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An electric car will not eliminate all running costs, as you will still need to pay for electricity to charge it – here’s how to save some cash.
If you saved money to buy your dream electric vehicle, you’re probably thinking that you’re done with the expenses, but the true cost of owning an EV might surprise you. Indeed, you don’t have to pay for fuel anymore, but you still have to cover the costs of charging your car. Kelley Blue Book uses the U.S. household average from June 2022 to calculate that it would cost about $59 per month to charge an electric car. Just to put things into perspective, KBB establishes that if gas costs $3.88 a gallon on average, it will cost about $47 to fill a 12-gallon gas tank. While the difference is pretty remarkable, it’s also worth noting that electricity rates differ from state to state, depending on the availability of the plans, climate, consumption, and supply.
“Where you live directly impacts your electric bill. People living in Maine pay nearly double for each kWh of energy used than in states like Wyoming or Nebraska,” says KBB.
John Voelcker, an automotive journalist who specializes in EVs, told KBB, “The cheapest way to charge your electric car is almost always at home, overnight. Some utilities have special low rates for the overnight period when their demand is lightest.”
For those who are considering charging their EVs at public Level 2 charging and Level 3 fast-charging facilities, KBB points out that prices for these charging stations are more difficult to pin down when compared to average expenditures for at-home use. This is because charging network costs and locations across the nation differ. Let’s see how EV owners can save thousands when installing an EV charger at home.
“One of the first things you need to think about when getting a home charger is where you’re going to install them,” says EV expert Chris Vanderstock. “The further away you get from your fuse box, the more expensive it’s going to be.” Vanderstock mentions in one of his YouTube videos that some electric vehicle owners have even installed the chargers up to 30 meters (roughly 99 feet) away from the fuse box, and this has increased the cost of the installation. “I’m talking … thousands of dollars to actually do so,” says Vanderstock.
You schedule a mechanic appointment for regular vehicle maintenance; you go to the doctor when you have pain or discomfort, and you take your dog to the veterinarian when you notice a strange symptom. Basically, you realize that there are issues that require expert assistance and that you can't resolve them on your own so, why would it be any different with installing an EV charger?
Most of us don't have a lot of expertise with electric vehicle chargers and aren't electricians, so we should avoid hazardous and dangerous situations. A professional company or a licensed electrician will not only do a better and safer job than us, but they will also inform us about local regulations and potential risks, such as compromised or uncertified chargers.
According to J.D. Power, most licensed electricians will charge between $300 and $1,000 to install your home charger, but the sum will increase if you need to update your home electricity panel to effectively charge your new EV. It’s worth noting that some states offer rebates for eligible customers who install residential EV chargers. For instance, Arizona Public Service (APS) offers residential customers a $250 reimbursement when they buy a qualifying Level 2 EV charging station. Residential customers can also receive a $250 rebate from Applied Energy Services (AES) Indiana when they buy a new Level 2 EVSE.
Fortune Business Insights forecasts the global electric vehicle charging stations market size to grow from 17.59 billion in 2021 to 111.90 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 30.26 percent throughout that time. Elsewhere, analysts have valued the U.S. electric vehicle charging infrastructure market size at 2.85 billion in 2021, and they anticipated it will grow at a CAGR of 36.9 percent from 2022 to 2030. Undoubtedly, the industry is expanding faster than expected as more residential and commercial consumers purchase electric vehicles. This means that more companies will join the market and develop their own EV chargers, but having too many options only confuses consumers.
Electric vehicle enthusiasts should search for smart EV chargers to reduce long-term charging costs. Some of these chargers can track the cost of electricity during the day and only charge your car at night or during off-peak hours. Meanwhile, other home-based equipment will focus on the speed you want your vehicle to charge. It goes without saying that you should consider your needs, wants, and priorities before purchasing an EV charger for your home.
Adina Achim is a journalist with vast knowledge and experience in the luxury industry. She is passionate about luxury car brands, technological trends in the automotive industry, and exotic cars.
How To Save Thousands When Installing An EV Charger At Home – HotCars
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