Thank you, Philip. That all makes a lot of sense, and it's exactly the information I was looking for.
I think I am going to first try replacing the outlet. If that cuts the charging time in half I will call it a win.
I really appreciated your input.

 

As it turns out, we got our 240V outlet installed, but I noticed that while it is a 15A outlet, the Volvo charger that goes with the 240V outlet is a 14 A charger (and didn't fit the outlet plug that was installed, so we'd need an adapter for the adapter -- or a new outlet face, which our electrician said he would be happy to put on). And getting the new outlet/adapter would not solve the 14A/15A issue. When I spoke to Volvo, they of course said that we should go to Chargepoint, which is their authorized manufacturer for the Level 2 charger kits. We went all in and bought the charger and will have it hardwired for our 240V outlet. It was definitely a costly way to go, but I know that it is exactly what we're supposed to have and as someone mentioned above, it will be something we can use for a future EV. I can't wait to have the faster charging times! And I figure that I'm saving about $120 a month on gasoline (even subtracting out how much we are spending on electricity charging my car), so the first year of savings will have well paid for this project. At least, that's my rationalization.