Buzz
Electric vehicles are growing in popularity—1.6 million units were sold in the U.S. in 2023, marking a 60% surge compared to 2022. The federal government is actively pushing for a transition from gasoline-powered vehicles, suggesting that EVs will become even more widespread in the near future.
However, the current charging infrastructure lags behind, despite the efforts of the administration. This results in challenges like scarce charging spots, long queues, and extended charging times, especially with outdated Level-1 chargers. For those in areas with limited charging options, installing a home EV charger might have been the solution. The upside? You can monetize your home charger and turn it into a side hustle.
Renting out your personal charger
Setting up a home EV charger requires some investment in both time (ensuring your home is prepared for installation, though plug-in models without wiring exist) and money (costs can exceed $1,000, but state and federal incentives can substantially reduce expenses). While the primary advantage—charging your EV overnight at home—is clear, you can maximize its value by renting it out when not in use.
This could be a casual setup: If nearby EV owners can’t install their own chargers, you could allow them to charge at your home for a fee or monthly rate. This is ideal if you have ample driveway space or a multi-car garage, enabling neighbors to easily access your charger. By installing a power clamp meter before your charger, you can monitor energy usage and set fair pricing.
Utilizing sharing platforms
If you lack neighbors in need, you can still generate passive income by listing your charger on EV-sharing apps. Platforms like EvMatch, Plugshare, or Plugburb allow you to detail your charger’s specifications, set rates (often including extra fees), and define usage rules (like unavailable hours). Users in need of a charge can locate your listing, visit your home, and use your charger, with payments handled by the app.
These apps simplify turning your EV charger into a passive income source by handling all logistics. However, ease of use doesn’t eliminate potential drawbacks.
Drawbacks
While renting out your EV charger can bring in some extra cash, there are important factors to weigh before diving into this DIY charging venture:
Earnings. Don’t expect to strike it rich. With the average U.S. electricity cost at around 17.5 cents per kWh and platforms like EvMatch charging 21 cents per kWh, your profit margins are slim. For instance, a 30kWh charge, enough for 100 miles, nets you just $1.05 per session.
You can increase rates—some platforms let you set your own, such as 25 or 50 cents per kWh—but this might deter users. Adding a flat access fee can boost profits, but overall, this is more about pocket money than significant income.
Safety. Renting out your charger means strangers will visit your property, park in your driveway or garage, and potentially linger for hours. While platforms like EvMatch require users to leave during charging, enforcing this rule is up to you.
Community Impact. Your neighbors might not appreciate the influx of unfamiliar vehicles or people loitering while their cars charge.
Though renting your EV charger won’t make you wealthy, it offers other advantages: You’ll support EV adoption and its environmental benefits. Plus, you’ll provide a valuable service to drivers in areas with limited charging options, fostering goodwill. Since the infrastructure is already in place, any income is a welcome bonus.
