Effects of expanding electric vehicle charging stations in California on the housing market

Liang, Jing, Qiu, Yueming, Liu, Pengfei, He, Pan ORCID: https://orcid.org/0000-0003-1088-6290 and Mauzerall, Denise L. 2023. Effects of expanding electric vehicle charging stations in California on the housing market. Nature Sustainability 10.1038/s41893-022-01058-5

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Abstract

Vehicle electrification is critical to enabling countries to develop more sustainably. Wider electric vehicle (EV) adoption relies on the deployment of EV charging stations (EVCSs). However, the local benefits associated with offering more charging opportunities to nearby residents remain unexplored. Here we provide empirical evidence on the impacts of proximate EVCSs on housing prices in California. We apply a hedonic property value approach using the EVCS data combined with about 14 million housing transaction records during 1993–2021. Our results show that access to charging infrastructure can be capitalized into property values. The average price premium for houses with EVCSs within 1 km is about 3.3% (or US$17,212) compared with homes without proximate EVCSs. The largest effect is a 5.8% increase for houses with EVCSs within 0.4–0.5 km compared with houses without proximate EVCSs. We find different results across neighbourhoods with diverse socio-demographic characteristics. Proximity to EVCSs increases traffic flows by 0.3–0.5% and lowers particulate matter (PM2.5) emissions level by 1.3–2.2%. The increased property value after EVCS installation can incentivize the private real estate sector to expand the availability of charging services. More information on the housing price premium should be provided to facilitate the deployment of this sustainable infrastructure.

Item Type:	Article
Date Type:	Published Online
Status:	Published
Schools:	Earth and Environmental Sciences
Publisher:	Nature Research
ISSN:	2398-9629
Date of First Compliant Deposit:	15 February 2023
Date of Acceptance:	16 December 2022
Last Modified:	19 Jul 2023 18:19
URI:	https://orca.cardiff.ac.uk/id/eprint/157049

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