categories | articles | write a review | design your space
log in | sign up ARE YOU A HOME PRO?

Do Electric Vehicle Charging Stations Impact Home Resale Values?

As an increasing number of Canadians consider parking their gas-fueled vehicles and converting to electric cars, the need for more effective charging capabilities has sparked a new home improvement trend: electric vehicle charging stations at home.

Today, eieihome.com is looking at the benefits of adding an electric vehicle charging station at home, and how if any impact this upgrade may have on your home’s resale value.

More Than Just a Trend

While overall electrical car sales have fallen short of earlier predictions, drivers in Ontario, Quebec, and British Columbia have put the pedal to the metal when it comes to driving the trend. These three provinces have accounted for an astounding 97% of all plug and drive vehicle sales between 2013 and 2018, with Quebec and BC taking steps to severely decrease or even ban gas car sales in the near future.

Car Charging at Home

electric vehicle charging station

According to BC Hydro, the power demand of an electric car is comparable to 1,500-watt air conditioner. So, with the power demand being so low and standard outlets providing acceptable charging capabilities, there comes the question of why anyone would need to upgrade.

The benefit that comes with upgrading to an electric vehicle charging station is most notably felt in how long it takes to charge your vehicle. For example, 100amp will provide a much faster charge than 30amp. So, if you have a need for speed, then an upgrade is a must.

For more information about adding an ev station to a home, eieihome.com contacted Hotwire Electric, award-winning electrical contractors, qualified and experienced in the installation of many different charge stations, from level 1 to 3.

“Depending on access and location, this upgrade requires a dedicated circuit to the panel,” explains Hotwire’s Hanna Taylor.

Taylor goes on to explain that a home may also requires a service panel and service to home upgrade. “If you have a new 100amp car charger you want to install but only have 100amp service in the home, you need to consider upgrading that service to meet the new load demands,” she explains.

 

How Electric Cars are Changing Real Estate Expectations

electric vehicle charging station

The impact of electric car ownership is already being felt in the world of Canadian real estate, with high-rise developers becoming the the first to truly embrace this move. Several sustainability-focused condo communities, such as AALTO Development’s Lākhouse lakefront residences in Barrie, Ontario, and Collecdev’s TRETTI in Toronto’s Wilson Heights neighbourhood have already included electric vehicle charging stations among their amenities.

With regard to single family homes, legislation supporting the future of more sustainable vehicles has already been put into place within certain provinces, like Ontario.

“New building code recently came in requiring a car charger outlet or rough-in in the garage on new builds,” Taylor explains. “Most of the custom homes we work on are at minimum roughed in for a future car charger.”

Installing an electric vehicle charging station is absolutely a worthwhile investment, especially if someone in your household drives or plans to drive an electric vehicle. However, if you are preparing to sell your home and are wondering how this addition might impact resale value, the real estate experts at Zoocasa suggest that you proceed with caution.

“The installation of a charging station for an electric vehicle is likely not a make-or-break factor for a buyer of a detached home,” says Zoocasa’s Managing Editor, Penelope Graham. “As well, it seems to be more of a coveted feature in condo buildings, as not all parking garages are equipped, and not all boards are willing to install the infrastructure,” she explains.

At present, it would seem that the installation of an electric vehicle charging station may not directly impact a home’s resale value. However, there are signs emerging from buyer trends that suggest this may change in the near future.

With new building codes in place in Ontario, along with the commitments that B.C. and Quebec are making with regarding to the proliferation of electric car ownership, it won’t be surprising to see the electric vehicle charging stations becoming a standard part of new home upgrade options in the very near future.

For more home improvement news, information, and inspiration, visit eieihome.com

 

Images courtesy of Pixabay and Unsplash



Array ( [0] => 1224 [1] => 8 )

LOOK FOR TIPS & ARTICLES?