When you’re considering an electric vehicle, cost is most likely one of your top considerations. You’ll want to weigh not only the price of the car itself but also how much it costs to charge an electric car compared to what you would have paid for gas.
The ease of refueling with your own home EV charging station may sound appealing, but it’s understandable if you’re also concerned about what it will mean for your electric bill. The good news is that it will cost you far less than fuel in the long run. To understand exactly how much it costs to charge an electric car, though, you’ll need to consider the price of public charging and home charging, including the costs of installing your own charging station.
To understand how much it costs to charge an electric car at a public charging station, we must first establish how the cost is calculated. There are regulations in individual states that define how charging stations can structure their rates for electricity. The cost to use a station varies by location, and especially by state, but there are two ways that a public charging station can charge for electricity.
The first way they charge is the same way energy is priced at a home charging station, which is in kilowatts per hour, or kWh. This is the standard metric utility companies use to measure electricity use, and they bill in cents per kWh.
The normal output power (kW) for a 32 amp Level 2 home charger is between 7 and 19 kW and it’s typically much higher at public Level 3 stations. Many EV drivers like a faster charge at home, so they opt for our best-selling home charger, the JuiceBox 40, which has 40 amps and can give you 32 to 35 miles of range per hour. On average, electric vehicles have a capacity of 68 kW, meaning a full charge on a Level 2 charging system would take between 4 and 10 hours.
Alternatively, some public charging stations charge for electricity by the minute. In that case, charging systems will have a standardized amount of electricity flowing into the car per minute. Again, this electric flow is regulated by state legislation, and the companies providing the electricity can then charge as they see fit. Usually, charging stations round up to the nearest 30 seconds.
Overall, charging your car at a public EV charging station is more expensive than charging at home. Public charging systems that charge based on kWh average anywhere between $0.30 and $0.60 per kWh compared to $0.16 per kWh at home. The exact amount depends on local electricity cost and regulations, as well as the type of charger. Level 2 chargers generally cost between $0.20 and $0.25 per kWh, while Level 3 chargers, which are more common in public, range from $0.40 to $0.60 per kWh.
However you look at it, public charging comes with a markup of at least 100% compared to charging your electric car at home. As a result, most EV drivers charge at home if they can because it’s cheaper and more convenient, and you can often avoid the detour of refueling.
Today, the majority of public charging stations require some form of payment, whether EV drivers are expected to be a member of a particular network and pay a nominal monthly fee for this service or pay directly at the charging station.
Some locations offer EV charging as an amenity to attract new customers. For instance, some shopping malls, supermarkets and restaurants have a limited number of free chargers, and you can even find them at some hotels and universities. Nonetheless, these stations represent a small fraction of the total number of public charging stations. Free charging is undoubtedly one of the best ways to cut charging costs if you are one of the fortunate EV drivers with convenient access.
Home charging stations are still the most viable and cost-effective option for electric vehicle owners. The best way to reduce charging costs for an electric vehicle is to charge your car at home.
Home charging station costs come down to the cost of equipment, installation, and your home electricity rate. Buying and installing a high-quality home charging system is approximately equal to a year of typical maintenance for a gas-powered vehicle. Additionally, the minimum tax credit provided by the IRS for purchasing a new electric car is almost double the amount of buying and installing a new home charging system.
A Level 1 charger will usually come free with your EV purchase, so it can serve as a helpful starter system. Level 1 chargers use standard 120-volt connections, so they can be plugged directly into your home's standard wall socket and begin charging almost immediately. These chargers are also more portable than Level 2 chargers. However, Level 1 chargers don’t connect to Wi-Fi, so you can’t optimize charging schedules or times to save money.
Level 2 home charging stations use a 240-volt connection to power your electric vehicle quickly and efficiently. Unlike Level 1 chargers, Level 2 EV chargers cannot be plugged directly into a standard outlet because they must be hardwired or plugged into a larger outlet. This means there are equipment and EV installation costs associated with using a Level 2 charger. Again, it’s worth noting that these costs are often offset by the tax credits you can get from the IRS when buying a new electric vehicle.
