Are you in the market for a new car? Do you like the idea of an electric car but are wondering how much it costs to run one? This post will answer that question and provide a little more charging information.
Charging costs are a major expense when it comes to owning an EV, so if you want to know how much they might be, keep reading. You might also find the following information useful if you’re planning a road trip with your EV. Calculating the cost of charging can be challenging because there are many different types of charging networks and chargers. The cost of electricity also varies from state to state.
How Much Does it Cost to Charge an Electric Car?
The distance you can drive on one charge is getting longer and longer as battery technology improves. Currently, you can expect more than 200 miles per charge.
If you’re driving locally, this isn’t an issue. However, if you’re planning a long trip, you may need to stop and recharge your vehicle several times. Knowing how much it might cost means you’ll be able to budget better.
When you’re on the road, it costs between $10 and $30 to charge an EV, depending on where you are and what level of charger you use.
That all sounds pretty simple, but there are lots of factors that can complicate the calculations. If you’re charging your car with a commercial charger, it costs more than charging your EV at home.
Compared with the cost of fueling internal combustions engines, EV fueling costs vary much more because of the following factors:
- Variations in electrical power costs: Commercial charger rates can cost two or even three times as much as residential rates. Commercial charger rates can also vary as much as 50% within the same network.
- Pricing: It’s difficult to compare commercial chargers because they tend to use different pricing systems. Generally, they involve costs per session, per unit time, and some combination of per kWh. When you calculate charging costs on a per kWh basis, it means they can vary considerably.
- Charger and battery variations: The speed of charge is something else that varies, depending on the type of charger, temperature, how much charge there already is in the battery, and the charger’s working status. All these variables mean the time it takes to charge a battery varies.
- Different charging tiers: Not all EV chargers are created equal. There are three different tier types:
- Level 1: This type of charger is the slowest. It can take up to 24 hours to charge your EV battery fully.
- Level 2: The speed of this type of charger is up to 28 miles per hour. Level 2 costs range from $1 to $5 per hour. In terms of kilowatt hours, this works out at between $0.20 and $0.25. Level 2 chargers are mostly found at shopping centers.
- Level 3: This type of charger is also called a direct current fast charger or DCFC. They are by far the fastest, but also the most expensive. It takes around an hour to charge an EV battery to nearly full and costs between $10 and $30 per charge. In terms of kilowatt hours, that works out at around $0.40 to $0.60.
There is one more type of charter called a Supercharger. These can only be used by Tesla EV owners and the cost depends on the location and a variety of other factors.
On average, the cost of using a Supercharger is around $0.25 per kWh. In other words, for a full recharge that would have a range of around 250 miles, you’ll pay roughly $22.
However, if you own a Model S or Model X bought between 2012 and 2016, charging is free.
How Much Does it Cost to Charge an Electric Car at a Public Charging Station?
As of 2022, there were approximately 46,000 locations across the US with public charging stations. Most public EV charging stations are Level 2 type.
These chargers typically add 12 to 60 miles per hour, depending on how much power the charger can supply. It also depends on how much power an electric car can accept.
Public charging stations set their EV charging prices according to the baseline cost of energy. This varies depending on location. For example, in 2019, the price per kWh in Nevada was $0.08, while in California, it was $0.23 per kWh.
That being said, state legislation and regulation do set a maximum limit that a company can charge based on the energy source provided.
How Much Does it Cost to Charge an Electric Car at Home?
Most electric vehicle owners choose to charge their electric cars at home, typically using Level 1 or Level 2 charging equipment.
If you want to keep the cost of home charging as low as possible, you must be on the best home energy tariff.
How much your charging costs are depends on the amount of charging you do and the type of charger you use. Generally, home charging for an EV costs an average price of $0.37/kWh. However, it does depend on your provider and the energy tariff you’re on.
Tips for Saving Money When Charging Your EV
While EVs are cheaper to run than combustion engine vehicles, there’s nothing wrong with trying to make more savings. Here are some tips that might help:
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Charge Your EV During Off-Peak Hours
If you charge your EV at home you’re already making a saving compared with filling a conventional car up with gas but you can make even more savings.
Take advantage of off-peak hours and charging your vehicle will be even cheaper. The actual savings depend on your utility company, but there is massive potential to save some bucks.
Off-peak hours are typically between 8 pm and 6 am on weekdays. Some EV manufacturers even allow you to schedule charging periods to take advantage of these times.
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Purchase an EV With Complimentary Charging
Some of the top EV manufacturers are offering free-charging perks on certain models. The Hyundai Ioniq 5 is one example. Currently, you can purchase it in the US with two years of complimentary charging via Electrify America.
That’s quite a sweetener if anyone is thinking about buying an electric vehicle.
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Use Your EV’s Vehicle-to-Grid Capabilities
Some EV models are equipped with something called bidirectional charging. This feature allows the car to supply electricity for other uses.
You need a special bidirectional charger, but once you’ve got that, you can sell the power from your EV’s battery back to the grid.
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Invest in Solar Energy for Your Home
Solar energy is more affordable than ever before. Not only does it reduce your dependence on the grid. It also allows you to make savings on the cost of charging your EV.
According to some figures we found online, charging an EV with solar panels could save as much as 50%. An added plus is that you’re using green energy to charge your electric car.
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Check Whether You Qualify for an EV Charger Tax Credit
If you want to charge your car at home it’s recommended that you install an EV charging station. The cost of the charger and installation costs can be high, but you might be eligible for an EV charger tax credit.
A tax credit of up to $1,000 from the US government will help mitigate the initial cost of charging your electric vehicle at home.
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During Winter Use Your EVs Scheduled Departure Feature
Scheduled departure is a feature some EVs have and it can help save money during the winter months.
Tesla vehicles have this feature and owners can set a time when they want their vehicle to be fully charged and ready to drive. Such a feature ensures the battery is preconditioned and the cabin is warm and cozy.
If you haven’t got this feature and you plug in your EV to charge overnight, it might be fully charged at some point during the night. By the time you’re ready to leave in the morning, your EVs battery will be cold.
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Avoid DC Fast Charging
DC fast charging is a very convenient service if you’re in a hurry, but you pay a premium for such a service. There’s also the added drawback of accelerated battery degradation.
Let’s compare some prices, according to the US Bureau of Labor Statistics. The average price of energy/kWh is around $0.17 (February 2023). DC fast-charging with Electrify America is around $0.48/kWh which is three times more than charging your EV at home.
If you’re planning a long road trip in your EV it might be more cost-effective to ship your car instead. Get in touch with USTrans.com if you want to know more. We’re available 24/7 to answer any questions.
FAQs
How much does it cost to charge an electric car at a charging station?
On average, you can expect to pay between $10 and $30 to charge an EV at a charging station from almost empty to almost full.
How much does it cost to charge an electric car at a gas station?
The cost of charging an electric car at a gas station depends on many different factors such as the type of EV, the location of the gas station, and the type of charging system used.
How much does it cost to charge an electric car per month?
If you’re charging your electric car at home it costs an average of $56 and $674 to charge it for a year.
How much does it cost to fully charge an electric car?
How much it costs to fully charge an EV depends on the model and the cost of charging. Here’s an average cost for a few different models:
Audi e-tran – $14.51
Nissan Leaf – $6.73
Ford Mustang Mach-E – $11.67
Tesla Model 3 – $10.47
Across all EVs, the average cost is around 5 cents per mile.
How long does it take to charge an electric car?
How long it takes to charge an electric car depends on the type of charger you use. A level 1 charger takes much longer than a level 2 charger or a DCFC.