Charger prices vary, ranging from approximately £300 to over £1,000, with installation costs potentially adding another £400 to £600.
Solar integration presents a game-changing opportunity for homeowners seeking both environmental sustainability and financial benefits. The global solar energy capacity reached an astounding 793 gigawatts (GW), illuminating the rapid adoption of this renewable energy source.
For homeowners, integrating solar panels with an electric vehicle (EV) charging point can lead to substantial savings. On average, a standard solar panel system costs around £6,000 to £7,000 per kWp (kilowatt peak), with the typical installation size being 4kWp. This equates to an initial investment of approximately £24,000 to £28,000.
However, the return on investment is impressive. Solar panels can generate roughly 3,200 kWh (kilowatt-hours) per year for a 4kWp system in the UK. With the average cost of electricity sitting at 16.1p per kWh, homeowners can save approximately £515 annually on energy bills.
Moreover, the Smart Export Guarantee (SEG) scheme allows homeowners to earn money by exporting excess electricity back to the grid. As of September 2021, the SEG offers rates ranging from 1.79p to 5.24p per kWh. Over the course of 20 years, a solar panel system can generate savings of over £10,000, demonstrating the substantial financial benefits of solar integration. This trend is expected to surge further as advancements in solar technology continue to drive down installation costs and boost energy production.
Regulations and Grants:
Regulations surrounding EV charging point installations vary, particularly for listed buildings, which require planning permission for wall-mounted units. However, for flat owners, renters, and landlords with off-street parking, there’s an opportunity to benefit from government grants.
These grants provide a substantial subsidy, offering £350 or covering 75% of the total installation cost, whichever is lower. This incentive has spurred a surge in installations, with a notable uptick in applications over the past year.
In fact, according to recent data, the number of approved grant applications for EV charging points has risen by an impressive 68% compared to the previous year. This demonstrates a growing recognition of the value and importance of these installations in both residential and rental properties.
Renting Out Your Charging Point:
Renting out your EV charging point also presents a compelling opportunity for homeowners to capitalize on the growing demand for electric vehicle infrastructure.
According to recent market trends, the number of registered electric vehicles worldwide surpassed 14 million in 2023, marking a significant milestone. With projections indicating an annual growth rate of 29% – 34% for the global electric vehicle market, the need for accessible charging solutions is set to skyrocket. In the UK alone, the number of electric vehicles on the road has tripled over the last three years, reaching over 857,000 at the end of 2023.
This surge in EV ownership underscores the potential market for homeowners looking to rent out their charging points. Platforms like JustPark and Co Charger facilitate this process by connecting drivers in need of charging with available charging stations.
By participating in this shared economy, homeowners not only contribute to the expansion of EV infrastructure but also stand to generate a supplementary income stream. This symbiotic relationship between EV owners and charging point hosts aligns with the broader shift towards sustainable transportation solutions.
WATCH: EV CHARGING & OPPORTUNITIES
Finally, we can conclude that the surge in demand for properties with EV charging points signals a shifting paradigm in real estate. With added convenience, cost-efficiency, and potential for monetization, these installations are poised to become a cornerstone of future property value and desirability.