The overall average cost for a high-quality Level 2 charging system ranges between $600 and $2,000 depending on your house’s electrical system. This includes parts, labor, and installation. While this cost may seem a bit daunting, it’s a one-time expense that will save you money and pay off in the long run.
Once you’ve installed an EV charger at home, it all comes down to what you pay for electricity. That varies substantially depending on where you live and the car you have.
The following table shows the average cost of electricity in each state and the associated cost to charge an electric car from empty to full based on the smallest, average, and largest EV battery sizes. For comparison, the U.S. average is listed at the bottom.
Among the top concerns from consumers about electric cars is what they will spend to charge the vehicle.
To answer the question of cost, if comparing an electric car vs. a gas car, consumers can make an informed decision including recharging costs compared to traditional refueling by doing some basic upfront research, starting with some basic math.
To accurately estimate the cost to charge an EV, it helps to have a recent electric bill for reference. For home charging, find your electric bill, then divide the [number] of kilowatt-hours you used into the bottom-line dollar total. That’ll give you the price you paid per kWh. Divide the total miles you drive each month by 3 to get the kWh you would use monthly. Multiply that number by your cost per kWh.
To put this into perspective and make it simpler, let’s use some averages to calculate what should be the average cost of EV charging. Suppose you drive at the American average of 1,124 miles per month. If using an EV, which gets an average of 3 to 4 miles per kWh (let’s use 3 in this case), you will use about 375 kWh a month. Using the U.S. household average of about 16 cents per kWh, charging an electric car at home would cost nearly $60 per month.
This amount is most likely lower than what you pay each month to buy gasoline.
Because this area is a little difficult as cars and trucks use vastly different amounts of fuel, it is again easier to use some averages and some assumed numbers to illustrate how charging costs compare to gasoline costs.
If assuming the average price of gas at $3.60 per gallon, filling up a 12-gallon gas tank would cost about $43. If you’re driving a car that brings a combined city and highway driving average of 30 miles per gallon, using that same 12-gallon tank as a reference point, you’ll have 360 miles of driving range for each fill-up. If you’re driving the same 1,124 miles per month, you’ll need to refuel three times each month and spend about $129 ($43 x 3).
Again, this is only an estimate since fuel prices and mileage vary. But considering few vehicles come close to delivering a 30-mpg combined average, this conservative scenario makes it clear that recharging will cost less than refueling a car. The financial gap narrows with a more fuel-efficient gasoline vehicle, it never matches electric vehicle costs
Electricity rates are subject to many factors, including the region where you live, the time of year, and even the time of day when peak charges apply. For the most part, electricity usage and costs are at their lowest late at night when some utilities have special low rates for when their demand is lightest. That’s good news for anyone considering an EV.
Many consumers worry about access to public charging stations while out and about. But as much as 90% of electric car charging is done overnight at home, which is almost always the cheapest way to charge an electric car.
When talking about public Level 2 charging and Level 3 fast-charging systems, the prices are harder to narrow when compared to standard at-home costs. That’s because charging networks vary in price, not to mention availability around the country.
If you have a 240 outlet in your garage you can benefit from Level 2 charging, which is much faster than Level 1 charging. Many EV owners with a 240 outlet in their garage opt to install a Level 2 charger which offers even faster charging. The cost isn’t cheap - about $2,000 for parts and installation. Many states, local municipalities, and utility companies offer rebates and incentives for electric car owners to install home chargers, which help lower costs further.
Home charging is the best option for anyone considering an electric car. Yet, equally important is knowing where to find EV perks close to home. Unlike a typical 240-volt Level 2 home charger system, you will find Level 3 chargers in commercial settings because they’re prohibitively expensive for a private individual to install them at home.
Tesla uses its dedicated Supercharger network with more than 45,000 across the globe. But the rates can vary widely depending on region, timing, the Tesla model you’re charging, and the tier you choose for your recharge speeds. Tesla offers four charging tiers. One important caveat: Select Tesla Superchargers now work for non-Tesla vehicles.
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