher) and should provide 30 amps to reduce charging time. A 30-amp charger will require a circuit breaker rated for at least 40 amps and a dedicated branch circuit.
If a home already has adequate electrical service- and most do to run large electrical equipment like clothes dryers and refrigerators- installation is inexpensive. A professional electrician can help make sure equipment is up to code.
Long term costs are about the same as running an air conditioner, and some owners report seeing almost no change in their electric bills.
Choosing the Charger
Level One Chargers
Level One Chargers are simple and require only a 120-volt AC plug, similar to a wall outlet in your home. According to Energy.gov’s Charging at Home, a Level One Charger adds 2 to 5 miles of range per hour, making it a viable choice when you have time to charge a vehicle overnight or for extended periods. However, due to their slow speed, they are not practical for public or shared spaces or when you need a fast charge.
Level Two Chargers
Level Two Chargers require a 240-volt AC plug, and a circuit breaker rated for between 30-100 amps and are an excellent choice for any EV who wants a faster charge time and for public spaces.
Each car’s charging time will differ. Mac Greine Energy Corps states: “A Mercedes B Class 250e, for example, can take 20 hours to fully charge (87 miles of range) with a standard 120-volt charging station. A 240-volt Level 2 charger can fully charge a 250e in three hours.” Blink Charging offers a variety of ways to install fast level 2 charging stations specifically designed for multifamily residences and public spaces. So whether your property utilizes use garages or parking lots, there is a solution perfect for you. And frequently, local incentives can even be found to offset the installation costs of publicly available Level 2 charging stations.
How to Save Money
While most chargers are reasonably priced, there are many rebates, tax credits, and incentives available for the installation of electric vehicle charging equipment. You can check out what credits are available here. Between Federal, state, and local incentives, the cost of deploying EV charging stations can become negligible and in some cases, can even generate charging revenue in the long-term. Some EV charging station providers may also be able to help offset equipment and installation costs through shared ownership business models.
Planning on Selling Your House?
Installing a Level 2 EV charging station in your home can help increase your home’s market value. Homebuyers are more likely to choose a home in which they don’t have to pay to install a charger on their own and having the EV charging stations gives the impression of affluence, environmental friendliness, health, and even safety, which can help to make the sale quicker and at a higher price point.
Installing Neighborhood EV Charging Stations
Installing an EV charger in your neighborhood can also help to increase real estate prices for your home and your entire neighborhood. In fact, there is a connection between high-income residents and a need for charging stations. According to Digital Trends, Realtor.com’s April survey found, “Our data shows there’s definitely a link between the prevalence of electric vehicle charging stations and higher home prices,” said Danielle Hale, Realtor.com chief economist.
Realtor.com tracked “19,743 charging stations in 6,980 ZIP codes in the U.S. listed on OpenChargeMap on April 1. After mapping EV charging stations to ZIP codes, the study found the combined median list price was 1.5 times higher than comparable home prices.” Everyone from real estate agents to public officials are noticing the increase in home value and neighborhood standards after installing EV charging equipment.
As EV’s continue to grow in popularity, charging station infrastructure is needed to support them, installing stations in private homes and shared multifamily buildings can help to accelerate EV adoption and shift green initiatives onward.