Driving an electric vehicle costs about half as much as driving a gas-powered one. However, the cost to charge an EV tends to fluctuate more since the price depends on a number of different factors. A closer look at these determining circumstances will help you decide whether purchasing an electric car is a wise choice. Plus, it can help you create a more reliable budget if you already have an electric car.
Electricity Prices
Electric vehicles measure energy in terms of kilowatt-hours per 100 miles. Since most people are used to measuring energy in terms of gasoline, most plug-in vehicles will come with a sticker with an estimated miles per gallon equivalent. The Environmental Protection Agency determines MPGe by assuming a gallon of gas is equivalent to 33.7 kWh of energy.
The cost of electricity is much cheaper and more stable than the price of gasoline. However, the exact price will vary from state to state. In Hawaii, the residential rate is about 32.06 cents per kWh, making it the most expensive place to charge an EV. However, in states like Arkansas and Louisiana, the price can dip as low as 9.52 cents per kWh.
Charging Time
If you own a gas guzzler, the best time to fill up may be the morning when the ground is still cold and the gasoline is dense. However, EV owners may benefit from charging their vehicles later in the day. Morning, late afternoon, and early evening tend to be peak periods for electricity use and charging your EV during these times may result in a pricier fill-up. Therefore, it may be more financially favorable to plug in during off-peak periods.
How much time your vehicle requires to reach full battery capacity will also play a role in determining charging cost. If your battery is empty and you have a Level One charger, you may have to plug in your vehicle for a few hours before reaching full capacity. If you’re paying an hourly rate, this option can be expensive. However, if you use a Level Two or DC fast charger, you could refuel in as little as 30 minutes.
Plug-In Location
While you can use a simple plug to charge your EV, this option is inconvenient in terms of longer charging times and higher electricity costs. Therefore, it’s best to use either a home charger or public infrastructure to plug in. You can use a charging cost calculator to determine which method is most affordable for you based on your location, residential energy costs and public charging prices.
You might also consider how often you use your EV to decide which charging option is more cost-effective in the long term. The national average for installing one costs between $454 and $1,065, which may seem like a relatively large investment. However, it will pay off in a few years if you drive your vehicle often and your residential energy prices are low. Thus, installing an at-home system may be cheaper than charging at a public location every day.
Improving Mileage and Reducing Costs
Of course, the better you treat your EV, the more efficient your MPGe will be. Maximize your battery life and go longer between charges by parking in the shade and minimizing exposure to extreme temperatures. Avoid using fast charging on a regular basis as this can strain your battery and shorten its overall lifespan and resist the urge to peel out of that red light.
While the speed of some EVs may be impressive, it’s better to treat your battery with care and go easy on that gas pedal. Plus, you won’t have to worry about finding or using a charging port every day, which will naturally save you more money in the long run.
