What does it cost to charge an electric car?
Electrical engineer Mike Smith breaks down the costs—and potential savings—of charging and electric vehicle at home.
Photo by Nissan
What does it cost to charge an electric car?
By Mike Smith
With electric cars speeding down the road to widespread adoption, many consumers are thinking about home charging options and the impact an electric vehicle (EV) could have on their monthly utility bills.
As one South Carolina co-op member asked me recently, “How much will my electric bill go up if I get an all-electric car?” Answer: It depends.
If you do all your charging at home, your electric bill will probably go up by half of your monthly gasoline expense. The good news? You’ll no longer be spending money on gasoline. If you currently spend $100 a month on gas, expect your home utility bill to go up $50 a month when you start driving an all-electric vehicle—a net savings of $50 a month.
Note that my calculation assumes the driver pays a traditional electric rate of 11 to 15 cents per kilowatt-hour. Some cooperatives have rate structures with lower energy charges during times of the day when electricity demand—and the cost of providing that power—drops. If you can charge at home during these off-peak hours, your savings may be significantly greater.
Most EV owners don’t charge exclusively at home. Some workplaces and businesses offer free charging stations, and there are public parking garages around the state that include charging along with the cost of parking your car. These options will drive down the cost of owning an electric vehicle.
If you have the need for speed, you’ll have to pay for it. Charging at commercial DC fast charging networks (DCFCs) such as Greenlots, ChargePoint and EVgo is the fastest way to charge your electric car, but there’s a price for the convenience. In my experience, DCFC charging costs the same or more as driving on gasoline, sometimes significantly more. However, I predict that in the next two years, prices will settle down as the number of DCFCs increases.
In rare cases, DC fast charging can be free. I know of a free station in the South End neighborhood of Charlotte that I often use on road trips in my Chevy Bolt. Drivers can search for others using PlugShare, a crowdsourced app that allows electric car owners to keep each other informed on the location and operating status of charging stations. Tesla owners have the advantage of exclusive access to the company’s extensive Supercharger network. Model S and X owners can charge for free; Model 3 owners must pay to charge, but at a favorable rate that is cheaper than gasoline.
While all this may seem daunting at first, EV owners quickly learn through experience the easiest and cheapest ways to keep their batteries charged and their cars rolling down the road.
Mike Smith is an electrical engineer and vice president of business and technology strategy for the Electric Cooperatives of South Carolina, Inc. Send your questions about electric cars and charging stations to Mike.Smith@ecsc.org.
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