What’s the Average Cost of Charging an EV?
Saying goodbye to spending time and money at the gas station is certainly one of the primary reasons that many drivers consider making the switch to an all-electric vehicle. After all, it’s not uncommon for the fuel savings to significantly offset the initial purchase price of an EV. To help you gain a better understanding of exactly how much it costs to charge an EV, our team at the Germain Motor Company has created this informative guide. Once you see how quickly the savings can add up, we invite you to browse our extensive selection of the most popular electric vehicles currently available on the market.
Cost of Charging an EV at Home
For the majority of electric vehicle owners, plugging in at home is the most convenient and most practical way to stay charged up. No matter if you’re using a standard AC outlet or a dedicated DC fast charging station — you’ll pay for electricity per kilowatt-hour (kWh). While this amount varies depending on the region you live in, the average price of electricity in the United States as of November 2020 is approximately 13 cents per kWh.
The easiest way to calculate the cost to fully charge your EV is to simply multiply the cost per kWh by the battery’s maximum capacity. For example, the Audi e-tron is equipped with a 95 kWH battery. At the average electric rate of 13 cents, the e-tron would cost the average American approximately $12.35 to charge from empty to full. Each EV is different but calculating the cost is simple once you know your individual electricity costs and battery size.
Cost of Charging an EV at a Public Station
Offering the perfect solution for eliminating range anxiety on longer journeys and adding convenience to your daily commute — the rapidly-growing network of public charging stations has plenty of benefits for EV drivers. Whether you’re at work or out on the down enjoying a night of shopping or dining at your favorite restaurant, public charging stations can help your vehicle charge quickly and get you back on the road.
The cost of charging at a public charging station is generally slightly higher than charging at home due to the convenience and demand for access to charging. The good news is that the majority of these networks offer dedicated apps to streamline the payment process while also accepting debit or credit cards. Typically, you’re charged based on the amount of time you spend charging instead of the actual amount of electricity you use.
Also important to remember is that several manufacturers include a complimentary subscription to one or more public charging networks with the purchase of your new EV. Some networks also offer subscription rates that lower fees and offer unlimited access to charging stations. You’ll have plenty of options to charge on the go with public charging stations.
Best Time to Charge an EV
Another factor to consider when trying to save money on charging costs is to take advantage of off-peak charging times. In America, electricity usage is generally the lowest between midnight at 6 AM. Known as “off-peak”, most people are asleep and the power grid has reduced load as a result. Conversely, electricity usage often peaks around 6 PM as individuals return home from work and begin using electrical appliances in their homes.
To help prevent the power grid from becoming overloaded, utility companies in several states often offer reduced rates during off-peak hours. Similarly, rates during peak hours are often higher due to the excess demand. If your local power company offers off-peak pricing rates, it can be financially beneficial to adjust your charging schedule accordingly. Several of the latest EV models offer programmable charging capabilities, making it easy to track and monitor your charging status.