One of the basic tenets of real estate is that improving a property while you own it increases its value. For example, installing a pool in the yard can increase the value of that property because it now has a new amenity. Similarly, installing EV charging stations at or near a residential or commercial property can increase the property value. Here’s what you need to know.
EV charging and housing prices
A new study in the journal nature sustainability measured the impact of installing EV charging infrastructure on housing prices. Homes that are within one kilometer (0.6 miles) of EV charging stations may see a price increase of 3.3% or $17,212 compared to homes without any EV charging near them. Homes that are only 0.4-0.5 km (0.2-0.3 miles) from EV charging infrastructure may see an even larger increase in house price at 5.8%.
The researchers compared data on the market expansion of the state’s EV charging network to 14 million housing transaction records from California during 1993–2021 to determine how the network’s expansion affected housing prices. Importantly, these housing prices increased for homes where EV charging infrastructure just happened to be built nearby. Researchers did not ask how much a property’s value increases when a home or business owner installs their own EV charging infrastructure on-site. If simply locating a home near new EV charging stations leads to a rise in value, how much more would installing chargers for your own residents and guests?
EV charging as an amenity
But it’s not just the actual price of the home that increases in value. EV charging infrastructure is most often seen as an amenity that helps property owners and managers attract and retain EV drivers as residents, employees, and customers.
Americans need commercial charging as an amenity
The United States’ EV charging network does not just include publicly-available charging stations. Even privately-owned charging stations are included in that network. The National Renewable Energy Laboratory (NREL) forecasted that to support 30-42 million EVs in 2030, a national network of 26–35 million EV charging ports would be needed.
Supporting 33 million active EVs would require these 28 million charging ports:
26.8 million privately accessible Level 1 and Level 2 charging ports located at single-family homes, multifamily properties, and workplaces;
182,000 publicly accessible charging ports at Direct Current Fast Chargers (DCFCs) along highway corridors and in local communities;
1 million publicly accessible Level 2 charging ports primarily located near homes and workplaces.
Even as EV sales forecasts change, the United States does not currently have enough EV charging stations to meet demand. A May 2024 Washington Post analysis found that “between 2016 and 2023, EV registrations in the United States grew almost three times faster than the United States’ public charging infrastructure. In 2023 alone, EV adoption increased 1,132%, but public charging ports only increased 337%. As Washington Post points out in the same article, in 2024 there were 20 EVs for every 1 public charging station in the United States, but the global average is 11 EVs per 1 public charger.
Installing EV charging infrastructure is simple for single-family home owners, but millions chargers are needed at multifamily and commercial properties. Public Level 2 and DC fast charging (DCFC) stations are an essential amenity for the millions of Americans who already drive an EV.
EV chargers attract tech-savvy visitors
A Polestar survey found that 55% of U.S. drivers say they purchase EVs for reasons other than being environmentally-friendly. Instead, many EV drivers buy or lease an EV because they love the technology. In-vehicle technology like seamless connectivity and infotainment systems were rated highly among EV buyers in the survey.
If drivers are purchasing or leasing EVs for the technology, it stands to reason that these drivers would also view charging stations the same way. A home or workplace with a visible EV charging station is a clear indication of the property owner’s future-forward thinking and love of new technology.
Installing EV charging infrastructure
Most residential and commercial properties will install Level 2 (L2) EV charging stations. Residential L2 charging stations, like the Blink HQ-200, and commercial L2 charging stations, like the Blink Series 7 ISO and Blink Series 8 ISO, are ideal for property owners who want affordable EV charging capabilities. Commercial properties that require faster charging may choose DCFCs like the Blink Series 9 or 60-360kW DCFC.
EV charging infrastructure should installed by an electrician who has experience with EV charging installation. In fact, local code may require you to hire a contractor with EVITP (or equivalent) certification. Blink also recommends planning ahead for future expansion. Many property managers know that while they currently only have a few EV drivers, installing chargers encourages more residents and employees to get an EV. Commercial properties that are installing charging stations this year should also budget for make-ready electrical infrastructure that is installed at the same time. This will allow them to order EV charging stations and easily expand when they are ready.
“Make-ready infrastructure” simply means making electrical upgrades before installing the charging stations themselves. There are three categories of make ready EV infrastructure installation:
● EV Capable - Parking spaces have panel capacity and conduits in place for future charging station installation.
● EV Ready - Parking spaces include panel capacity, conduits, full circuits, and receptacles or junction boxes. EV charging stations can simply be wired in.
● EV Installed - Parking spaces have charging stations and are completely ready to charge EVs.
With make ready infrastructure, businesses can save thousands on future costs simply by paying for labor and materials using this year’s pricing.
Many governments and utilities offer funding programs to encourage EV adoption. Blink’s Commercial Incentives Finder and Residential Incentives Finder can help you find rebates and incentives for make ready infrastructure and/or EV charging equipment.
Conclusion
Installing EV charging stations at your single-family residential property, multifamily property, or commercial property can increase its value and help attract tech-savvy residents and employees. To speak with a Blink expert about your residential, multifamily, or commercial EV charging installation, please contact Blink today.