Landlords open to installing electric vehicle chargers for tenants
2 years ago | 9 comments
Landlords urged to install EV chargers to boost income
12:02 AM, 30th September 2024, 2 years ago
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Landlords are being advised to get ahead of the curve by installing electric vehicle (EV) charging points at their properties.
This move could not only increase rental income but also make their properties more desirable to renters.
The call is being made by home and car insurance platform Quotezone.co.uk who point out that adding an EV charging point could also boost the property’s value by £5,000.
With more than 40% of young drivers in the UK already owning electric vehicles, landlords risk losing out on potential renters by not offering these facilities.
Landlords installing EV chargers
Greg Wilson, a landlord insurance expert and CEO of Quotezone.co.uk said: “We would encourage more landlords to start installing EV chargers at their properties, it’s a smart move to help future-proof their investment.
“It’s also a win-win for both renters and landlords, tenants get convenient and cost-effective charging options, while landlords are able to increase the value of their property by up to £5,000.”
He added: “Having the option to charge an electric vehicle at home will serve as an attractive selling point to prospective tenants.
“Interestingly, 40% of the UK’s youngest drivers have already opted for electric vehicles, ahead of the ban on the sale of new petrol and diesel cars – considering 74% of this 16–24-year-old age group rent, it’s a sensible investment for landlords.”
2035 ban on new petrol and diesel vehicles
The platform also says that by taking action before the 2035 ban on new petrol and diesel vehicles, landlords can reap the benefits.
Charging an EV at home is a convenient and cost-effective option for drivers, averaging around £13 per charge compared to £26 at public stations.
Having a home charging point is a valuable amenity that could increase the property’s value and, potentially, boosting rental income.
The National Association of Property Buyers suggests installing an EV charger could boost a home’s value by up to £5,000 – creating a win-win situation for both landlords and tenants.
EV installation costs for landlords
Quotezone also highlights that installation costs for landlords could be minimal, with some electricity providers offering free EV charger installation.
Alternatively, the typical cost of buying and installing a charger is around £1,000.
Landlords are also being advised to shop around for the best deals and check with the council if cables need to cross a public footpath, as permission might be required to avoid trip hazards.
Mr Wilson also reminds landlords: “Just remember to keep insurance providers up to speed with any changes or upgrades to the property – invalid or outdated information can actually void insurance policies, leaving homeowners, renters or landlords unprotected.”
Tags:
electric vehicles, EV charging points, future-proof investment, Landlords, property value, rental income, tenants, UK Landlords, young drivers
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Member Since September 2019 - Comments: 251
12:26 PM, 30th September 2024, About 2 years ago
I recently got an EV and much like the tenants mentioned above, I have to charge through a window at present. I was considering looking at getting a wall port installed.
I do find it interesting that the only grant for getting these installed is specifically for tenants in properties. Handy for myself, but odd that’s the only one out there.
My landlord is happy for me to get a charger installed so will likely do so in the future.
I would love to get solar panels installed, I would even consider doing it at entirely my own cost. My main hesitation from doing so is that I cannot guarantee that I will be living here for years to come.
Member Since December 2023 - Comments: 1575
3:25 PM, 30th September 2024, About 2 years ago
Reply to the comment left by JeggNegg at 30/09/2024 – 11:35
Of course, I’d make an offer. The tenants might not like it, but their option would be to return the property in the state that it was let.
One man’s home improvement is another man’s problem.
Member Since July 2023 - Comments: 179
4:30 PM, 30th September 2024, About 2 years ago
Reply to the comment left by Paul Essex at 30/09/2024 – 08:44
Paul.
My thoughts too.
Whilst it will come to be standard,think double glazing we are a long way off yet.
I don’t see my local council digging up the front gardens of their properties to fit these things
Member Since April 2024 - Comments: 94
4:52 PM, 30th September 2024, About 2 years ago
totally agree! Installing EV charging points is a smart move for landlords. Not only does it make your property more attractive to renters, especially with so many young drivers going electric, but it can also add around £5,000 to its value. Plus, with some companies offering free installation, it’s a win-win situation
Member Since March 2022 - Comments: 137
5:50 PM, 30th September 2024, About 2 years ago
There is no way a 7kW EV charger will add £5k to a property. I can buy a podpoint charger for £200 and fit it myself and sign off the electric certificate. If that just added £5k WTF!?
Member Since December 2023 - Comments: 1575
6:56 PM, 30th September 2024, About 2 years ago
Reply to the comment left by havens havens at 30/09/2024 – 16:52Would you be happy to pay a higher rent for a property with an EV charger – even if you didn’t own a car?
How would it add £5k to a property’s value when it costs £500 or so to install an EV charger?. I guess maths ain’t for everybody.
Member Since December 2023 - Comments: 1575
8:04 PM, 30th September 2024, About 2 years ago
Reply to the comment left by The Forever Tenant at 30/09/2024 – 12:26
I used to offer my tenants a fixed term of three years. Labour’s Renters Rights Bill takes this option away.
If my tenants chose to have Solar PV installed, I’d offer to buy them if they subsequently left. Of course, it would be at a price that I consider to be fair value.
Member Since August 2016 - Comments: 1190
10:45 AM, 1st October 2024, About 2 years ago
I wouldn’t worry about any of this EV’s are dead nobody wants them. Sales are dropping through the floor. VW closing factories. Ford pulling out as they’re losing billions. Then there’s all the other barmy stuff:
1) Huge upfront cost and massive depreciation
2) Range anxiety (especially in winter)
3) No new power stations being built so not enough juice
4) Infrastructure for all the electricity distribution that will be required doesn’t exist.
5) Hardly any public chargers
6) Less reliable than ICE cars
7) Huge wear and tear on tyres and roads due to increased weight
8) Replacement batteries need after 5 to 7 years at huge expense
9) Wasting hours and hours sitting at public chargers.
9) Not even green they’re powered by oil and gas.
10) Disposing of the toxic lithium batteries is bad for the planet.
Member Since January 2022 - Comments: 267
8:28 AM, 2nd October 2024, About 2 years ago
Reply to the comment left by Jo Westlake at 30/09/2024 – 12:19
Noted thank you
Member Since February 2022 - Comments: 203
9:48 AM, 2nd October 2024, About 2 years ago
Reply to the comment left by Dylan Morris at 01/10/2024 – 10:45
I know this is going off topic but I want to comment on your points…
1) This is purely down to supply and demand.
2) Battery technology is improving year by year. Range is increasing.
3) Energy forward planning is essential (not just EV’s but heat pumps and other)
4) True but this is a transition
5) I disagree public charging is being increased
6) In what way? There are less parts to service and go wrong.
7) Agreed
8) Warranty is typically 8 years but batteries can last up to 20 years if looked after.
9) Only really for long journeys and most people stop for a toilet/coffee break anyway. 15mins at 100kW charge speed should be more than sufficient (200miles) we are a small country after all.
10) This is an upstream issue and down to the energy blend, this can be said about anything that uses electricity.
11) EV batteries can be reused and recycled its big business. So in theory commodity mining for new materials should decrease overtime.
The future is V2G/V2H/V2X in the meantime diesel/petrol is still needed.
One of the main reasons why EV ownership is limited is home charging. You can’t charge your EV from the 15th floor of a tower block.
It’s only a matter of time before EV chargers fitted to suitable rentals become the norm, but as others have pointed out the the grand scheme of things it’s pretty much bottom of the list (for now).