The biggest dilemma EV owners often face is whether to charge at home or go for public charging stations when their battery runs low. We'll take a closer look at each option and see which one offers the most bang for the buck.
First, let's break down the cost of home charging. An EV's battery size is measured in kilowatt-hours (kWh). Typically, an EV battery size ranges from 40 kWh to 100 kWh, with most consumers opting for a 60 kWh battery. The cost of electricity varies depending on your state, with the highest rates in states like Hawaii and California.
Average residential electricity cost in the U.S. is 13.31 cents per kWh, according to the EIA.
Thus, it would cost an average of $8.00 per full charge (60 kWh x 13.31 cents per kWh).
This estimate does not include additional costs, such as purchasing and installing a charging station, and possible upgrades to electrical service capacity in older homes.
When it comes to charging outside of home, EV owners can either use fast-charging stations or Level 2 chargers. Fast-charging stations deliver a full charge in 30 minutes or less, and Level 2 chargers take about 5 hours to fully charge a battery.
Level 2 chargers cost between 10-20 cents per kWh.
Fast chargers can be incredibly expensive, with rates as high as $1 per minute in some parts of the country, making recharging an EV battery to full capacity (60 kWh) cost up to $60.
While there is some variation in pricing, Level 2 charging, on average, is much cheaper than fast charging.
So, which one comes out on top? Here are the key takeaways:
In most cases, charging your EV at home is cheaper than charging at a public station.
While fast charging may seem like the easiest option, it is the most costly.
Level 2 charging is the most cost-effective way to recharge your EV at a public charging station.
It may be worth investing in a home charging station if you have an older home or plan to use your EV regularly.
Ultimately, if you're considering purchasing an EV, it's essential to consider the cost of charging ahead of time. While charging at home might not be the most exciting option, it may be the most cost-effective in most cases. Right now, public charging stations are a great backup option when you're on the go or need a quick charge. However, as the number of public charging stations grows and better technology emerges, it may become more feasible and cost-effective to use public stations as your primary charging source.
So, don't let charging be a deal breaker when it comes to purchasing an EV. Do the math, weigh the options, and enjoy the many benefits an EV has to offer.
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