In general, operating an electric car is less expensive than operating a comparable internal combustion engine vehicle. However, the cost of charging an electric vehicle varies greatly depending on how, where, and when it is done. Charging an electric vehicle at home is usually the most cost-effective option, while there may be some additional charges to make the process more efficient. Recharging your battery on the road can be either free or very expensive, depending on the type of public charging station you use.
The most frequent way to charge an electric vehicle is at home, assuming you have a garage and/or connection to the power grid. A basic 110-volt charging unit is included in most models, which plugs into a typical electric outlet using a three-prong connection. Level 1 charging is the slowest method of recharging an electric vehicle’s battery. Depending on the model, a complete charge can take anywhere from eight to twenty-four hours.
To take advantage of Level 2 charging, it’s certainly worth spending $250-$400 to have an electrician install a dedicated 240-volt line in your garage. In as little as four hours, this may recharge a depleted battery. You’ll also need to invest in an external Level 2 charging unit, generally known as EVSE (electric vehicle service equipment) (EVSE). A decent quality EVSE can cost anywhere from $300 to $1,200, and they are available in both plug-in and hard-wired versions. Expect to pay an additional $300-$600 for installation if you choose a wall-mounted unit. On the bright side, you may be eligible for state and/or local subsidies for purchasing and installing a charger.
You may obtain an approximate sense of how much it will cost to keep an EV running by visiting the Environmental Protection Agency’s fueleconomy.gov website. For the sake of comparison, it contains energy usage data for all brands and models, including electric cars. Based on average energy rates, each listing will tell you how many kilowatts per hour (kWh) it takes to drive an EV for 100 miles and how much it will cost to go 25 miles. It also tells you how much you’ll pay to drive the car for 15,000 miles per year in combination city/highway use.
The EPA estimates that driving a Hyundai Ioniq Electric for 25 miles costs $0.81 and piloting it for 15,000 miles costs $500. The most fuel-efficient version of the 2019 Toyota Corolla, according to the EPA, costs $2.12 to drive 25 miles and costs $1,300 per year at the gas pump.
Importantly, the EPA’s website allows you to tailor your estimated home charging expenses based on the number of miles you drive in a year and your per-kWh electric rate.
Here is a graphic of average per-kWh electric rates for all 50 states maintained by the US Energy Information Administration. According to the most recent data from the agency, Louisiana residents spend the least for power in the country, with an average of $0.098 per kWh. Hawaii has the highest average cost per kWh for keeping an EV operating, at $0.331 per kWh. Remember that these are averages, and that each local energy provider sets their own pricing. Your electric statement will most likely show how much you pay per kWh for energy, albeit this amount may not include delivery costs, taxes, or fees. A more accurate method is to divide the whole cost of your bill, including all charges, by the number of kWh you used in a particular month.
If your power provider permits you to bill for electricity depending on demand at different times of the day, you may be able to charge an EV at a lower rate in the middle of the night.
Keep in mind, though, that no matter what you pay per kWh, keeping an EV operating during the coldest months of the year will cost more. The performance of a battery is harmed by cold temperatures, and its capacity to accept a charge is limited. According to AAA research, when the temperature drops below 20F and the heater is turned on, an average electric vehicle loses roughly 41% of its range. In addition, charging the vehicle takes longer in cold weather. According to the AAA study, keeping the battery charged at 20F with the heater running costs an additional $25 per 1,000 miles driven, compared to running the car at 75F. In excessively hot conditions, an EV’s range is reduced to some extent, especially when the air conditioning is turned on.
Level 2 Public Charging
Level 2 public charging is the most common form, and you’ll find it at retail parking lots, public parking garages, and new-car dealerships, mostly in or near bigger cities, college towns, and other areas with a high number of electric vehicles.
Some Level 2 public charging stations are free to use, while others have a price associated with them. This can be done using a credit card on a pay-as-you-go basis or with an account with a charging network like ChargePoint or Blink. The cost of charging an electric vehicle varies by provider and by state. Some states allow providers to charge based on the number of kWh used, while others only allow providers to charge per minute. While the ChargePoint network enables the property owner where the charger is located to decide fees, Blink charges between $0.04 and $0.06 per minute or $0.39 to $0.79 per kWh in jurisdictions that allow it.
