Electric car sales continue to rise
The exponentially increasing global share of EVs proves that electric mobility will be around for a long time – a new record of 14 percent of cars sold in 2020 were electric. Since 2020, the number of electric vehicles has more than tripled. Today, more people are interested in buying an EV. Many people are interested in how much an EV costs to charge before making a purchase.
Many factors contribute to the cost associated with EV charging. One of the most important factors in determining price is whether you charge at home, a public station, or a fast charger.
Gas cars or electric cars
How does the situation compare to cars that use gas?
The price to fill up a gasoline car depends on both the gas prices and the size of the tank. Charging an EV is also affected by the cost of electricity and battery size.
The battery of an EV is measured in Kilowatt-hours, which can be viewed as the electric equivalent of a unit (1 liter) of fuel. This ranges between 40 kWh and 100 kWh, depending on the size of the vehicle. The smaller the battery is, the shorter range it has, but the quicker it can reach full charge.
Electric cars and fuel economy
Fuel economy is a factor in determining the cost of driving both electric and gas cars. If your car uses more fuel than gasoline, the price will be higher. As the saying goes: “What gets measured gets managed.”
How do you measure the fuel efficiency of electric vehicles?
Gas cars are traditionally measured by miles per gallon (mpg) or liters per 100 kilometers (l/100km) and divided into city driving or highway driving. There are equivalents in both kilometers and miles for EVs:
In the US, an EV’s fuel economy is measured in miles-per-gallon-equivalent (MPG-e) and is based on the number of miles that the vehicle does on a single kilowatt-hour (kWh).
The EV equivalent in Europe is based on how many kilometers the vehicle can do in one kilowatt hour (kWh), often referred to by the kWh/100km.
Fuel economy in the UK is measured as miles per kWh.
The average energy consumption of an electric vehicle is 0.19 kilowatt hours (kWh) per mile.
Types and types of EV Charging
The three main ways to charge your vehicle include at-home, public charging, and DC or fast charging. It’s no surprise that drivers choose a combination of setting options.
According to data from the US Government, a future composition will probably reflect 81 % residential, 14 % workplace/public level 2, and 5 % fast charging.
More people are comparing electric and gas cars as the transition to electric mobility accelerates. They also question which is more cost-effective and beneficial.
Charge your electric car at home – it’s cheaper than you think
The ability to charge an EV at home is undoubtedly one of the most appealing reasons for those who are considering buying one. Come home after work, plug in your vehicle, and you’ll have a fully charged battery the next day. Home charging is the most cost-effective way to charge an EV.
You will pay the lowest per-kWh price with a charging station because you are consuming energy directly from the grid. You will only pay what you would normally pay for your electricity.
Electric cars and your electric bill
You need to know how much your electricity provider charges per kWh to calculate how much it will cost to charge at home.
In the US, this average price is $0.15 per kWh, while in Europe, it is EUR0.28. The cost of electricity varies significantly from one state to another or even province to province. It is best to check the electricity bill for the exact amount. In Germany, for example, the average cost per kWh is EUR0.35. In California, it can be as high as $0.27.
Here is a rough estimate of the cost of charging your electric car at home.
When is the best time to charge an electric car at your home
Moreover, electricity prices can change during certain hours of the day. Many energy providers offer lower rates when electricity usage is common. EV drivers can use off-peak hours to reduce their charging costs.
Charge during off-peak hours
The lowest electricity costs are typically between 10 p.m. and 7 a.m. One study found that if you charge your car at home during off-peak hours, your charging costs can be reduced by up to 24 percent.
The number of charges you make depends on your country, your vehicle’s charging capability, your energy provider, and the time at which you charge.
Charging at night is a good rule of thumb.
Many EV chargers today are equipped with a variety of smart features that can increase your energy efficiency. Certain residential charging stations, for example, can make sure that your EV starts its charging session at off-peak times. To learn more, check out our comprehensive guide on everything you need to know about smart and connected EV charging at your home.
Charge electric cars at public stations for a low cost
In general, charging in public will always cost more than charging at home. One thing’s for sure: charging at public stations is cheaper than filling your car with gasoline.
Cities around the globe are installing public charging stations to keep up with the growing number of EVs. Public charging is any charging station you can find in public parking areas, such as shopping malls, hospitals, restaurants, hotels, and other public facilities.
The public charging stations are either Level 2 (AC charging) or Level 3 fast charging (DC charging). We will, however, discuss each of them separately, as they are vastly different from one another in terms of cost and use.
Any or all of the following can determine tariffs for public charging:
Connection fee: A fixed amount per charging session.
Energy Fee: A certain amount per kWh used during the charging session.
Time fee: A certain amount is charged for the length of the charging session. Time fee: a certain amount for the duration of the charging session (e.g.
You also have to pay for service when you use a public charger. Electric mobility service providers (MSPs), who handle the charging transaction, charge a service fee.
The service fee can either be a fixed amount per session or a percentage of session costs. Both are included in the total price. There is no standard or universal public charging fee, as each charging provider has the freedom to set their prices and tariffs. At BP stations, for example, there’s a PS7.85 per month charge plus electricity usage. Other MSPs may charge a fee per session.
Learn more by reading our blog dedicated to how you can pay for EV charging.