How Much Does It Cost to Charge an Electric Car?

As electric vehicles (EVs) become more popular, one of the key questions on the minds of prospective EV buyers is the cost of charging.

Knowing how much it costs to charge an electric car will help you make an informed decision about your transportation and budgeting plans. While many factors can influence the final cost, understanding the basics can offer a good starting point.

1. Factors that Affect the Cost of Charging an Electric Car

The price to charge an EV can vary significantly depending on several key factors:

Electricity Rates: The cost of electricity plays a major role in determining how much it will cost to charge an electric car. Electricity rates differ based on the region, utility company, and time of day. In general, the national average electricity rate in the United States is about $0.13 per kWh (kilowatt-hour), but it can range from $0.09 to $0.30 or more depending on where you live.
Size of the Battery: The size of the vehicle’s battery, measured in kilowatt-hours (kWh), determines how much energy is required to fully charge it. Smaller EVs might have batteries in the range of 24-40 kWh, while larger, more advanced models can require up to 100 kWh or more. Thus, a larger battery means a higher cost to charge.
Charging Speed: The time and speed at which the car charges can also affect the cost. Home charging is typically slower and less expensive, while using a public fast charger can result in higher costs due to faster delivery of electricity.
Home vs Public Charging: Charging at home typically costs less, but public charging stations—especially fast chargers—may charge higher rates for the convenience of fast charging. Some public stations offer subscriptions that provide access to discounted rates or offer tiered pricing based on the speed of charging.

2. Cost of Charging at Home

Charging at home is usually the most cost-effective and convenient option. Most EV owners use a Level 2 charger, which requires a 240-volt outlet (often installed by an electrician), to charge their vehicles overnight.

Home Charging Example

Assuming an electricity rate of $0.13 per kWh, the cost to charge an EV at home can be calculated as follows:

A Tesla Model 3, with a 50 kWh battery, would cost:50 kWh x $0.13 = $6.50 for a full charge

This estimate would cover approximately 250-300 miles, depending on driving habits and efficiency. For those charging at home, costs are predictable and usually lower than using public stations.

3. Cost of Charging Using Public Charging Stations

Public charging stations tend to offer various pricing schemes, such as pay-per-use rates or subscription services. Charging costs may differ based on the type of station:

Level 1 Chargers (120V) are typically available in some public areas and take a long time to charge, which may make them less practical.
Level 2 Chargers (240V) are more common, taking around 4-6 hours to fully charge most EVs.
DC Fast Chargers can charge vehicles up to 80% in 30 minutes, but these fast chargers can be significantly more expensive, ranging from $0.25 to $0.75 per kWh.

For instance, if you’re charging at a public fast charger with a rate of $0.30 per kWh, the cost to fully charge a 50 kWh battery like the Model 3’s would be:

50 kWh x $0.30 = $15.00

Fast charging is great for long trips, but it comes at a premium.

4. Charging Cost for Different Electric Vehicles

Not all EVs have the same battery size, and therefore, their charging costs will differ:

Chevy Bolt EV (66 kWh battery): Fully charging the battery at home at $0.13 per kWh would cost about $8.58.
Ford Mustang Mach-E (68 kWh battery): Charging costs would be about $8.84 at the same rate.
Tesla Model S (100 kWh battery): The cost to fully charge this EV at $0.13 per kWh would be $13.00.

The charging cost is not solely about the battery size; energy efficiency of the car also plays a role. Some EVs go further per charge, improving cost efficiency.

5. Alternative Charging Pricing Structures

Many electric vehicle owners use various subscription or membership services that offer discounted rates or have free charging with membership.

Popular public charging networks like Tesla Superchargers, ChargePoint, and Electrify America offer different plans that vary in price and speed.

Subscription Plans: Some EV owners opt for a subscription to a particular charging network to get reduced per-charge prices. Plans can range from $4-$20 per month, offering discounted or free sessions. For example, a network might offer a 20% discount on each charge, significantly lowering long-term costs.

Employer Charging and Incentives: Some employers provide free EV charging as a workplace benefit, which can greatly reduce the cost of charging. Additionally, government incentives can sometimes help with installation fees for home charging equipment.

6. Annual Cost Estimate of Charging an Electric Vehicle

The annual cost of charging depends on your driving habits. On average, electric vehicles in the United States use about 25-30 kWh to travel 100 miles.

For an average EV driving 15,000 miles per year and using 30 kWh per 100 miles:

15,000 miles / 100 miles = 150 full charges
150 charges x 30 kWh = 4,500 kWh per year
At an average electricity rate of $0.13 per kWh:

4,500 kWh x $0.13 = $585 per year

This cost can be lower if you install solar panels or have lower electricity rates.

7. Is Charging an Electric Car Cheaper Than Gas?

To put the cost of charging into perspective, let’s compare it to the price of gasoline. With gasoline averaging about $3.50 per gallon and an average car using about 25 miles per gallon (MPG):

For every 100 miles driven, the gas car would require 4 gallons, costing:

4 x $3.50 = $14 per 100 miles

On the other hand, the electric vehicle’s cost for the same 100 miles might be as low as $4, making electric vehicles much cheaper to “fuel” than traditional gas-powered cars. Over the course of the year, these savings can accumulate significantly.

Conclusion

Charging an electric vehicle offers an affordable and convenient option, especially when charging at home, and it is typically much cheaper than fueling a traditional gasoline-powered car. Costs vary depending on where you live, the EV model, and your charging habits.

However, the growing availability of public charging networks and governmental incentives will only continue to reduce the overall cost of maintaining and charging an electric vehicle.

If you’re considering buying an EV, understanding the true cost of charging is crucial for accurately estimating both upfront and long-term expenses. For more Electrical Technology-related information check the internetverizons.