Zero-emission electric vehicles are becoming more popular among consumers. Last year, electric vehicle (“EV”) sales increased by 39% to 3.1 million units. And despite a major push for electric vehicle public charging infrastructure, most EV owners in the United States (around 80%) do the majority of their charging at home. Since most of these vehicles will be charged at home, calculating how much more you would spend on electricity once you plug your electric car in is crucial.
On average, an electric vehicle will add around $30 to $60 to your home utility bill per month. This will, of course, vary depending on where you live as well as the EV model you opt for. But generally, you will spend less charging your EV than you would on fuel, even though most EVs on the market are typically more expensive than your average gas-powered car.
The first thing you ought to do is to look at your electricity bill to see how much power you use every month and how much you pay for it. Your power consumption will be measured in kWh, which refers to the amount of energy a 1,000-watt appliance requires to run for 1 hour. In the United States, the average cost is 13 cents per kWh, with most EV models traveling around 4 miles per kWh.
Using these averages, we can conclude that you would need at least 250 kWh to drive 1,000 miles per month. With 1 kWh going for 13 cents, it would cost you $32.50 every month to keep your vehicle charged and ready. Note that your actual costs will depend on how much electricity costs where you live. If you reside in a state such as Hawaii, which has the highest electricity costs in the country, your utility bill will undoubtedly be higher. On the other hand, living in a state with cheaper electricity such as Virginia or Washington State would see you shell out less to charge your electric vehicle.
Some drivers purchase level 2 electric vehicle supply equipment (“EVSE”), which has higher power output and can charge EVs much faster than an ordinary outlet. It would cost you between $500 and $2,000 to get such a system set up in your residence. You could also install solar panels to provide more energy to power your EV, but it would cost you quite a bit. After federal tax credits, a 10 kWh solar panel would require you to pay $17,000 to $23,000.
Some states offer incentive programs to encourage EV ownership by reducing the cost of charging. In Nevada, for instance, EV owners who charge their vehicles at nonpeak hours such as early in the morning or late at night are offered discounted rates. You can check PlugInAmerica to see if your state offers any tax credits, rebates, and discount programs. Finally, the size of your vehicle’s battery pack will also determine your power needs, and consequently, your utility bill.
With companies such as Ideanomics Inc. (NASDAQ: IDEX) investing in technologies which will make charging on the go easier, the future looks bright for owners of electric vehicles.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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