Everyone wants to get an EV home charger installed at their home simply because it makes charging a vehicle very convenient. However, despite the UK’s best efforts, EV home charger costs and associated expenses haven’t gone down. That said OLEV offers, grants to homeowners with EVs, which allows them to get one installed.
The EVHS or Electric Vehicle Homecharge Scheme offers grants to people who want charge points at their home. The government has announced that the amount available starting from the 1st of April 2020, will be a max £350 off the original EV home charger cost. In the past, the grant was capped at a generous £500 for every charge point.
Why Has the Government Reduced the Grant Cap?
One reason cited by some experts is that there was an increasing number of people applying for the grant. Almost everyone that applied was eligible, but at the previous £500, it was hard to give all eligible applicants a grant. So, the grant cap had to be slashed, and now the government will not pay more than 75% of the price associated with the installation and purchase of a charge point. Furthermore, that grant only applies to people who are willing to hire an OLEV-accredited installer.
Another condition of the grant is that it has to be smart. Smart charge points as they stand today are more expensive. So, you as a buyer may end up paying higher EV home charger cost. But because you’re opting for a smart charger, there are undoubtedly benefits associated with using it. For instance, smart chargers can be remotely accessed and are capable of reacting as well as interpreting any type of signal.
What affects an EV Home Charger Cost?
The price of an EV Home Charger varies depending on the speed and the manufacturer of the point. Generally, a 3 kW unit will cost anywhere from £250 on the low end and up to £500. However, a 7kW charger will cost anywhere from £450 to £800. It is essential to mention here that prices are subject to change, and they change a lot. So, use this more as a guideline rather than an accurate estimate.
Some EV buyers may also be eligible for a discounted point or a free point as part of their car manufacturer’s added perk. Furthermore, there are also EV centric tariffs that have similar schemes.
Factor Installation Costs into Your Budget
If you are footing the bill for an EV home charger, you also need to take installation costs into consideration too. That will require getting quotes from OLEV approved installers. However, if you’re not using grant money, then you can opt for a non-approved installer too, which can be risky, but they are also cheaper.
While the EV home charger cost may be high up front, it ends up saving you in the long-term. The longer you have the vehicle and the point, the more you save, which is why people look at it as an investment.