TECHNOLOGY
In a groundbreaking study published in Nature Sustainability, CGS Associate Professor Yueming ‘Lucy’ Qiu sheds light on the significant impact of electric vehicle (EV) charging infrastructure on home values in California. The research, spanning nearly three decades and based on data from the nation’s leading adopter of electric vehicles, reveals that increased availability of EV charging stations correlates with a remarkable 3.3% surge in home values, equivalent to an average increase of over $17,000 per property.
Professor Qiu, affiliated with the University of Maryland School of Public Policy, emphasizes the pivotal role of transportation electrification in curbing greenhouse gas emissions, particularly from the transportation sector, which is the United States’ largest contributor to climate change. “This research underscores the willingness of consumers to invest more in properties near public charging stations,” remarks Qiu. While recent investments from the Infrastructure Bill have accelerated the deployment of charging infrastructure, Qiu stresses the urgency of ensuring that these facilities are operational to meet the escalating demand.
Beyond the financial premium observed, the study suggests that residents in California perceive proximity to public charging infrastructure positively. This sentiment is bolstered by the tangible benefits of emissions reductions, improved air quality, and savings at the gas pump.
The landmark Infrastructure Bill passed by Congress in 2022 allocates a historic $5 billion over five years to facilitate the installation of EV chargers along interstate highways, presenting a golden opportunity for both public and private sectors to leverage these funds. The study’s findings offer assurance that investments in charging infrastructure are less speculative, as evidenced by homebuyers’ preferences for properties with accessible EV chargers.
Jing Liang, a postdoctoral research associate at Princeton University and former graduate assistant at the Center for Global Sustainability (CGS) at the University of Maryland, underscores the significance of the study in filling a crucial research gap. “While existing research has explored the impact of various energy infrastructures on housing markets, our study uniquely focuses on the positive effects of public EV charging stations,” says Liang. The newfound data highlights the economic benefits for homeowners and incentivizes developers to incorporate EV chargers into their investment portfolios.
Open Road Charging, committed to expanding and enhancing EV charging infrastructure, is poised to play a pivotal role in shaping the future of sustainable transportation and urban development. As the demand for EVs continues to surge, initiatives like those undertaken by Open Road Charging will undoubtedly contribute to a greener, more resilient future.
