How Will an Electric Vehicle Impact My Electric Bill?
Interested in an electric vehicle but want to understand the potentail impacts on your energy bill?
Read on>
Wondering if an electric vehicle (EV) would be the perfect companion for your lifestyle? Not only could you drive around in an eco-friendly car, but you could also enjoy the convenience of charging it at home instead of heading to the gas station each week. You may be wondering what kind of impact will an electric vehicle have on your electric bill. Will you be able to afford the higher electricity usage? Read on to learn more about how an electric vehicle will impact your electric bill and decide if it is the right choice for you.
Overview of Electric Vehicles
An electric vehicle is an automobile that uses one or more electric motors to power the wheels. As you know, they do not use gasoline or diesel fuel to generate power. Instead, they get their energy from rechargeable batteries. Depending on the model, electric vehicles can travel anywhere from 50 to 300 miles per charge.
There are three main types of electric vehicles: Hybrid EVs, Plug-in Hybrid EVs, and Full EVs. Hybrid EVs combine a conventional internal combustion engine with an electric engine that can be powered by an onboard battery. This enables them to drive long distances without consuming gas and short distances using only electricity. Plug-in Hybrid EVs are similar to Hybrid EVs, but they have larger batteries that can be recharged from an outlet. They can travel further on electricity than Hybrid EVs and can also travel longer distances using their gasoline engines. Full EVs have larger batteries that can be recharged from an outlet and have the longest range per charge.
Potential Cost Savings of Driving an EV
Driving an electric vehicle could save you hundreds of dollars each year on fuel costs. Based on average driving habits, an EV could save you $1,800 to $5,000 on fuel over 10 years, depending on the vehicle’s cost and the current cost of fuel. On top of that, some states offer tax credits or other incentives to purchase an EV and charge it in your home. Depending on your state, these incentives could save you thousands of dollars on the cost of your EV, installation, and charging equipment. Plus, if you drive often, EVs can reduce the number of times you visit the gas station. This can save you time and money as well.
EV Charging Requirements and Options
The amount of electricity it takes to charge an EV depends on the vehicle and the type of charger being used. Most EVs require 240 volts with 16 amps to charge fully, but rates vary from model to model. You can determine the correct charge rate of your EV by checking your owner’s manual.
Before purchasing an EV, it is important to look at your home’s current electrical setup and determine if it is compatible with an EV. Your home’s wiring is capable of handling the extra load that comes with charging an EV, but you must have a place to plug it in. We can check your current system, recommend upgrades, and handle any necessary installation for faster, more efficient EV charging.
Understanding the Impact of EV Charging on Your Electric Bill
As mentioned above, EVs require more electricity and therefore your electric bill will be higher. The amount of electricity that your EV uses to charge varies from model to model and depends on several factors. These factors include the size of the vehicle battery, the number of hours it takes to charge the battery, and the level of demand for electricity in your area.
The best way to estimate your EV’s impact on your electric bill is to calculate your projected cost using an online calculator. Simply input your vehicle’s charging habits and estimate your electric bill. This will give you a general idea of how much more you may be spending on electricity with an EV. (Remember, you'll be saving the money you're used to spending on conventional fuel.)
Calculating Your EV’s Impact on Your Electric Bill
EV charging varies from person to person and varies based on the equipment being used. Most people charge their EVs at night while they sleep. If your home uses a time-of-use (TOU) rate plan, charging your EV at night could save you money. TOU rates are designed to reflect real-time changes in electricity demand and supply. During times of high demand, electricity is more expensive. During times of low demand, electricity is less expensive. TOU plans are typically split into three pricing periods: on-peak, mid-peak, and off-peak. Your electric provider will be able to inform you of the exact timings for your area.
If you're ready for an EV, or already have one, and need a charging station installed give us a call. We'd be happy to take a look at your system, give you our recommendations, and get you ready to go!
