As more people adopt eco-friendly lifestyles, home EV chargers are becoming increasingly popular. While an EV can raise your electricity bill, you’ll spend much less powering EVs than you would spend on gas-powered vehicles. Through a few energy consumption tips, you can avoid high energy costs and maximize your EV savings.
Key Takeaways
- Average monthly increase in electric bills
- What affects charging costs most
- How to charge smarter and save money
- Calculate the average cost of your EV charger
How EV Charging Actually Works at Home
With a home charger, you’ll generally set up a Level 1 or Level 2 charger. Level 2 chargers are much faster and use more power in a given amount of time. A Level 1 charger can charge just three to five miles per hour. Level 2 chargers charge 10 to 60 miles per hour.
However, Level 2 chargers can cost $500 to $2,500 to install. In comparison, Level 1 chargers may not require any professional installation.
The size of your battery determines how far you can drive. Most batteries hold between 40 kWh and 100 kWh. If you plan on taking a road trip across the country, you’ll want an EV with a larger battery. In general, EVs use between 0.25 and 0.35 kWh per mile driven.
How Much Your Electric Bill Will Increase
Nationally, the average cost per kWh is 17.11 cents. If you drive 40 miles or less per day, you can expect to spend $1 to $1.50 per day, $7 to $10.50 per week, or $30 to $5 per month.
In a typical month, a 60 kWH battery will cost the following amounts.
- Light Use (10 to 15 miles per day): $18.23
- Moderate (30 to 40 miles per day): $51
- Heavy (50 or more miles per day): $80 or more
6 Key Factors That Impact EV Charging Costs
When it comes to your personal EV charging costs, there are a few key factors that can impact your electricity bill.
- Local Electricity Rates: Look at your utility bill to see your current cost.
- Time-of-Use Billing Versus Flat Rates: Time-of-use billing involves different costs at different times of the day. If you’re able to charge during off-peak hours, it will cost less than flat-rate plans.
- Charger Efficiency: An inefficient charger can use more electricity to power your battery the same amount.
- Driving and Charging Frequency: If you charge frequently and drive a lot, you’ll spend more.
- Climate and Weather: Batteries can lose charge in hot weather. You’ll also use more electricity running your air conditioner or heater.
- Solar Energy Offset: An offset can save you money.
Time-of-Use and Smart Charging Strategies
Time-of-use plans can save money because the electricity is cheaper during off-peak hours. Typically, off-peak times are during nights and weekends. You can use your EV or smart charge to set a charging schedule and take advantage of this benefit.
Smart Tech That Can Reduce Costs
Smart Electric Vehicle Supply Equipment (EVSE), solar panels, and energy storage systems can reduce your costs even more. You can also spend less through load-sharing with other appliances and usage monitoring tools.
EV Charging Versus Gasoline: Cost Comparison
You can expect to spend $0.05 per mile with an EV and $0.15 per mile with a gas-powered car. To drive 500 miles a month, you’ll spend $25 with an EV or $75 with a gas car. Over a year, you’ll save $600. In five years, you’ll save $3,000.
Should You Upgrade Your Panel for EV Charging?
If you don’t have the right capacity, you may need a panel upgrade. Level 2 chargers often need upgrades because they require a 240V circuit. An average electrical panel upgrade costs between $1,300 and $3,000. If you overload your existing panel, you may experience higher electrical bills and safety risks.
How to Future-Proof Your Charging Setup
Consider investing in chargers that have CCS and NACS ports for future vehicles. You may also want a second car or a longer commute, necessitating a Level 2 charger and a new electrical panel. Additionally, consider installing battery backups for power outages. To save on electrical costs, think about getting a smart panel integration and solar panels.
EV Charging Can Be Smart and Affordable With Mister Sparky
Don’t put up with any malarky! With the help of Miami’s on-time electrician, you can minimize the cost impact of setting up an EV charger installation at your home in Miami and the surrounding areas. While EVs may boost your electricity bills initially, they typically save you money over time.
To reduce your overall electrical consumption, schedule a professional evaluation. We can recommend the best solar panels, electrical panel upgrades, ports, and other options to save you money on EV charging.
FAQs
How much does it cost to charge an EV per month?
The cost largely depends on where you live, the cost of electricity in your area, how much you drive, and the type of electric vehicle you get. On average, households spend $68.78 per month.
Will a Level 2 charger spike my bill?
A battery that has 65 kWh will typically cost $11 per hour to charge. While Level 2 chargers use more power per hour, they charge faster. Overall, they tend to cost a little less.
Can I use solar to charge my EV?
You can use any power source to charge your EV as long as it produces enough power and is connected appropriately.
Does smart charging really save money?
Through smart charging features, you can save money and charge your EV during off-peak hours.
Can I avoid a panel upgrade for my charger?
A Level 1 charger typically doesn’t need a new panel as long as the existing electrical capacity is enough. For Level 2 chargers, you’ll likely need a 240V circuit and a new panel.