Chevrolet claims that Level 2 charging will return an average of 25 miles of operating range per hour for the Bolt EV. At the above rates, a 25-mile journey in a gas-powered Chevrolet Cruze will cost between $2.40 and $3.60, compared to the EPA’s estimate of $2.15.
Level 3 Public Charging
Accessing a Level 3 public charging station is a significantly less popular but far faster option. It’s also known as DC Fast Charging, and it can charge an electric car’s battery to 80% capacity in 30-60 minutes.
In select markets, EVgo offers free charging for two years to customers of the BMW i3 or Nissan Leaf, and maintains the nation’s largest network of Level 3 charging stations in major metropolitan areas. Meanwhile, Tesla Motors has its own Supercharger network of fast-charging stations around the United States, though only Tesla automobiles may use them. When the Porsche Taycan goes on sale for the 2020 model year, it will come with three years of unlimited 30-minute charging at Electrify America charging stations.
Unfortunately, while Level 3 charging is the fastest, it is also the most expensive. For example, we were recently charged $0.29 per minute for DC Fast Charging at an EVgo station in the Chicago area. (EVgo subscribers pay $0.25 per minute.) A 25-minute session that increased the range of a Volkswagen eGolf by roughly 50 miles cost $7.25, or $3.62 per 25 miles. The EPA estimates that flying the same distance in a normal gas-powered VW Golf costs $2.26 on average.
In states where this form of pricing is permitted, Tesla claims to charge an average of $0.28 per kWh to use one of its Superchargers. Where per-minute fees are required, they are $0.26 for charging at or below 60 kW and $0.13 for charging at or above 60 kW. Rates vary by area and might change at any time, as they do with all types of fees.
In the United States, how much does it cost to charge an electric car at a charging station?
On a road trip, here’s how to charge an electric vehicle. The typical cost of charging an EV at a commercial charger, from almost empty to almost full, is between $10 and $30, according to most sources.
What is the cost of recharging a completely electric vehicle?
An electric vehicle’s fuel efficiency is measured in kilowatt-hours (kWh) per 100 kilometers. The cost of energy (in dollars per kWh) and the efficiency of the vehicle (how much power is utilized to travel 100 miles) must be known in order to compute the cost per mile of an EV. If power costs $10.77 per kWh and a vehicle travels 100 miles using 27 kWh, the cost per mile is around $0.03.
Charging an EV with a 200-mile range (assuming a totally drained 54 kWh battery) will cost around $6 if power costs 10.7 cents per kilowatt-hour. See the Vehicle Cost Calculator to compare the prices of fueling different kinds of conventional and electric automobiles.
In comparison to traditional modes of transportation, the consistency and planning benefits of residential power tariffs make EV charging an appealing option. More information on the report may be found here: Comparing Electric and Gasoline-Fueled Vehicles’ Energy Costs per Mile
In Canada, how much does it cost to charge an electric vehicle at a public charging station?
Destination or opportunity charging are terms used to describe level 2 public charging. If you plan on staying at your ‘destination’ for several hours or need a quick ‘opportunity’ top-up, Level 2 public charging is an excellent option.
With the exception of Tesla, all Level 2 public charging stations use the same plug standard, allowing any car from any brand to use any Level 2 station in Canada and the United States.
Many public charging outlets at Level 2 are free to use. The average cost of pay-per-use is $1.00 per hour or $2.50 per charge.
What is the best way to pay for an electric car charge?
- Filling up your automobile with gas costs roughly $43.20 if your gas tank holds 15 gallons. You can normally drive roughly 375 miles on a tank of gas if your automobile earns an average of 25 mpg. If you drive 1,125 miles per month, you’ll need to fuel up three times to go the same distance. The annual cost of fueling up your automobile with gas is $1,555.
- Electricity costs for pure EVs are on average 13 cents per kilowatt-hour (kWh) across the country. Electric automobiles, according to experts, often get 3 to 4 miles per kWh. So, in the case of gas, if you drive 1,125 miles per month and divide by 3 (conservative miles per kWh), you obtain 375 kWh every month. At 13 cents per kWh, your car’s electricity costs you $48.75 per month, or $585 per year.
