Umair Gaines
Electric vehicles are an environmentally friendly alternative to fossil fuel cars, and they can also be cheaper to run. However, calculating the cost of charging an electric vehicle can be tricky because electricity rates vary depending on demand and the time of day. To calculate the cost of charging an electric vehicle, you need to know the capacity of the battery in kilowatt-hours and the electricity cost per kilowatt-hour. You can then multiply these two figures together to get the cost of charging the vehicle from empty to full capacity. There are also other costs to consider, such as the cost of the charging equipment itself, which can range from under $200 to more than $1,000 before installation.
| Characteristics | Values |
|---|---|
| Calculating the cost of charging an electric vehicle at home | Multiply the vehicle's kWh/100 miles figure by the electric rate for the time of day you'll most often be charging. |
| Average cost of electricity per kilowatt-hour | Ranges from 9.9 cents in Idaho to 32.3 cents in Hawaii; the national average is 13.3 cents. |
| Average cost to charge an electric vehicle to full capacity | Multiply the capacity of the battery in kilowatt-hours by the electricity cost per kilowatt-hour. |
| Cost of charging equipment | Prices for a good 240-volt Level 2 home system can range from $200 to $1,000 before installation. |
| Installation costs for EVSEs | National average costs range from $850 to $2,500, depending on factors such as local labor rates, materials used, and government permit costs. |
| Tips to cut electricity costs | Charge during periods of low demand (usually during the day or late at night); take advantage of incentives like free public charging or clean energy options such as solar panels. |
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What You'll Learn
Calculating the cost per full charge
Firstly, you need to find out the capacity of your electric vehicle's battery in kilowatt-hours (kWh). This information should be available in the vehicle handbook or online.
Next, you need to find out the cost of electricity per kWh. You can find this information on your electric bill or by checking the average cost per kWh in your state or country. On average, electricity rates range from 9.9 cents per kWh in Idaho to 32.3 cents in Hawaii.
Once you have both of these figures, you can calculate the cost of charging your electric vehicle from empty to full by multiplying the battery capacity in kWh by the electricity cost per kWh. For example, if your vehicle has a 100 kWh battery and your electricity rate is 13.87 cents per kWh, your calculation would be as follows:
100 kWh x $0.1387 = $13.87 per full charge
So, it would cost approximately $13.87 to charge your electric vehicle to full capacity.
It is worth noting that your actual electricity consumption may vary depending on your driving style and environment. Additionally, the cost of charging your vehicle at home may differ depending on the time of day you charge, as utility providers often have varying rates for different times of the day.
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Estimating the cost per 100 miles
Firstly, it is important to understand the energy consumption of your electric vehicle, which is typically measured in kilowatt-hours per 100 miles (kWh/100 miles). This value indicates how much energy your vehicle consumes to travel 100 miles. You can find this information for your specific vehicle make and model through a simple online search. For example, the 2021 Tesla Model 3 Standard Range Plus has an EPA-estimated energy consumption of 24 kWh/100 miles.
Next, you need to determine the cost of electricity in your region. Electricity rates can vary significantly from state to state and even within different utility companies and plans. Check your electric bill or contact your utility provider to find out the electricity rate you are charged per kilowatt-hour (kWh). For context, the residential average per kilowatt-hour ranges from 9.9 cents in Idaho to 32.3 cents in Hawaii, with a national average of 13.3 cents.
Once you have the energy consumption of your vehicle and the electricity rate, you can calculate the cost per 100 miles. Multiply the kWh/100 miles figure by the electricity rate. For example, if your vehicle consumes 24 kWh/100 miles and your electricity rate is 13.3 cents per kWh, your calculation would be as follows:
24 kWh/100 miles x $0.133 per kWh = $3.19 per 100 miles
This calculation provides an estimate of the cost to travel 100 miles in your electric vehicle. It is important to note that this estimate may not be entirely accurate due to various factors. Electricity rates can fluctuate depending on demand, with higher demand resulting in increased prices. Additionally, your driving style, environment, and vehicle efficiency can impact the actual energy consumption of your vehicle.
Furthermore, it is worth considering the cost of the charging equipment itself, often referred to as the "electric vehicle supply equipment" (EVSE). These can range in price, with a basic 240-volt Level 2 home charging system costing anywhere from $200 to over $1,000 before installation. Installation costs for EVSEs can vary depending on local factors such as labor rates, materials, and government permit costs.
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Cost of charging equipment
The cost of charging equipment for electric vehicles (EVs) can vary depending on several factors, including the type of equipment, installation costs, and electricity prices.
