Driveways with EV chargepoints can make £1,000 per year

If your home has a driveway with an electric vehicle (EV) chargepoint you could rent it out for an average of £1,020 a year according to figures from YourParkingSpace.

That’s £144 more per year than houses without an EV chargepoint – or £85 compared to £73 per month.

At a time when many households are feeling the pressure from the cost of living crisis, income from renting out their driveway to EV drivers looking for somewhere to park and charge could be a way to offset some price increases.

The cost of installing a home EV charge point – potentially around £1,000 – could be recouped in around 12 months by renting out a driveway.

Homeowners with an empty driveway and an EV charge point can list it for free on www.yourparkingspace.co.uk. Spaces that are in particularly high demand are those in city and town centres, near music and sports venues, railway stations, airports, and high streets.

YourParkingSpace processes thousands of advance and on-demand parking reservations daily across the UK, generating £48.5 million for its clients to date. Its 85,000 space providers range from individual driveway owners through to businesses such as Premier Inn, Tesco and Morrisons.