Charging an electric vehicle (EV) can cost significantly less than refueling a gas-powered car, especially if you charge at home. However, costs can vary based on electricity rates, charging location, and time of use. Let’s break it down!
Summing it up
- Home Charging: The least expensive option, costing about $67.66/month for the average American driver.
- Public Charging: More expensive, with DC fast chargers often costing $0.50–$0.64 per kWh.
- Electricity Rates: These vary regionally, from about $0.12/kWh in Idaho to over $0.40/kWh in Hawaii.
- Comparison to Gas: Charging is cheaper than refueling. For instance, driving 1,200 miles could cost $67.66 in electricity vs. $109.80 for gas at $3.05/gallon.
- Charging Memberships: Subscription plans offered by networks like Electrify America and EVgo can lower costs.
How to Calculate Charging Costs
1. Determine Your Electricity Rate
Check your monthly utility bill to find the cost per kilowatt-hour (kWh). The U.S. average is 16.83¢/kWh.
2. Estimate Monthly Energy Use
- EVs typically get 3–4 miles per kWh.
- If you drive 1,200 miles/month:
[
\text{Miles Driven} \div \text{Miles per kWh} = \text{kWh Needed}
]
Example: ( 1,200 \div 3.5 \approx 343 \, \text{kWh} ).
3. Multiply by Electricity Rate
[
\text{kWh Needed} \times \text{Cost per kWh} = \text{Monthly Cost}
]
Example: ( 343 \, \text{kWh} \times 0.1683 = \$57.72 ).
Charging Costs by Location
1. Home Charging
- Cost: $4.75–$15.89 to fully charge an EV battery (depending on battery size and state).
- Time: Typically takes 8–12 hours on a Level 2 charger.
- Setup Cost: Installing a Level 2 charger can cost $2,000 but may be offset by incentives.
2. Public Charging
- Level 2 Chargers: ~$0.30–$0.60/kWh, often hourly rates (~$2–$3/hour).
- Level 3 Fast Chargers: ~$0.50–$0.64/kWh, with some variation based on charging speed.
3. Free Charging Options
- Some businesses (malls, grocery stores, hotels) offer free Level 2 charging.
- Beware: Parking fees might offset savings!
State-by-State Charging Costs
| State | Cost to Charge (39 kWh) | Cost to Charge (73 kWh) | Cost to Charge (107 kWh) |
|------------------|----------------------------|----------------------------|-----------------------------|
| Alabama | $5.99 | $11.21 | $16.42 |
| California | $12.34 | $23.10 | $33.85 |
| Hawaii | $15.89 | $29.75 | $43.60 |
| Idaho | $4.85 | $9.08 | $13.31 |
Comparing EV Charging to Gasoline
1. EV Charging Cost
- Monthly Cost (Home Charging): ~$67.66 (1,200 miles/month).
2. Gasoline Cost
- Average Price/Gallon: $3.05.
- Monthly Cost: ~$109.80 (assuming 30 mpg).
Factors That Affect Charging Costs
1. Time of Day
- Charging overnight is usually cheaper due to lower electricity demand.
- Some networks charge different rates based on time, e.g., EVgo rates can vary from $0.41/kWh (off-peak) to $0.59/kWh (peak hours).
2. Charging Speed
- Level 2 (240V): ~$0.30–$0.60/kWh; best for overnight charging.
- Level 3 (Fast Chargers): ~$0.50–$0.64/kWh; ideal for quick top-ups.
3. EV Model
Larger batteries cost more to charge:
- Nissan Leaf (39 kWh): ~$6.56 to fully charge.
- Ford Mustang Mach-E (73 kWh): ~$12.29.
- Polestar 3 Long Range (107 kWh): ~$18.01.
Pro Tips for Lower Costs
- Install a Home Charger: Save by charging overnight and avoiding public chargers.
- Use Membership Plans: Discounts on networks like Electrify America or ChargePoint can reduce costs.
- Plan Your Route: Apps like PlugShare help find free or cheaper charging options nearby.
- Monitor Time-of-Day Rates: Charge during off-peak hours for lower costs.
Summing it up
Charging an EV is usually cheaper than refueling a gas-powered car. Costs vary by location, charger type, and electricity rates, but EV owners can maximize savings by charging at home and taking advantage of discounts or free charging opportunities.
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