How to figure out EV charging costs
Before you purchase an EV and park it in your dooryard, you need to consider the financials. The cost to charge an electric vehicle (EV) can vary depending on several factors, including:
- Electricity rate: The cost of electricity can differ depending on where you live, the time of day, and the rate structure of your electricity provider. For example, Central Maine Power has two “Time-of-Use rates that may be of benefit to customers charging electric cars, although they are not specific to electric vehicle use.”- Versant Power has specific based on your zip code.
- Charging speed: Faster charging speeds generally cost more per kilowatt-hour (kWh) than slower charging speeds.
- Battery capacity: Larger batteries require more electricity to charge and therefore cost more to charge.
EV Charging Cost Calculator
To calculate the cost to charge an electric vehicle, you can use the following formula:
Cost = (Electricity rate per kWh) x (Battery capacity in kWh)
For example, if you have a 40 kWh battery and the electricity rate is $0.12 per kWh, the cost to charge the battery from empty to full would be:
Cost = ($0.12 per kWh) x (40 kWh) = $4.80
Note: These numbers are only rough estimates and actual costs may vary based on your specific circumstances. To get an accurate estimate of your charging costs, it is best to check with your electricity provider.
Are EVs cheaper to recharge than refueling gas vehicles?
Electric vehicles (EVs) are generally cheaper to recharge than gas vehicles are to refuel. The cost of electricity per mile for an EV is normally less expensive than the cost of gasoline per mile for a gas-powered vehicle, depending on the price of electricity and gasoline in Maine.
For example, in the United States, the average price of electricity is around $0.13 per kilowatt-hour (kWh), while the average price of gasoline is around $3.00 per gallon. Assuming an electric car with a 60 kWh battery pack and an average efficiency of 3 miles per kWh, it would cost around $0.04 per mile to drive an EV. On the other hand, assuming a gas car with an average fuel efficiency of 25 miles per gallon, it would cost around $0.12 per mile to drive a gas vehicle.
Moreover, some electric utilities offer special rates for EV owners, such as time-of-use (TOU) rates, which charge lower rates during off-peak hours, making charging even more cost-effective. Additionally, EV owners can also benefit from federal and state incentives and tax credits, which can further reduce the cost of purchasing and owning an EV.
Overall, while the upfront cost of an EV may be higher than a similar gas vehicle, the lower cost of recharging and maintaining an EV can make it more cost-effective in the long term.