How Much Does It Cost to Charge an EV?

Cost is always a top consideration among electric vehicle (EV) purchasers. According to the American International Automobile Dealers Association, price remains the top barrier to global EV adoption. This applies to both vehicle prices and charging concerns.

However, how much does it actually cost to charge an EV? Many misconceptions and myths surround this issue, so let’s discuss the factors influencing EV charging costs.

EV Charging vs. Filling a Gas Tank 

Let’s discuss the obvious. Despite higher EV purchase prices, these vehicles return the additional cost via fuel savings throughout the vehicle’s lifespan. According to EnergySage, gas-powered cars cost $0.13 per mile, whereas EVs cost $0.05 per mile. In other words, these savings add up to thousands of dollars over the years.

Public EV Charging Costs

What does it cost to charge a vehicle at a public charger? Firstly, it’s essential to establish how providers determine their rates. Generally, these factors are influenced by:

·  Individual state regulations

·  Average electricity rates per state

·  Desired markup

Public chargers will either levy their costs based on a measurement known as kWh per hour or – less commonly – electricity per minute. Some locations, such as shopping malls, hotels, and universities, may offer free EV charging to attract customers, but these make up a fraction of the nation’s EV charging infrastructure. Overall, expect a nearly 100% markup when compared to at-home charging.

The average public charging rate ranges from $0.30 to $0.60 per kWh. If factoring in charger type, Level 2 chargers range from $0.20 to $0.25 per kWh, with Level 3 chargers averaging $0.40-$0.60 kWh.

At-Home EV Charging Costs

Home charging stations remain the most cost-effective option for EV drivers. The average rate of home charging is just $0.16 per kWh. Additionally, Clean Vehicle Credits from the IRS can further reduce the cost of installing a home charging station.

Moreover, drivers charging at home can benefit from special utility rates. Many utility providers nationwide incentivize households to use electricity outside peak periods. In most cases, the lowest rates will be available late at night, when drivers often charge their vehicles, slashing at-home charging costs even further.

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Make Public Charging More Cost-Effective With Bluedot

With Bluedot, users can access over 120,000 EV charging points nationwide with a single app to find, pay, and access each point. If you are interested in learning more about the nation’s largest charging aggregator, connect with us at partnerships@thebluedot.co.

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