Electric cars are becoming increasingly popular as people become more environmentally conscious, and cars become increasingly available. But does owning an electric car save you money in the long run?
If you charge your EV at home (as most EV owners do), you’ll notice a moderate spike in your monthly home electricity bill. But if the point is spending less on fueling your car, truck, or SUV, then an EV is the right choice. That’s because electric vehicles cost less fuel per mile than internal combustion vehicles.
If you drive a thousand miles each month (most Americans do, on average) in a plug-in sedan, you can keep over a hundred dollars in your pocket every month (depending on current gas prices)—more if you drive a crossover or truck.
EVs also cost less to maintain. Studies estimate that EV owners pay $4,600 less for maintenance over the life of the car, truck, or SUV. Why? Because EVs have half the components built into a fossil-fuel vehicle. Their simpler motors and drivetrains mean you never need an oil change or need to switch out spark plugs, fuel filters, or timing belts. You never have to fix pricey oil leaks. Even brake pads last longer due to EVs’ regenerative braking feature.
The actual cost to charge your EV at home will depend on the electricity rate in your area, whether you take advantage of off-peak rates, the type of vehicle you’re charging, and how much you drive each month. That being said, the average cost to charge an electric vehicle is $50-100 per month.
With a Level 2 charger(240V) installed in your garage, you can fully charge most EVs in about three hours. This is three times faster than charging with a Level 1 (120V) plug, where most EV owners need to charge their cars overnight to get a full “tank.”
Charging your EV during off-peak electricity hours is another way to keep your electricity bill as low as possible—it’s like getting the electrons on sale.
If you have or are thinking of purchasing an electric vehicle and need to upgrade your home’s electrical system with a Level 2 charger, Cathey can help. We can check your current system, recommend upgrades, and handle all the installation for faster, more efficient EV charging.