Help for Keeping Fuel Costs Down on Your EV
Electric vehicles (EVs) offer convenient charging opportunities at home, work and public stations. Increased availability of charging gives these cars a significant advantage over their gas-powered counterparts. As California officials recently noted, the state has more charging cables than gas pumps.
However, your budget may require discerning the most cost-effective options. Here’s a breakdown of the expenses.
How Much Does Public Charging Cost?
Drivers living in apartments or smaller homes might have to visit public chargers to fill their EVs. They could use one at their complex or drive to a nearby hub to increase battery power. The cost depends on the location and device type, as some locations may be more expensive.
AAA says EV charging costs about 36 cents per kilowatt hour on average for all commercial and public stations. However, the prices fluctuate depending on the state due to availability, geography and energy policies. For example, Alaska is the most expensive at 51 cents per kilowatt hour, whereas Kansas charges just 26 cents.
How Much Does Home Charging Cost?
Charging at home is more convenient and typically less expensive than going to a public station. Experts say it’s about 12 cents per kilowatt hour on average nationwide, though local municipal rates can drive the prices higher. The costs will be between $1,000 and $2,000 over a year, depending on how many miles you drive and the EV’s battery capacity.
Home charging may be more expensive if you live in the Northeast. The Energy Information Administration says electricity rates average about 29 cents per kilowatt hour in residential areas. Rhode Island and Connecticut customers pay over 32 cents—a significant increase from 2024. Conversely, states like Montana, Idaho and Nebraska pay under 12 cents per kilowatt hour.
Cost Considerations for Both Charging Types
Residential charging is generally cheaper, though you might find public stations more financially feasible for your budget. Here are a few considerations for each type:
- Equipment costs: Home charging includes upfront fees like hardware and installation. JD Power says the charger could cost up to $600, while standard installation may rise to $350.
- Solar panels: Harnessing solar power could reduce home charging costs because the property owners generate their own electricity, but you may need to add on-site energy storage to effectively use your electrons.
- Fast chargers: Using the most advanced chargers may require premium prices. For instance, Tesla Superchargers cost up to 50 cents per kilowatt hour, depending on the location. Spending less time at the station typically takes more from your wallet.
- Convenience: An EV owner may live close to a charging station, so a domestic setup might not be necessary. Therefore, they don’t mind paying to use the public chargers.
- Charging time: Experts say EV drivers should only charge to 90% to encourage basic etiquette. Mindfulness at public stations can reduce costs regardless of the charger type.
- Off-peak hours: Off-peak charging is more affordable because energy demand decreases at night. This option might be more feasible if you have an at-home charger.
Finding Cost-Effective Charging Solutions for Your EV
Rising energy prices mean EV owners must find the best economic value from their cars. The wisest long-term solution is installing a home charger due to the reduced electricity costs and off-peak opportunities. However, public stations might be the only solution if you rent property and can’t install a device. Regardless, you should use best practices to conserve battery and optimize charging time.
The post What’s the Cost Difference Between Home Charging and Public Charging? first appeared on Clean Fleet Report.