Many people considering an electric vehicle ask, “How much will it cost to charge my EV?” The answer depends on several factors, including where you live and what type of EV charger you have at home. Most EV chargers are fairly affordable, although installing a home level 2 charger can add up to $1,000 all-in (parts and electrician labor) depending on the model you choose and additional costs associated with your electrical system upgrade.
The good news is that, even with regional spikes in affordable vehicle charger prices, charging your EV at home remains far cheaper per mile than fueling a gas car. Based on driving a compact sedan, you can expect to pay about $0.05 per mile to charge your EV compared to $0.14 to fill the tank of your gas-powered car.
However, when it comes to public charging stations, the picture becomes more complicated. While some chargers are free, most of the time you’ll have to pay a time-based fee for use of the charger. Some stations offer both AC and DC fast charging for greater flexibility, but this generally means that the cost of charging at a public station is higher than at home. This is especially true for DC fast charging, which allows you to add hundreds of miles in minutes, which is helpful on a road trip.
It is important to do some upfront research on how much it will cost to power your EV, and compare this with the price of gasoline in your region. This will help you decide if an EV is right for you.
Most EV buyers realize that buying an EV is more expensive than purchasing a comparable ICE vehicle, but the truth is that the long-term savings from fueling an EV can offset this initial investment. However, there are some hidden expenses that can also impact your decision. These include the installation of an EV charger, increased electricity bills, and battery replacement costs.
The good news is that the price of EV chargers has come down significantly in recent years, and the cost of installation should continue to drop as more electricians install these units. In addition, the 2017 State of the Charge report predicts that EV charger market growth will increase at 50% year over year through 2025, which should further drive down installation costs.
If you’re in the market for an EV charger, this article is worth a read. As you can see, the average price of a home EV charger is now less than $1,000 all-in. It’s still more than most homeowners can afford, but the price will come down further as demand increases. If you’re interested in an EV charger, we recommend contacting your local electric utility company and asking about their incentives for EV owners, which can significantly lower your installation costs. You can also visit our EV charging guide for more information. This will help you understand the different types of EV chargers, their benefits, and the price of each one.
