Electric cars are growing in popularity as gasoline prices rise and environmental concerns become more pressing. In 2016, 0.61 percent of all new cars financed were electric, according to Experian. By 2020, that number had jumped to 2.25 percent, a 268 percent increase in just five years, though still a small percentage of the overall car population. If you're considering buying electric cars, keep in mind that you'll most likely charge them at home. Depending on where you live and how much you drive, that can add $30 to $60 a month to your electricity bill.
Here is some useful information about electric cars for those interested in buying one.
How much it costs to charge an electric car
In the United States today, electric car owners do 80 percent of their charging at home, adding to their electricity costs.
To estimate your costs, look at your current electricity bill. It should show how many kilowatt-hours (kWh) you are currently using and how much you are paying per kWh. One kilowatt-hour is equivalent to the energy needed to run a 1,000-watt appliance for 60 minutes. The national average is 13 cents per kilowatt-hour, and most electric cars can go four miles per kilowatt-hour.
So, if you typically drive 1,000 miles a month, you'll need at least 250 kWh to recharge properly. At 13 cents per kilowatt-hour, that would cost $32.50 a month.
If you live in a state with high electricity prices, like California, your electricity bills will of course be higher. In California, the average cost per kilowatt-hour as of this writing is 21.93 cents. If you drive 1,000 miles a month, you pay $54.83.
Other fees charged at home
When you buy an electric vehicle, you can usually charge it at home with a Level 1 Electric Vehicle Power supply unit (EVSE), using your existing power outlets and dedicated branch circuits. However, the level 1 EVSE can be slow, making it difficult to charge your car quickly.
For this reason, many homeowners opt for the more advanced secondary charging stations. With the level 2 EVSE, charging time can be extended by 10 to 60 miles per hour. The secondary EVSE requires special charging equipment and a separate, more powerful circuit. You have to pay for installation. On average, a secondary EVSE system costs $500 to $2,000 to install.
Use solar energy
Installing solar panels in your home is another way to charge your car. However, installing solar panels and evSES to charge your car can be expensive. After federal solar tax credits, a 10-kilowatt-hour solar panel system can cost anywhere from $17,000 to $23,000.
How does the cost compare with petrol cars?
While electric cars are generally more expensive than gas-powered cars, their maintenance and fuel costs tend to be cheaper. According to the U.S. Office of Energy Efficiency & Renewable Energy, life-expectancy fuel savings range from $3,000 to $10,500. You can use the U.S. Department of Energy's Vehicle Cost Calculator to estimate fuel costs for electric and gasoline-powered vehicles.
Potential discounts on electric cars
While electric cars can be expensive, you may be eligible for tax credits, special discounts, and incentive programs to make them cheaper. In addition, some programs can reduce your energy costs.
For example, The Orlando Public Utility Commission (OUC) in Florida is offering a $200 discount to customers who buy or lease an electric vehicle. In Nevada, NV Energy offers special time-of-use rates for electric car owners. If you charge during off-peak hours, such as late at night or early in the morning, then you will pay a discounted price.
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