Cost Breakdown of Plug-In Charging Options for Electric Cars

The cost of switching to an electric vehicle (EV) has been steadily dropping over the past few years, making it increasingly attractive for drivers looking to reduce their carbon footprint and fuel costs. But one thing to consider when making the switch is the cost of plugging in your EV for recharging.

Summary:

It’s not overly complex, but there are a few factors to keep in mind when weighing up the money side of switching to an EV.

Home EV Charging

If you’re lucky enough to have a private garage or car port, then the simplest – and most cost effective – option is to have an EV charging station installed in your home. This will allow you to plug in your EV and charge it overnight, and with off-peak electricity tariffs you could be making further savings.

• Initial setup cost: Generally around $900, depending on the type of charging station you have installed.
• Ongoing costs: Mostly your electricity bill, though having a charging station that is capable of handling faster charging speeds (up to 6.6 kW and above) could increase the cost of your electricity bill.
• Time taken to charge: Typically 8-12 hours for a full charge, depending on the size of your car’s battery and the power of your charging station.

Public EV Charging Stations

If you don’t have a private garage, don’t worry, as there are still plenty of options for charging your EV. Thanks mostly to the efforts of State Governments, public EV charging stations are becoming increasingly widespread and commonplace. These charging points are linked to charging networks, and essentially work in the same way as any public phone or ATM. You just plug in your car, choose a plan, enter your payment details and you’re off.

• Initial setup cost: None, as you simply plug in your car and select a plan, no subscription or ongoing commitment necessary.
• Ongoing costs: Generally, charging at a public station is more expensive than charging at home, but there are more options for charging quickly and for longer periods of time.
• Time taken to charge: Typically 30-60 minutes for an 80% charge to a medium size EV battery.
• Complimentary benefits: Members of charging networks often get access to discounts and rewards.

Bottom Line

The cost of EV charging, whether at home or at public station, depends mainly on your electricity provider and the type of charging you’re doing. In both cases, it’s always worth taking advantage of low-cost, off-peak tariffs or other discounts when available, as these can help to make your EV charging even more cost effective.

Whether you’re just starting to research electric vehicles, or you’re ready to make the switch, the options for plugging in your EV are plentiful and cost effective. So don’t let the cost of EV charging put you off - the savings and benefits of going electric often outweigh any initial outlay.