Tuesday 22 March 2022

Renting your driveway to EV owners could bank you £3k

Residents with spare space on their driveway could make up to £3,000 each year by renting it out to electric vehicle (EV) drivers.

That’s according to new research from Halfords and Stashbee.

It claims that depending on where a driveway is located in the UK, its proximity to useful areas such as train stations and whether it includes an electricity source could lead to homeowners pocketing £3,000 over the course of a year.

There has been an emergence in recent years of parking apps, that allow people to rent out their driveways to other road users to avoid parking restrictions and fines.

The research believes this could be the answer to EV charging woes.

Halfords Motoring Director, Richard Bruce, said: “We believe that private driveways could be one of the ways the UK can bridge the electric charging gap.

“Infrastructure on trunk roads is definitely heading in the right direction but progress is slower in residential areas where roadside charging is more of a challenge.”

Desires to switch to an electric car have risen in recent weeks, as petrol and diesel prices have hiked to record levels amid the crisis in Ukraine.

The Competition and Markets Authority (CMA) has warned more action is needed around EV charging if the UK is to meet its net zero aims – with the UK currently only having 15% of the required charging infrastructure needed for 2050.

This study urges homeowners to check online using the appropriate applications as to how much they could earn from renting out their drive.