Perhaps you belong to the many people who are thinking about buying an electric vehicle (EV) in the next auto market. You probably won't be disappointed - a recent J. D. Power survey showed that most new electric car owners don't want to go back to gasoline cars.
However, before switching to electric cars, it is advisable to check the price of the electric car itself. It is also advisable to find out how much it costs to own an electric car, monthly or yearly charging.
When comparing the cost of charging an electric car and charging a gasoline car, there are different variables to consider.
For example, an electric car is slightly more expensive than a gasoline car if you compare an electric car that only charges at public charging stations. However, if you compare gasoline cars to electric cars charged with a home charger, they prove to be more efficient. This is because public charging stations charge a much higher fee (kWh) per hour. Installing a charging station at home requires a higher initial cost, but the monthly savings make up for it in the long run.
Of course, recent events have led to an increase in both gas and electricity prices. Has it affected profitability? According to CNBC, despite recent price increases, it still costs less to charge electric cars.
The average monthly costs for all three options are as follows Assuming the gasoline cars we use use use about 33 miles per gallon, the current national average gasoline price is 4.16 per gallon, and each car drives 1,000 miles per month.
To determine your household's expenses, look at your last electric bill. Divide the total number of kilowatts used. On average, a U.S. household pays about 14 cents per kWh. Most electric cars travel 3-4 miles per kWh, so someone who drives 1,000 miles a month and spends as much as the average household pays 46, and someone who drives 1,000 miles a month pays 67 a month.
If you're thinking about buying an electric car, it's important to be prepared for the overhead costs associated with owning an electric car. Many new electric car owners are surprised by the added expense of recharging.
The cost of charging an electric car at home is much lower than charging a gasoline car, and charging an electric car at a public station can be an expensive initial expense, as can installing a Level 2 charger at home. Electric cars are usually equipped with a Level 1 charger that can be plugged into any 120 volt outlet. However, because a Level 1 charger can charge a car for up to 20 hours, many electric car owners buy and install a Level 2 charger at home that can power a car for nearly six months.
Level 2 chargers vary in price, but typically cost up to 3,500 for equipment and installation.
Most states have a fuel acceptance tax that contributes to the highway maintenance budget. Because electric vehicles do not purchase gasoline, many states require an additional fee on electric vehicles to keep them paying for infrastructure maintenance. In many cases, this fee ranges from 50 to 225 a year, depending on the state.
Although you can find a charging station on almost every corner, affordable EV charging stations are not easy to find, and they may be farther away than expected. Many EV owners spend more time and money to save up for more distant charging stations to get a faster charge.
Know that there are several ways to save on the cost of EV charging, as there are additional costs associated with storing and charging a new electric vehicle.
As mentioned earlier, installing a charging station at home is a cheaper option compared to the initial cost because the energy costs at home are lower than using a public charging station. You can also get a tax deduction of up to 1,000 per year when you install a charger on your Level 2 electric vehicle.
Well-maintained electric vehicles charge more efficiently and hold a charge longer. Regular maintenance of electric cars will help keep the batteries in good condition and save you money on expensive repairs in the long run.
Extreme high or low temperatures can damage electric car batteries, which will eventually slow them down and prevent them from staying fully charged. Storing your vehicle in a temperature-controlled environment can extend battery life and improve battery performance.
There are many benefits to owning an electric car. Charging electric cars is expensive, but prices may come down in the coming years. Many automakers have pledged to make most or all new cars electric within the next 10 to 15 years, and nearly 40% of drivers say their next car will likely be electric. As the supply of electric cars increases, competition between automakers and charging stations will drive prices down, making them an affordable option for millions of drivers.
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