Landlords urged to install EV chargers to boost income

Landlords urged to install EV chargers to boost income

0:02 AM, 30th September 2024, About 3 hours 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.”


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