So, you’ve decided to take the plunge and purchase an electric car. You’ve signed the contract with the dealer and waited the requisite average 21 weeks for it to arrive. The huge savings should start rolling in, right? The answer is a “yes, but.”
Let’s start with the “but.” Electric cars have higher sticker prices – on average at least $10,000 more than the equivalent gas-powered car. So, if you purchase an EV, you’ll be making a significant upfront investment. Where the “yes” comes in is in operating expenses. EVs cost significantly less to operate and maintain–which over time could make the initial investment seem negligible.
You’ll Still Be Filling Up Your Car – Just Cheaper
Nothing runs on nothing. That’s to say that you still need to put something in your car to make it go. But here, you’ll be plugging in and “filling up” a battery instead of filling up a tank. The cost of charging an electric car can vary depending on several factors, including the electricity rates in your area, the efficiency of your vehicle, and the charging method you use.
As we’ve reported in this blog, there are two options for residential EV charging. Level 1 Charging which involves using a standard household outlet (120 volts) and typically provides a charging rate of around 3-5 miles of range per hour. It’s slow.
Level 2 Charging requires a dedicated 240-volt charging station and provides a faster charging rate, typically adding around 15-30 miles of range per hour. The cost of installing a Level 2 charging station at your home can vary based on the model of charger you use. And you’ll have to have it installed by a licensed and insured electrician.
So, What Does it Cost?
To estimate the cost, you can multiply the electricity rate (in $/kWh) by the number of kilowatt-hours required to charge your vehicle fully. So, if your car requires 40 kWh for a full charge and your electricity rate is $0.12/kWh, the cost would be $4.80. Think back to March of 2022 when this blog reported average national gas prices in excess of $4.00 per gallon, and you’ll see immediate savings.
Keep in mind that for New Yorkers, Con Ed’s rates fluctuate. Summer peak pricing is in effect from June through September on weekdays between 2 and 6 p.m. Those rates are significantly higher than supply charges through the rest of the day.
DC Fast Charging: This is the fastest charging option and is commonly available at public charging stations. DC fast chargers can provide up to 80% charge in 30-60 minutes, depending on the car’s battery capacity and the charger’s power. DC fast charging is typically more expensive per kWh compared to home charging but is usually the only option when you’re on long trips.
Other Savings
There’s more good news for electric car owners. The maintenance costs for EVs tend to be lower. They have fewer moving parts and don’t require oil changes, transmission maintenance, or exhaust system repairs, resulting in reduced servicing expenses. EVs also generally have longer brake life due to regenerative braking, which reduces wear on brake pads.
And depending on what model EV you buy, another factor to consider is the savings from tax incentives and rebates offered by governments to encourage the adoption of electric vehicles. These incentives can significantly offset the initial purchase cost of an electric car.
Join the Electric Vehicle Revolution with PK Electric NYC
Are you considering making the switch from gas-powered vehicles to electric cars in 2023? PK Electric NYC is here to support your transition. As trusted residential electrical contractors, our experienced team can assist with residential electrical riser installations, ensuring your home is ready for the demands of electric vehicle charging. With our expertise in residential and industrial electrical services, PK Electric NYC is your go-to partner for a seamless transition to electric vehicles. Embrace the future of transportation today!
Call us today for a free consultation. From estimate to project completion, our team of licensed electricians are on hand to help you choose and install the charging solution that’s right for you.
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