How Much Does It Cost to Charge an Electric Vehicle?

As Electrical Vehicles, or EV’s become more and more popular and alluring to car owners, it is a good idea to familiarize yourself with how much an electric vehicle will add to your electricity bill. 

An easy way to calculate your EV charging electricity cost, you first need to find your car’s kWh/100 miles figure and multiply that number by your current facility or home’s  price per kWh for the time of day you will most often be charging. Although this may not be exact, this is a good estimate of what your charges will look like. This total will tell you the cost per 100 miles. 

Example:

If you drive the popular 2021 Tesla Model 3 Standard Range Plus you are getting an EPA-estimated 24 kWh/100 miles.  If your commercial utility’s pricing plan starts at 18 cents per kWh it could cost as little as $8.64 to recharge at home after driving 200 miles, or $4.32 after 100 miles.  If your electric utility’s pricing plan starts at 11.2 cents per kWh it could cost as little as $5.38 to recharge at home after driving 200 miles, or $2.68 after 100 miles. 

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How Much Does an EV Add to Your Electricity Bill?

According to the U.S. Energy Information Administration, the average household in the United States pays nearly 14.11 cents per kWh and 11.56 cents for commercial users as of October 2021.

How Much Does It Cost to Install a Public EV Charging Station?

According to The Department of Energy  “The cost of a single port EVSE unit ranges from $300-$1,500 for Level 1, $400-$6,500 for Level 2, and $10,000-$40,000 for DC fast charging. Installation costs vary greatly from site to site with a ballpark cost range of $0-$3,000 for Level 1, $600- $12,700 for Level 2, and $4,000-$51,000 for DC fast charging.”

EV Charging Electricity Plans

Since EV's are so popular, and electricity is deregulated in many states, you can find an Electric Vehicle charging plan online.

AEP’s Commercial Electric Vehicle (EV) Charging Station Incentive 

Companies looking for an attractive feature for customers, now is the time to embrace electric vehicle charging stations and the incentives available. For example, AEP Ohio's powerful incentives can help you offer electric vehicle charging at your workplace, government facility, multifamily complex or other publicly available charging location.

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