With the multitude of warning signs and disastrous events related to climate change, taking steps to reduce the rate that we dump carbon into the atmosphere has been a growing focus for both groups and individuals.
While how companies provide their services can obfuscate the damage done from their consumers, personal choices like switching to an electric vehicle (EV) can still help.
One concern new EV owners might have is whether or not they will be able to reliably charge their vehicle. A part of that issue is being uncertain whether their home will have a viable charging station.
Are Homes Being Built with EV Charging Stations?
Three factors cause construction companies to add EV charging stations to home construction: legal requirements, profit, and by request of the entity ordering the construction.
Legal requirements will vary depending on where you live. UK residents can expect all new homes to be built with EV chargers.
The UK government stated concerns about the environment and a desired phase out of combustion engines by 2035.
In the US, legal requirements for EV charging stations in new home construction are limited to a few larger cities like Seattle.
That said, the US building codes issues by the ICC now recommend that new homes be built with charging stations. A
lthough they are not legally binding, they are used as the baseline for many municipalities and are seen as an industry standard of expected quality.
Beyond that, whether or not your new home will have an EV charging station depends on the cost analysis of the construction company and specific request.
Are the Benefits of a Home EV Charging Station Worth the Cost?
Determining the value of a home EV charging station is somewhat complicated. First, it requires looking at the cost of the vehicle, charging station, electricity costs compared to the cost of a conventional vehicle and its operating costs. Then you need to consider
Home Advisor suggests a typical price range of $481 to $1,173 for EV charging stations. Refitting an old garage with an EV charging station tends to cost more than including it into the construction.
If you don’t already have an EV, the cost of purchasing one is a factor in how much value it has for you. Having one available for any guests with an EV will be handy but not personally beneficial.
EVs are more expensive on average than a traditional vehicle at this time, “roughly $10,000 higher than the overall industry average of $46,329” according to CNBC. This puts them at the bottom end of luxury car prices.
There has been significant price reductions overall compared to their recent launch, but factors like the rarer materials needed for batteries has slowed the price reduction despite continuing advancements in technology and production processes.
Once you have the charger, estimates for operating costs are about $25 a month with typical usage and factoring in commercial charging stations, which are frequently faster and more expensive.
The average monthly cost of fueling a gas vehicle is $164 per month. EVs also tend to have lower maintenance costs, but this difference in operating costs gives an easy minimum time to start making money back.
Assume you intentionally purchase a new EV at $56,000 and install a charging station in your home at a high average of $1,173 for a total initial cost of $57,173. We’ll ignore taxes and fees for now.
At $139 in monthly savings, the EV pays for itself in about 34 years. With gasoline prices rising, it is not unreasonable to assume that the monthly savings will increase over time.
If you are in the process of making a vehicle choice, the EV pays for itself even more quickly. You spend about $11,173 more than you would on a traditional vehicle, which is paid off by the monthly savings in 81 months, or just over 6 and a half years.
Looking to the Future
Construction companies, governments, and consumers are all shifting their views on transportation. With the changes in recommended guidelines and growing number of legal mandates, most new homes should have EV charging stations.
For financial reasons, you should include one in a new home, even if you don’t need one. For environmental reasons, it’s something that should be a priority.
In some cases, switching to an EV with a home charging station will be a larger upfront investment than staying with a traditional vehicle.
It may be up to your request to pay that little bit extra for a better payout later as petroleum products increase in price and the EV mandates spread.
