How much you pay for electricity depends on where you live and your rate plan. In most cases, electricity costs will run between 10 and 25 cents per kWh. In other words, charging a fully-depleted battery may cost between $5 and $15.
You can also save money by taking advantage of EV incentives, such as lower rates during off-peak hours or free charging stations. So, it’s important to consider the incentives that are available in your area.
Insurance costs vary by location and vehicle, but EVs tend to have lower insurance rates than regular cars. Because they’re less likely to be involved in a crash and they’re less likely to be stolen, insurers tend to offer lower rates. On average, you can save 10 to 15 percent on your insurance costs with an EV.
Depreciation and resale value are hard to predict, but EVs are expected to have better resale value than regular cars. Because there are fewer EV models available, your car is more likely to hold its value over time. When it comes to depreciation, it’s important to keep in mind that all cars, electric or not, will depreciate over time.
The cost of operating a plug-in electric car depends on multiple factors, including electricity costs, maintenance, insurance, and depreciation. Thanks to incentives such as free charging stations, lower electricity rates, and discounts on insurance, it’s possible to find savings while operating an EV. At the end of the day, an EV’s cost of operation is likely to be less than a regular car.
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