If you’re one of the 5.6 million EV owners worldwide, you can look forward to enjoying a cleaner, enjoyable, and more efficient driving experience than ever.Still, figuring out how much it might cost to charge your electric car, amongst other expenses, isn’t always clear.
So, whether you’re a prospective owner or simply looking to update your current knowledge, this guide will walk you through everything you need to know about EV-related expenses.
Electric Vehicle Charging Cost
This tends to be the first question on anyone’s mind when it comes to considering an electric vehicle, so it only makes sense to make it our starting section.
Fortunately, the answer is simpler than you might assume. All it takes is a little math using the following formula: • For at-home charging: Take your electric bill and divide it by the number of kilowatt-hours used.
The figure you end up with is the amount you pay per kWh: it should land somewhere close to the national U.S. average of 14 cents.
Now that you have this number, you can apply it to any EV model. For instance, if your vehicle uses 180 kWh to drive 900 miles every month, your electric bill will have an additional $52 per month to account for charging needs.
Of course, this cost can change if you’re using a third-party charging location to power your vehicle. Ultimately, figuring out how much something like a DC fast charging station might cost depends entirely on its owner. As such, prices vary, though they typically range between $0.45 and $0.70 per kWh. This (usually) makes at-home charging the cheapest option. For instance, if your vehicle uses 300kWh to drive 900 miles every month, your electric bill will have an additional $250 per month to account for charging needs.
Electric Vehicle Insurance Cost
Next, it’s no secret that car insurance can quickly add up, but do EV owners really have to pay more than their gas-guzzling counterparts?
Well, just like most vehicle expenses, it depends. Some cars, like all three Tesla models, demand some of the highest premiums of the lot (up to $3,022), while options like the Hyundai Kona only require a modest expense (up to $1,399).
As a result, your best option is to research which EV you’re interested in purchasing to predict its final insurance costs. By doing so, you’ll also get a glimpse at the expected cost to charge the electric car throughout your ownership.
Electric Vehicle Tax Credits
Finally, we can look at one of the most compelling reasons to own an electric vehicle in 2021: the tax credits.
Currently, the federal government offers a tax credit of up to $7,500 to all owners of an all-electric or plug-in hybrid car purchased after 2010. The final amount will depend on its battery capacity, though it can make it a bit easier to shell out those DC fast charging stations costs. That’s not to mention individual state tax credits, which could increase that amount even more!
How to Save Big on Electric Vehicle Charging Costs
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