Just ask any American, and they’ll tell you that gas prices are a constant stressor in their daily lives. For decades, gas prices have been on the rise, and as of August 2023, the national average cost for a gallon of gas is at $3.86 according to AAA. If saving money is one of your top priorities right now, you may be considering other transportation options, such as electric cars. Yes, it’s no secret that electric cars are pricier than gas-powered cars, but you can end up saving a fortune on gas over the lifetime of the car. This may lead to your next question: how much does it cost to charge an electric car? Below, our Alexandria electricians break down how much an EV will impact your electric bill, and whether these savings are worth the cost of making the switch from a gas-powered vehicle to an electricity-powered vehicle.
Lombardi Electric provides Alexandria electrical services, Alexandria commercial electrical services, and Alexandria industrial electrical services. Call 318-545-7575 to speak to an experienced electrician today.
What is an Electric Vehicle?
Electric vehicles, also known as battery electric vehicles (BEVs), are powered by electric motors instead of internal combustion engines. In other words, electric vehicles are powered by electricity instead of gasoline. EV owners can charge their cars every day at home or at public charging stations rather than filling up their tanks at a gas station every week or so.
Does an Electric Car Raise Your Electricity Bill?
The vast majority of EV owners charge up their cars at home, which is far more convenient than driving to a public charging station, or driving to a gas station (if you’re a gas-powered car owner). While home charging is definitely convenient, one has to wonder if the cost of charging at home is more expensive than paying for a tank of gas every week or so.
So – does an electric car raise your electric bill? The short answer is yes. However, you’ll likely still save money in the long run because electric cars cost less fuel per mile than gas-powered cars. Additionally, most EV owners can save an average of $4,600 in maintenance costs over the lifetime of the vehicle. This is because an electric car has a much simpler motor and drivetrain than an internal combustion car, meaning that it will never require oil changes, new spark plugs, or timing belts.
So yes, electric cars do raise electric bills, but many people feel this is a small price to pay for skipping out on the frequent vehicle maintenance costs and ever-rising gas prices. In fact, the U.S. Office of Energy Efficiency and Renewable Energy estimates that EV owners can save between $3,000 and $10,500 in total fuel costs over the lifetime of the vehicle.
Learning how to save on electric bill in other ways can help offset costs.
How Much Does it Cost to Charge an Electric Car?
There are many factors to consider when determining how much electricity, and therefore how much money, is needed to charge an electric car at home. The main things you will need to determine are your city’s average electric rate and how many miles you typically drive in a month. On average, though, most EVs cost about $50 to $100 to charge per month. If you only charge your car during off-peak periods, though, you may be able to spend less money on your electric bill to get a full charge.
In order to get an exact electricity cost for EV charging, you should start by checking your current electric bill. How many kilowatt hours (kWh) are you currently using, and how much are you paying per kWh? For reference, a kilowatt hour is basically how much energy is required to power a 1,000-watt appliance for 1 hour.
According to the Energy Information Administration (EIA), the national average cost of electricity as of May 2023 is 12.32 cents per kWh. A single kWh can power the most efficient EVs for 4 miles.
Most Americans typically drive 1,000 miles every month, which means they’ll need a minimum of 250 kWh to fully charge their car. So if you multiply the average electricity rate by 250 kWh, you’ll discover that it will cost about $30.80 extra per month on your utility bill to fully charge your electric car.
Obviously, if you live in a state that has higher electricity costs and cost of living rates, such as California, then you can expect to pay more on your electricity bill every month just to charge your car. Meanwhile, in our home state of Louisiana, the average electricity rate is about the same as the national average, so you can expect to save more in electricity costs than those in other states.
Extra Costs to Charge Electric Vehicles
There are two levels of electric vehicle supply equipment (EVSE) for home charging. Most electric vehicle owners start with level one EVSE, which generally produces a slow charging time. If you want a shorter EV charging time, you can buy level two EVSE, which offers 10 to 20 miles of increased range per hour charging time.
Naturally, level two EVSE is more expensive than level one in both equipment and installation costs. Electric vehicle owners can expect to spend anywhere from $1,400 to $4,100 in level two charging equipment costs, as well as between $680 to $3,300 in installation costs. This is definitely something to consider when deciding whether an electric vehicle is worth it for you.
Pros and Cons of Electric Cars
If you’re tired of the constantly rising gas prices in the U.S., you may be considering switching to an electric car. Before you officially make the switch, it’s important to familiarize yourself with all the pros and cons of electric cars.
Pros
- Firstly, electric vehicles are environmentally friendly in that they reduce CO2 emissions, which contribute to climate change. This is because electric vehicles are considered more energy efficient compared to internal combustion vehicles. Additionally, EVs run on electricity, not fossil fuels like gas.
- Making time to fill up at the gas station every week or so can be incredibly inconvenient, especially if you’re always in a time crunch. Using your EV home charger every day can definitely be a time saver.
- Gas prices are constantly up and down, which can cause lots of financial stress, especially if you’re always on the road. The cost of charging an electric vehicle is far more consistent.
- Electric cars are generally much quieter than gas powered cars.
- As explained previously, electric cars have much simpler motors and drivetrains than internal combustion cars, so they require less maintenance.
Cons
- If you live in a state with a high electricity rate, it can be very expensive to charge your car every day, even at public charging stations. These people may find that charging their cars during off-peak hours will allow them to save money.
- It takes only a few minutes to fill up the tank of an internal combustion car at a gas station. Meanwhile, if you’re in a bind and your electric car battery is low, you will have to spend 2 to 3 hours charging it up at home or at a public charging station.
- The cost of replacing the battery pack in an electric car is breathtaking, to say the least. You may be able to save some money if your car’s manufacturer offers an extended battery warranty.
- Public charging stations are not near as common as gas stations across the country. So if you’re taking a long road trip in your electric car, you may have a lot of anxiety about your car battery dying with no public charging station in sight.
- The cost of buying the EV and all its charging equipment may not be worth the lifetime energy savings, depending on the person.
How to Reduce Electric Car Charging Costs
Yes, electric cars can help you save a fortune on gas in the long run, but that doesn’t necessarily mean that electricity costs are cheap, either. Below, we list a few ways that EV owners can save money on energy costs if they’re using their home’s electrical system to charge their car every day.
- Go Solar: Solar panels are yet another eco-friendly investment that can help you save a fortune on energy costs in the long run. These are two of the many benefits of solar energy. Instead of using electricity to charge up your car at home, use renewable energy, such as solar energy. Get a free solar panel quote from Lombardi Electric today.
- Use Free Charging Ports: Most public charging stations require a fee to use, but some are free. Certain workplaces and stores offer free charging stations, so look for those.
- Charge During Off-Peak Hours: A utility company will charge its customers more for electricity during peak hours, which are usually before and after normal working hours, depending on the season. So charging your vehicle during off-peak hours (usually early in the morning and late at night) can help you save several hundred dollars in the long run.
- Call Your Utility Company: Some utility companies offer incentives to EV owners, such as discounts and rebates. A simple call will tell you if you qualify for any of these incentives, which can be the key to saving money as an EV owner.
Call Lombardi Electric Today
Lombardi Electric is a residential, commercial, and industrial electrical service company based in Alexandria, Louisiana. If you’re interested in buying solar panels in Alexandria, we specialize in Alexandria solar panel installation, Alexandria solar panel maintenance, and repairs. Electricity quite literally powers our world, which is why we are passionate about helping our customers have safe and functional electrical systems. Call 318-545-7575 to speak with an Alexandria electrician today.
