Saving money at the pump with an electric vehicle is not the end of the story. Learn why and how you should refine your home energy strategy.
Electric vehicles (EVs) are gaining ground as the environmentally sustainable and cost-effective alternative to gas-powered cars. The big pitch to many with an EV purchase is reduced expenses over time. However, the situation might be more complex than you think.
One of the most significant considerations for EV owners is how and where to charge their vehicles. Public charging stations are still some years away from being as common as gas stations nationwide. Building reliable and convenient home charging infrastructure is crucial to maximizing the benefits of EV ownership.
However, suppose you’re one of the 1.4 million Americans who bought an EV. In that case, you may have gotten sticker shock when the first month’s bill came in, which included EV charging. Chances are your electric bill is higher than you expected. Whether you own an electric vehicle or are just learning about what’s involved in making the electric switch, this article is designed to help refine your home charging strategies.
Estimating how much an EV will add to your electricity load will depend on the vehicle and your state’s cost per kilowatt-hour (kWh). An economical EV can travel four miles per kWh on average. Driving your car 1,000 miles a month means consuming a minimum of 250 kWh for that period.
If you live in Pennsylvania, where the electricity cost per kWh is $0.17, charging an EV will add a minimum of $42.50 to your monthly electric bill. If you live in California, where the cost per kWh is $0.38, the added cost is much higher at $95.
The added cost of EV charging, whether at home or a public charging station, eliminates your weekly gas station expenses. Still, you’re potentially losing out on savings if you don’t shop around for energy plans.
You should figure out the costs of charging your EV, how often you will need to plug in, and when you will charge. Charging during off-peak hours, ideally overnight when demand for electricity falls, will reduce the costs of adding an EV to your power load. There’s also the matter of choosing an energy plan that works best for your situation.
All mass-produced EVs currently include a Level 1 charging unit that plugs into any standard 110v household outlet. However, Level 1 charging is slow. You can travel about four to five miles per hour of charging, so an eight-hour charge will let you go up to 40 miles. That’s fine if your average travel is less than that, but not so much if you need a full charge, which takes about 24 hours.
Of course, you can always top up your charge when not in use through public charging plazas that offer rapid charging with their high-powered 480V special connections. Depending on your battery capacity, that can potentially add about 200 miles to your range in half an hour. The cost varies, but it is typically $1 per kWh.
However, public charging might not be possible. If you regularly drive long distances, you might want to consider investing in a Level 2 240-volt wall-mounted charger. You will typically see these for clothes dryers at home, which are commonly installed in public charging stations. A Level 2 cuts your charging time in half and gives you about 180 miles of travel time for an eight-hour charge.
Installing a Level 2 charger will require the services of a licensed electrician and may cost anywhere from $500 to $1200. You typically buy a Level 2 charging station separately, but some auto manufacturers may offer rebates.
You should also consider some factors when choosing the optimal Level 2 charger. A big one is matching charging capacity to your EV’s maximum acceptance rate. High-capacity chargers are more expensive than low-capacity ones. If a charger delivers more power than your EV can accept, the extra capacity goes unused, so it’s a waste of money. Oversizing might also put unnecessary stress on your electrical system. On the other hand, getting an undersized charger means it will take longer to charge your vehicle.
While you can stick to traditional electricity suppliers, you might have other options, depending on where you live. Some states are partially or fully energy-deregulated, meaning residents can choose who supplies their electricity. Texas, for example, is fully deregulated, offering various energy options, including renewable sources, which is a win-win in many ways.
Suppose you don’t live in a deregulated state. You can still visit your energy provider’s website to see if they offer plans or incentives to EV owners. At the very least, they may give you a break on your bill if you charge your EV during off-peak hours.
If you live in a deregulated state, consider going energy plan shopping. Depending on your location, comparing offerings from different energy suppliers could simply mean going to a website. Sometimes, you might have to ask for quotes or go to aggregators to compare plans.
At any rate, most electric plans come in two types: fixed or variable. Fixed energy plans lock your per-kilowatt-hour rate up to a certain number of kWhs. This type might be better if you must charge your EV several times daily because it will be predictable. The potential savings won’t be much, though.
Most EV owners will likely want to consider a variable-rate plan, which charges different rates for electricity based on the time of day, affecting how much demand is placed on the grid. For example, prices typically are highest during the after-work rush and lowest during the night when most people are asleep. If you start charging in that period, you can save money on your energy bill.
Additionally, you can consider a month to month electricity plan tailored for EV owners. It can offer unparalleled flexibility and affordability. Such plans acknowledge electric vehicles’ unique charging patterns and energy requirements, potentially lowering costs by aligning charging times with periods of lower electricity rates. Moreover, many of these specialized plans are sourced from renewable energy, allowing you to further your commitment to environmental sustainability.
It’s essential to consider your current and future vehicle choices and daily driving habits to properly determine what level of charging capability best fits your lifestyle. Here is what you should do:
– Add conduits during initial installation so it is easier to upgrade in the future.
– Invest in smart charging technology to optimize electricity use and control charging remotely; do regular software upgrades to improve features.
You can optimize the safety, efficiency, and cost-effectiveness of home charging by following some simple tips. They enhance the user experience and cost savings while prioritizing the electrical safety of your household:
Managing the costs and advantages of home EV charging doesn’t need to be overwhelming. By understanding your electric vehicle’s charging needs, optimizing when you charge, and choosing an energy plan that suits your lifestyle, you can fully benefit from owning an EV without spending too much.
Transitioning to electric vehicle use isn’t just about changing your car – it also involves making smart energy choices at home. Understanding your EV’s charging needs and your home’s energy options can result in significant savings and a more sustainable lifestyle. Staying informed as technology and infrastructure evolve will help maximize your EV experience.
**Thanks to Rhythm for collaborating on this post.
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