Estimating costs might be difficult due to the large range of electricity prices around the country. The average cost of residential electricity in the United States is little under 13 cents per kWh. Residents in California pay more than 21 cents per kWh.
Residents of states such as Oklahoma, Arkansas, and Missouri, on the other hand, spend less than 10 cents per kWh on a regular basis. Look up the average rate in your state. In addition, several power companies provide discounts for using electricity during off-peak hours, cutting the cost per kWh significantly.
You can estimate how long it will take to charge your automobile if you know its battery capacity (measured in kWh) and how much electricity your charger consumes. It will be easier to predict how much it will cost to charge it once you know how long it takes to charge it. To calculate the amount, follow these steps: Divide the capacity of your car’s battery by the onboard charger’s power rating, then add 10% to the power loss involved with charging it.
The maximum charging rate of your vehicle also makes a difference. The quantity of energy your battery can accept at once has a significant impact on the cost of charging. Although business electricity costs slightly less than residential electricity (10.31 cents per kWh on average nationwide), your car’s maximum charging rate remains unchanged.
What is the difference between an electric vehicle (EV), a battery electric vehicle (BEV), a hybrid electric vehicle (HEV), and a plug-in hybrid electric vehicle (PHEV)? Here’s a rundown of the various sorts of electric vehicles.
So, unless your vehicle has a huge and powerful (and compatible) battery, charging your battery at a more powerful charging station isn’t a guarantee that you’ll save time or money.
Your charging time is also affected by the station’s maximum charging rate. Although Level 3 direct current fast chargers (DCFC) are becoming more common, don’t expect to save time or money by charging at one of these 480-volt stations.
Even if your car can charge faster, it will only charge at the maximum power rate of your charging station, which can slow down charging time and cause you to spend more.
Now that you know how much it will cost to charge your electric vehicle, the next question is: how will I pay for it?
If you have an at-home setup, all you have to do is pay your monthly electric bill to charge your electric car. If you’re using a public charging station, you can pay as you go by swiping your credit or debit card and paying the specified charge, which is either measured in cost per hour or cost per kWh. Many of these charge by the minute, with prices varying based on whether or not you’re fully charging a large battery.
To save money, drivers can purchase monthly subscriptions or indefinite memberships. However, keep in mind that charging an electric vehicle is free. Some workplaces offer free EV charging stations, and companies like PlugShare give maps of free charging stations all around the United States.
You can save money on your electric car’s fuel by conducting some study. Looking for discounts for at-home charging, especially those that can assist lower your power cost, is the best approach to save money. Consumers who charge an electric car at night may qualify for discounted electricity costs from some utilities.
Otherwise, you may use services like ChargeHub to navigate the maze of free charging stations with a little planning. However, on a road trip, for example, you’ll almost certainly need to pay to charge up. As a result, bear that in mind.
Is it true that electric cars pay for themselves?
The cost of fuel is one of the most significant day-to-day savings. Electric vehicles cost less than half as much to operate as gas-powered automobiles, according to a 2018 study from the University of Michigan. In the United States, the average cost of operating an electric vehicle is $485 per year, compared to $1,117 for a gasoline-powered vehicle.
Electricity rates are significantly more consistent than gasoline prices, on top of the cost savings. Fuel prices have fluctuated between $1.50 and $4.00 per gallon during the last ten years. Electric car owners, on the other hand, paid around $1.20 for the same distance traveled over the same time period. Fueling an electric automobile is more cost-effective and predictable with a regular energy rate.
Is it possible to plug an electric automobile into a standard outlet?
Level 1: Electric automobiles come with a 120-volt Level 1 portable charger as standard equipment. Yes, these chargers may be plugged into a standard household outlet and do not need to be installed. Isn’t it amazing?
Level 2: Drivers can also purchase and install a higher-powered Level 2 device in their home. Using our Home Charging Advisor, you can find Level 2 chargers and learn about incentives. Our FAQs might help you learn more about charging at home.
A plug-in 120/240-volt Level 1/2 charger is included with Tesla’s electric vehicles. These require a 240-volt outlet, which most homeowners will need to have installed by a professional.
