How A lot Does It Value to Cost an Electrical Automobile?

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As gas prices rise and environmental concerns become more pressing, electric vehicles are becoming increasingly popular. In 2016, according to Experian, 0.61% of the new cars financed were electric. In 2020 that number rose to 2.25%, still a small percentage of the total number of cars, but an increase of 268% in just five years. If you are thinking about buying an electric vehicle, keep in mind that you will most likely charge it at home. Depending on where you live and how much you drive, this can add around $ 30 to $ 60 per month to your electric bill.

The central theses

  • Electric car owners charge most of them at home and not at public charging stations.
  • When you charge an electric car, your electric bill typically increases by $ 30 to $ 60 per month.
  • Electric cars are generally cheaper to refuel and maintain than traditional cars, although they may cost more to buy.
  • Some utility companies offer discounts for electric car owners.

What you pay to charge an electric car

In the US, electric car owners today do 80% of their charging at home, which increases their electricity bills.

See your current electricity bill to estimate your costs. It should show how many kilowatt hours (kWh) you are currently using and how much you are paying per kWh. One kWh corresponds to the amount of energy that is required to operate a 1000 watt device for 60 minutes.

The national average price for electricity is 13 cents per kWh. and most electric vehicles can travel four miles per kWh.

So if you typically drive your car 1,000 miles per month, you will need at least 250 kWh to charge it properly. At 13 cents per kWh, that costs $ 32.50 a month.

Obviously, if you live in a state with higher electricity bills like California, your electricity bill will be higher. In California, the average cost of one kWh is 21.93 cents. So if you drive 1,000 miles per month, you will pay $ 54.83.

Other home charging costs

Typically, when you buy an electric car, you can charge it at home with Level 1 Electric Vehicles (EVSE) using your existing electrical outlets and your own branch circuit. However, a Level 1 EVSE can be slow, making it difficult to charge your car quickly.

Because of this, many homeowners are opting for more advanced level two charging stations. With a level two EVSE, you can add 10 to 60 miles per hour of charging time.

A level two EVSE requires special chargers and a separate, more powerful circuit. You also have to pay installation fees. On average, a level two EVSE system costs between $ 500 and $ 2,000 to set up.

Use solar energy

Solar panels on your home are another way of providing the energy to charge your car. However, installing solar panels and EVSE to charge your car can be expensive.

The cost of a 10 kWh solar panel system can range from $ 17,000 to $ 23,000 after federal tax credits.

How do the costs compare to gas-powered cars?

While electric vehicles are typically more expensive to buy than gas-powered vehicles, their maintenance and fuel costs tend to be cheaper. According to the U.S. Department of Energy Efficiency and Renewable Energy, the average lifetime fuel cost savings are between $ 3,000 and $ 10,500.

You can use the US Department of Energy’s Vehicle Cost Calculator to estimate your fuel costs with an electric vehicle versus a gas-powered one.

Possible discounts for electric cars

While electric vehicles can be expensive, you may be eligible for tax credits, special discounts, and incentive programs to make them more affordable. There are also programs that can help you reduce your energy bills.

For example, the Orlando Utilities Commission (OUC) in Florida offers its customers a $ 200 discount when they buy or lease an electric vehicle.

In Nevada, NV Energy has special time-of-use tariffs for electric vehicle owners. When you charge your car outside of peak hours, e.g. B. late at night or early in the morning, you pay a discounted rate.

The PlugInAmerica website lists available tax credits, rebates, and rebate programs in your state.

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