Owning an electric vehicle, or EV is a smart choice if you’re an eco-conscious consumer who wants to limit their gas consumption. Plus, electric cars and even hybrid cars that use both gas and electric, can get you optimal fuel economy. Regardless of the type of electric vehicle you choose, both have notable emissions perks over regular vehicles. If you’re in the market for an electric car, then keep reading to consider how much it might cost you.
Understand the initial costs.
As with purchasing any new vehicle, you have to keep in mind the amount you can afford to spend. Electric vehicles more commonly cost more outright than it’s gas competitors. However, that extra cash you dish out initially should save you money long-term when compared to a regular car’s maintenance and gas prices.
At the start of your electric vehicle journey, you’ll also have to buy your own charging station so you’ll be able to charge your car from home. While that’s an additional amount to your initial cost for purchasing an EV, it will pay off financially in the long term for the planet and your wallet.
Find the best utility company.
Arguably one of the most significant impacts on how much an electric car cost is what you pay for your electric rates. For these reasons alone, you need to compare electricity providers to ensure you’re getting the best rates on your electric service. Using comparison tools like iSelect allows customers to compare electric suppliers depending on zip code.
From here, you can review different electric providers depending on your desired contract terms and preferred electric plan. This way, you can choose the supplier with the lowest price that aligns with your energy needs. In turn, you’re ensuring a lower electric bill that saves you big time when it comes time to charge your vehicle.
Choose between different charging levels.
As stated previously, one of the biggest expenses that come with owning an EV is charging your vehicle. To do this, you’ll have a charging station installed inside your home. These stations allow you to charge your vehicle via your home electricity so that your car will be fully charged and ready to use whenever you need it. Depending on your desires, you can choose to own a Level 1 or Level 2 charging station. The more simple of the two is the Level 1 charging station.
To have this type of charger, all you need is a typical power outlet that has a dedicated circuit. With this type of charger, you’ll likely be able to charge your vehicle overnight. It costs anywhere from $80 to 180 dollars to install. Level 2 chargers are different because they’re much faster at charging. However, this speed comes at a higher installation cost of around $180 to 2,000 dollars. Keep in mind that Level 2 products usually have status lights, timers, and displays making some consumers more apt to choose these over their Level 1 counterparts.
Learn the cost per mile.
The US Department of Energy shows that the fuel efficiency of an electric car is measured in kilowatt-hours, or kWh, per 100 miles. To properly calculate the cost per mile for your electric vehicle, you must consider the cost of electricity and the energy efficiency of the vehicle. As an example, if your electricity costs $0.16 per kWh and your car consumes 40 kWh to travel 100 miles.
The cost then turns out to be $0.06 per mile. However, calculating these costs isn’t always easy, so you should instead check out this vehicle cost calculator which will use information about current alternative fuel vehicles to give you more accurate total cost estimates. With all of this pertinent information at hand, you can move forward wisely with the knowledge of how much an electric vehicle may cost you.