Should Landlords Fit an EV Charger at a Rental Property?

As electric vehicles (EVs) become increasingly popular, the demand for EV charging infrastructure is on the rise. For landlords, the decision to install an EV charger at a rental property is not only a matter of staying current with technological trends but also an opportunity to enhance property appeal and value.

Indeed, 86% of landlords say they would fit an EV charge point if their tenants wanted one. This article explores whether landlords should fit them, the benefits of doing so, available grants in the UK, and other relevant considerations you might need to make.

The Growing Demand for EV Chargers

The UK’s push towards zero-emission vehicles, coupled with growing environmental awareness, has led to a significant increase in EV ownership. According to the Society of Motor Manufacturers and Traders (SMMT), the number of electric cars on UK roads is steadily rising, with a target to ban the sale of new petrol and diesel cars by 2035. This shift means that there needs to be a major expansion of charging infrastructure to support the growing fleet of EVs.

This might be simple enough for many homeowners, but tenants do not have the same freedom to make structural changes to their properties. As a landlord, you could allow them to do so, but should you?

Benefits of Installing an EV Charger at a Rental Property

1. Attracting Tenants

One of the primary benefits of installing EV chargers is the potential to attract and retain tenants. As EV ownership grows, tenants are increasingly seeking properties that support their charging needs. Providing EV chargers can make your property more appealing to this demographic, reducing void periods and ensuring a steady rental income.

2. Increasing Property Value

Properties equipped with EV chargers are perceived as modern and convenient, potentially increasing their market value. As the demand for EV infrastructure continues to rise, properties with these facilities are likely to command higher prices and rental rates.

3. Supporting Sustainability

Installing an EV charger at a rental property demonstrates a commitment to sustainability, helping to make the home more environmentally friendly. This can enhance your reputation as a responsible landlord and appeal to green-minded tenants.

4. Future-Proofing Your Investment

As the transition to electric vehicles accelerates, properties without EV charging facilities may become less attractive. By investing in EV chargers now, you can future-proof your property, ensuring it remains competitive in the rental market.

Grants and Financial Incentives in the UK

The UK government offers several grants and financial incentives to support the installation of EV chargers. These schemes can significantly reduce the upfront costs for landlords.

The Electric Vehicle Chargepoint Grant

The Electric Vehicle Chargepoint Grant provides renters with 75% off the cost of buying and installing an EV charger, up to a maximum of £350. Landlords can apply themselves, and receive up to 200 grants per year for residential properties.

Local Authority Funding

Some local councils also offer additional funding or incentives for installing EV chargers. It’s worth checking with your local authority to see if any supplementary schemes are available in your area.

Practical Considerations

While the benefits of installing an EV charger at a rental property are clear, there are several practical considerations you should take into account.

1. Installation Costs

The cost of installing EV chargers can vary significantly depending on the property’s electrical infrastructure and the type of charger selected. While grants can offset some of the costs, you should budget for potential additional expenses, such as electrical upgrades or groundworks.

2. Charger Type and Capacity

Selecting the right type of charger is crucial. Fast chargers (7-22 kW) are suitable for residential properties, offering a balance between cost and charging speed. Rapid chargers (50 kW and above) are typically used in commercial settings due to their higher costs and power requirements.

3. Maintenance and Upkeep

EV chargers require regular maintenance to ensure they remain in good working order. You should factor in ongoing maintenance costs and consider entering into a service agreement with the installer to cover any repairs or updates.

4. Tenancy Agreements

Including EV charging facilities in tenancy agreements can clarify responsibilities and usage terms. Outline whether tenants are responsible for the cost of electricity used for charging and any associated maintenance fees too.

Conclusion

Installing an EV charger at a rental property presents a compelling opportunity for landlords. The benefits of attracting environmentally conscious tenants, increasing property value, and future-proofing investments are significant. For help with maintenance and ensuring your tenancy agreement covers EV chargers and all other relevant areas, outsource your property management to Executive Property Management Solutions. Let us take the strain away. Call 0208 5757630 for more details.