Will An EV Charging Station Increase A Home’s Value

Q: We’re thinking about installing an EV charger in our home. Do you think it will increase our home’s value if we do? Brian, Garfield, NJ

A: The U.S. Department of Energy released a report on home values with an EV charger. The report finds that homes with EV chargers can sell for 1-3% higher than homes without them. Based on the report and the average home values in your area, that would add somewhere between $5,000 to $20,000 to your home’s value-that obviously will depend on what your specific home is currently worth. The cost to install an EV charger in a home is between $1,500-$2,000 but there are both Federal and NJ state Tax Credits that would bring the net cost down to about $1,000. So, a $1,000 investment for at least a $5,000 increase in home value is a pretty good deal and something worth considering. Thanks for your question, Brian.

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