Most electric car owners desire the assurance and convenience of a faster charge, so they will eventually install a 240-volt, Level 2 charging station in their home.
Is it worthwhile to invest in an electric vehicle?
If you’re thinking about buying an electric vehicle to cut emissions or save money on gas, consider the following points.
Anticipated trends of electric cars
As the electric vehicle industry develops, the focus appears to be on hands-free technologies and artificial intelligence. Self-driving capabilities may become more popular as people gain trust in automatic piloting technology as electric automobiles advance in 2022. Tesla released the first version of Autopilot software in 2015, but other automakers are just now starting to deploy their own versions. Volvo recently unveiled Ride Pilot, its own autonomous car technology that would allow drivers to travel on roads without having to supervise the vehicle, allowing them to eat or watch a movie while driving.
While battery-powered electric vehicles are now the most popular, German automakers such as Audi and BMW are working on hydrogen fuel-cell vehicles as well. Without emitting harmful emissions into the atmosphere, these vehicles convert hydrogen into power inside the vehicle. Because hydrogen fuel cells can store more energy than lithium-ion batteries, they may become increasingly popular in 2022. Critics, on the other hand, argue that the battery electric vehicle market is more viable than hydrogen vehicles. “It’s just incredibly difficult…to generate hydrogen, store it, and use it in a car,” Elon Musk, Tesla’s “Technoking,” said.
Most anticipated EVs for 2022
While Tesla is the market leader in electric vehicle sales, numerous other automakers are generating excitement for their 2022 deliveries. This year, buyers are looking forward to the following automobile releases:
- The all-electric Tesla Cybertruck Tesla Cybertruck is slated to arrive in 2022, a year later than pre-ordering buyers had hoped. Most buyers interviewed by Business Insider, on the other hand, said they were willing to wait for the six-passenger truck, which has four motors and four-wheel steering, allowing it to make exceptionally tight bends.
- The BMW iX is an all-electric vehicle. The BMW iX has been included in publications such as Car & Driver, Car Magazine, and Edmunds as one of the top electric vehicles and electric SUVs. The vehicle has a wide trunk, a luxurious interior, and comfortable seating.
- Chevy Equinox EV: In 2023, General Motors will release an electric version of the popular Chevy Equinox. With a starting price of roughly $30,000, EV buyers may be enticed to wait a year for the SUV to be released before purchasing an EV.
- Nissan ARIYA: The Nissan ARIYA boasts an increased range of up to 300 miles on a single charge, a dual motor, built-in Alexa, and intelligent blind spot intervention, and will be available in the fall of 2022.
- Toyota bZ4X: Toyota’s latest all-electric SUV has home charging, a 250-mile driving range, Apple CarPlay, and upgraded safety features.
Average cost of an electric vehicle
Electric automobiles are initially more expensive than gasoline-powered vehicles. According to Kelley Blue Book, the average cost of an electric vehicle is $56,437, which is about $5,000 more than the average cost of an entry-level luxury gas-burning vehicle. The savings on gas, on the other hand, may make up for the sticker price difference. According to a Consumer Reports study, EV drivers spend about 60% less on gas than gas-burning vehicle owners. According to CNBC, the overall cost of a gas-powered automobile over a 200,000-mile lifespan would be $94,540, while an equivalent EV would cost $90,160.
Furthermore, EVs are becoming more affordable thanks to federal tax incentives that can save you up to $7,500 on the cost of your vehicle. Furthermore, because to battery and technology advancements, EVs are likely to become much more affordable in the future years.
Average cost of car insurance for EVs?
In the United States, the average cost of full coverage car insurance for all vehicle types is $1,674. Meanwhile, the cost of electric vehicle insurance varies. Insuring high-end EVs is more expensive. For example, complete coverage for a Tesla Model S costs an average of $3,802, while full coverage for a Fiat 500c costs an average of $1,463. Rates, on the other hand, will vary depending on your personal qualities, the make and model of your vehicle, and the insurance provider you choose. You might want to look into businesses that specialize in electric vehicle insurance.
Electric vehicles, on average, cost more to insure than conventional vehicles. Why? Electric vehicles are often more expensive and require more frequent maintenance. Insurance firms may charge EV owners more for car insurance as a result of the greater repair costs.