If you’re tired of paying high prices at the pump, you should consider shifting to an electric vehicle. Of course, if saving money is your primary goal, you’ve probably asked yourself: how much does it actually cost to charge an EV? As with refueling traditional gas-powered vehicles, the cost of charging an electric car varies. Still, understanding the economics behind charging an EV can help you make an informed decision.
Electricity Rates and Cost per kWh
Electricity is billed in kilowatt-hours (kWh). The average cost of electricity in Maine for Central Maine Power customers as of December 2022 is around 20 cents per kWh. Be aware that rates vary based on location, change over time, and depend on your provider. In this instance, if you have an EV with a 66kWh battery, fully depleted, it would cost approximately $13.20 (66kWh x $0.20) to charge. However, you rarely have to charge from 0 to 100 percent. More typically, you’d be charging the top half of the battery, thereby cutting your costs in half.
Recharging vs. Refueling Costs
When comparing the costs of recharging an EV to refueling a traditional vehicle, the differences can be significant. A typical monthly electric bill for charging an EV at home may be $50 to $60. This estimate is based on the average American driving 1,000 to 1,200 miles per month, an average EV efficiency of 4 miles per kWh, and an electricity rate of $0.20 per kWh. Meanwhile, the average cost of gasoline in Maine hovers around $3.50 per gallon as of June 2023. If your gas-powered car gets 25 miles per gallon, you’ll spend $140 to $168 per month to drive 1,000 to 1,200 miles. Therefore, a driver switching to an EV under these circumstances could save an average of $960 to $1,416 per year on fuel.
The Cost of Charging in Public vs. at Home
Public charging costs vary significantly. Some public charging stations are free, particularly at certain businesses, municipal parking lots, or during promotional events. Others may charge a flat fee per charging session, a certain rate per hour, or a certain rate per kWh consumed. While charging in public may occasionally be more expensive than home charging, the flexibility and convenience offered by public charging stations is invaluable, particularly on longer trips.
Still, charging your EV at home is typically the most convenient and cost-effective method. Costs are even lower if you have solar panels installed. With solar panels, daytime charging can be virtually free, depending on your solar power production and household energy needs.
Level 2 Charging Times vs. Costs
Installing a Level 2 charging station at home reduces charging times significantly. Consider that a standard Level 1 charger adds two to five miles of range per hour of charge time, while a Level 2 charger adds 10 to 20 miles.
Just be aware that a Level 2 charger typically costs $1,000 to $2,000 or more to purchase and professionally install. Despite these upfront costs, the ability to charge an EV several times faster makes the investment worthwhile for many EV owners. To view a map of EV chargers in Maine, click here.
Level 3 Charging
Level 3 chargers, also known as DC fast chargers, provide a rapid charge but are generally unsuitable for residential installation due to their high cost and power requirements. Therefore, you’ll most likely find Level 3 chargers at dedicated charging stations along highways or in shopping centers. To view a map of EV chargers in Maine, click here.
Making the Switch to Electric
So, is switching to an electric vehicle a good idea? When you consider the potential fuel savings and profound environmental benefits, the answer may be a resounding “yes.” Whether you’re still on the fence or ready to make the switch, Yankee Ford is here to help. We offer a range of quality used and new electric vehicles from our dealership in South Portland, ME. From the sleek and efficient Ford Mustang Mach-E to the robust and powerful Ford F-150 Lightning, we’ve got an EV for every lifestyle. To experience the convenience and cost savings of electric vehicles firsthand, please call us today at (207) 799-5591 or contact us online to schedule a test drive.