When looking to buy an electric car you’ll see plenty of claims that it will save you money in the long run. And while gas certainly is not cheap, neither is electricity. So when switching to an EV, how much can you expect your power bill to go up?
Charging at home is pretty cheap
Let’s take a look at the best selling EV in the US, the Tesla Model 3. It has a combined MPGe rating of 130 miles. This comes out to a power consumption of about 26 kWh of power to drive 100 miles.
The average driver will drive about 15,000 miles a year(when they aren’t in lockdown). With a Tesla Model 3, this would require about 3,900 kWh of power. If they only charge at home, with the average energy cost of 12 cents per kWh, they would pay just under $500 a year on charging. That’s just $40 to charge for the whole month, less than it costs to fill some gas tanks.
What about charging on the go?
There are many reasons to want to avoid fast-chargers. They don’t just hurt your battery’s lifespan, they’re also pretty pricey. The average cost of a Tesla Supercharger is 25 cents per kWh. That’s double what you spend charging at home. That’s still not that much compared to gas though, given the efficiency of EVs.
It’s currently difficult to tell how much it will cost to run an ICE car in the future. But even if you were to never charge at home you will probably spend less than $1000 a year on charging. So maybe it’s time to get rid of that old, inefficient clunker, and start paying a lot less on “fuel”.
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