For home charging, the most common types of equipment are AC Level 1 and AC Level 2 chargers. Level 1 chargers are typically included with the vehicle and do not require additional installation costs if a power outlet is available near the parking location. Level 2 chargers, on the other hand, require installation and offer a faster charging option for those with longer commutes or larger batteries. The cost of Level 2 charging equipment can vary, and there may be additional costs for outdoor installation or at multifamily housing. State and utility incentives may be available to offset these costs.
When purchasing charging equipment, it is recommended to buy safety-certified products, such as those certified under the ENERGY STAR label. Electricians can advise on whether a home has adequate electrical capacity for vehicle charging and if any additional electrical work is required, which can impact the overall cost of the equipment.
The price of electricity also plays a significant role in the overall cost of charging. Electricity rates can vary depending on the region, time of year, and time of day, with peak charges applying at certain times. It is important to consider these factors when calculating the cost of charging equipment, as they can significantly impact the overall expenses.
Overall, the cost of charging equipment for EVs can vary widely depending on the specific circumstances and choices of the EV owner. By considering factors such as equipment type, installation costs, electricity prices, and available incentives, a more accurate estimate of the cost of charging equipment can be determined.
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Installation costs
The installation cost of an electric vehicle charging point depends on several factors. Firstly, you need to ensure you have off-street parking, as charge point firms will not install points for those without this. You will also need a suitable home electricity supply, which may need to be upgraded prior to installation, at an additional cost. The parking spot should be within a certain distance of the electricity meter, although you can pay extra for longer, more complex installations.
The installation process typically begins with a home survey to assess your setup, which is usually a no-cost service. The charger company will inform you if any upgrades are required. Installation involves connecting the wiring to your fuse box and installing an isolator switch. Most wallbox companies offer an installation service, and it is recommended to use this service so that you have one point of contact in case anything goes wrong. The installation charge includes all the wiring and cabling required, and the process should take around 2-3 hours.
The cost of the charger itself depends on the model you choose. For example, the Ohme Home Pro charger starts at £999, while the Wallbox Pulsar Plus starts at £1049. The installation cost is typically included in the price of the charger. The total cost of the charger and installation usually ranges from £800 to £1,500.
There are also grants and schemes available to help with the installation costs. The Electric Vehicle Homecharge Scheme (EVHS) was a government programme that covered 75% of the purchase and installation costs up to a maximum of £350. This scheme was replaced by the EV charge point grant on 1 April 2022, which offers similar funding but focuses on tenants, flat-owner occupiers, and landlords rather than homeowners.
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Cost-saving strategies
The cost of charging an electric vehicle is generally much cheaper than the price of gasoline. However, there are still strategies you can employ to further reduce the cost of charging your electric vehicle.
Firstly, consider charging your vehicle at home, as public stations are typically significantly more expensive than home rates. For example, public stations often charge between $0.30 to $0.60 per kWh, whereas the average home rate is around $0.16. If you have the option, installing a charging station at home is a convenient and cost-effective way to ensure your vehicle is always ready to go. The cost of buying and installing a home charging system is roughly equivalent to a year's maintenance for a gas-powered vehicle, and may be covered by tax credits or incentives.
If you are considering installing a home charging system, you should research the various incentives and rebates available to you. These can come from federal, state, or local sources, as well as utility companies. For example, the Alternative Fuel Infrastructure Tax Credit allows you to recoup 30% (up to $30,000) of the cost for electric vehicle charging station purchase and installation, and this is set to increase to $100,000 in January 2023. Some states, such as California and New York, offer their own financial incentives, which can cover up to 100% of the costs. Utility companies also often provide incentives to encourage the use of electric vehicles, so it is worth checking what is available in your area.
If you are unable to install a home charging station, there are still ways to save money when charging your vehicle. EV charging subscriptions can offer discounted rates, and your workplace might offer free or reduced-cost charging. You can also save money by charging during off-peak hours, when electricity rates are often cheaper.
Finally, consider integrating solar power to charge your vehicle. This can save money and may qualify you for additional tax benefits, although you should check if this is permitted in your location.
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Frequently asked questions
You can calculate the electricity cost to charge your electric vehicle by multiplying the capacity of the battery in kilowatt-hours by the electricity cost per kilowatt-hour.
The average electricity cost per kilowatt-hour varies depending on your location and utility company. The national average in the US is 13.3 cents per kilowatt-hour, but this ranges from 9.9 cents in Idaho to 32.3 cents in Hawaii.
Aside from the electricity cost, you will need to purchase the charging equipment, also known as the "electric vehicle supply equipment" or EVSE. The cost of a 240-volt Level 2 home system typically ranges from $200 to $1,000 before installation. Installation costs can vary by region, with permit costs being the biggest variable.
