Have you heard about the rising electricity costs associated with owning an electric vehicle (EV)? Since you’ll be charging your EV at home daily, it’s reasonable to wonder how much this might add to your monthly expenses. While your bill could indeed go up, the exact amount isn’t straightforward and varies based on several factors.

For context, gasoline car owners typically spend around $250 each month filling up their tanks. If you drive your EV for about 15,000 miles annually, your charging costs might reach approximately $540 per year, translating to roughly $45 extra per month for electricity.

Understanding Charging

Most drivers tend to charge their EVs overnight, as many people drive during the day and want their vehicles fully charged by morning. According to FuelEconomy.gov, the time it takes to fully charge an EV battery can range from three to twelve hours, depending on the vehicle model and the speed of the charger.

The energy consumption of an EV varies based on the specific model you choose—charging an electric SUV will require more electricity compared to a smaller vehicle like the Mini Cooper SE, which can reach 80% charge in around 30 minutes with a fast charger.

Charging costs also fluctuate according to electricity rates, which vary by location. The silver lining for EV owners is that, although electricity prices can change, they tend to remain more stable over time than gas prices, which can spike unpredictably.

According to PlugIn America, an organization that advocates for plug-in vehicle owners, EV drivers generally cover about 15,000 miles per year and incur about $540 in charging costs annually, averaging out to $45 per month.

Another factor to consider is the timing of your charging sessions. To cut down on costs, try to charge your EV during the weekdays between 7:00 am and 10:00 am. If evening charging works better for you, aim for the window between 8:00 pm and 11:00 pm, as electricity rates are typically lower during these off-peak hours.

Exploring Free Charging Options

Before you start worrying about cutting back on your favorite coffee or takeout meals, consider alternative and more economical ways to charge your EV beyond your home charging station.

While EVs require electricity to function, you aren’t limited to charging at home. For instance, if you shop at Whole Foods, you can often charge your EV for free for up to an hour while you shop.

If you can’t locate a free public charging station, a quick search for “charging stations near me” can yield numerous results in your area. One popular option is EVGo Fast Charging stations, where you can pay $0.35 per minute (up to an hour) or sign up for a membership to reduce the cost to $0.31 per minute.

Additionally, PlugShare is a useful tool for finding public chargers. It allows you to search for charging stations using various filters, including supercharger availability, power requirements, and residential locations. It can also assist with trip planning and let you add your home charger to its network.

Reducing Expenses, One Benefit at a Time

It's wise to contact your electricity provider to find out if they offer perks for electric vehicle (EV) owners. The Alternative Fuel Data Center from the U.S. Department of Energy provides EV owners with a tool to look for incentives available across all fifty states, helping electric car owners potentially reduce their utility expenses.

Fortunately, 44 utility companies across the United States offer discounted rates, rebates, or other perks to encourage the adoption of EVs, as reported by FleetCarma.com.

Moreover, a significant number—around 200 utility companies—provide Time-of-Use (TOU) pricing. This method incentivizes customers to switch to electric vehicles by offering lower charges for electricity consumed during off-peak hours.

Your state might have incentives that encourage you to charge your vehicle during these off-peak times, which could lead to significant savings on your electricity bill.

Another effective way to reduce your utility costs is by installing solar panels. If you have solar panels on your roof, your home charging could potentially come at no cost, provided that the panels generate sufficient power for both your home and your vehicle. Additionally, you may qualify for further tax credits and incentives, making it a beneficial choice.

So how do gasoline expenses compare to electric charging? According to Lending Tree’s ValuePenguin, gas vehicle drivers spend about $250 monthly at the pump. If you drive your EV for 15,000 miles a year, the estimated annual charging cost is around $540, translating to roughly $45 per month in additional electricity costs.

Addressing the Electric Debate

In summary, yes—charging an EV at home will likely increase your electricity bill. However, there are various ways to charge for free and take advantage of available incentives. Plus, owning an electric vehicle can save you approximately $6,000 to $10,000 over its lifespan compared to a similar gas-powered car, as stated by Consumer Reports.

With cost savings, excellent fuel efficiency, and eco-friendly driving? It’s a win-win-win situation for electric vehicles.