An EV charger could be a selling point to the right buyer. But does that mean they’ll pay more for it?
An EV charger can be beneficial for resale value, but I’d think of it more as a competitive advantage than a guaranteed dollar-for-dollar increase in your home’s value.
Here’s why.
Buyer Appeal and Resell Value Aren’t Always the Same Thing
An attractive feature doesn’t automatically translate into a higher resell value.
The charger may contribute more to marketability than to a separately identifiable increase in value.
And that’s an important distinction.
Why EV Charging Could Be Especially Valuable in Certain Chicago Condos
Installing an EV charger in a single-family home can be relatively straightforward, depending on the electrical system.
Condo buildings introduce another layer of complexity.
Before installing a charger, owners may need to consider:
- HOA approval and building-specific installation requirements.
- Whether their parking space is deeded, assigned, or otherwise controlled by the association.
- Available electrical capacity and the distance to a suitable electrical source.
- How electricity usage will be measured and billed.
- Whether the building has rules regarding approved contractors, insurance, or charging equipment.
Sometimes the value isn’t just the equipment–it’s the work that’s already been done to make the equipment usable.
What About ComEd Incentives?
I know ComEd has offered programs designed to support electric vehicle charging infrastructure, including incentives for certain eligible residential installations.
Depending on the program, eligibility requirements, available funding, and installation circumstances, those incentives may help offset some of the costs.
Will You Recover the Installation Cost When You Sell?
Possibly, but there’s no universal percentage I’d use.
Unlike certain common remodeling projects, there isn’t dependable Chicago-wide cost-recovery data yet that tells us exactly how much an EV charger adds to a home’s resale value.
Its impact will depend on several factors, including the property type, installation quality, buyer demand, local competition, and how common charging infrastructure is in comparable properties.
That being said, a charger might be a meaningful differentiator in a condo building where no other parking spaces have one.
In a newer building with widespread EV charging, it may be less distinctive.
Also, consider your local market. In a market where few prospective buyers need charging, it may have little immediate effect on price.
That’s why I wouldn’t recommend installing one solely because you expect to recover the full cost when selling.
But There’s Another Kind of Return Worth Considering
Not every home improvement needs to produce a dollar-for-dollar resale return to be worthwhile.
If you drive an electric vehicle, the convenience of charging at home has value today.
You may spend less time relying on public charging stations.
You may find overnight charging more convenient.
And you get to enjoy that benefit for as long as you live in the property.
If the installation makes your home more appealing to a future buyer, that’s an additional benefit.
Many times the best improvements are the ones you get to enjoy now that also make sense for the next owner.
My Recommendation
If you’re considering an EV charger, I’d start with three questions.
1. Will you actually use it?
If you’re planning to charge your own vehicle regularly, the day-to-day convenience may justify a meaningful portion of the expense.
2. What will installation require?
For condo owners, I’d check with the HOA first, then obtain an estimate from a qualified electrician familiar with the building’s requirements.
3. Are there incentives available?
Before committing, investigate current ComEd programs and any other applicable incentives.
Once you know the total installation cost, potential savings, and how much you’ll use the charger, you can make a much more informed decision.
The Takeaway
For the right buyer, having a charger already installed could make your property stand out.
And if you’re planning to use it yourself?
Might be a worthwhile investment long before you ever decide to sell.
Make Every Move Count. Ryan Lehrman
Frequently Asked Questions
Does an EV charger increase home value?
It may contribute to buyer appeal and, in some markets, resale value. However, the financial impact varies, and an installation doesn’t guarantee a dollar-for-dollar increase in value.
Is a Level 2 EV charger worth installing in a Chicago condo?
It can be, especially if you’ll use it regularly and your building has limited charging options. Consider installation costs, HOA requirements, electrical capacity, and potential incentives before proceeding.
Do I need HOA approval to install an EV charger?
Condo owners should review their governing documents and applicable Illinois law before installing charging equipment. Approval procedures and installation requirements can vary depending on the building and parking arrangement.
Does ComEd offer EV charger rebates?
ComEd has offered incentives for eligible charging installations. Availability, funding, and eligibility requirements can change, so confirm current program details before making a purchase or beginning installation.
Can an EV charger help my condo sell faster?
Potentially. For buyers who drive electric vehicles, existing charging infrastructure may make a property more convenient and attractive. However, there’s no guarantee it will shorten the time on market.
