The real cost of charging an EV and 4 mistakes to avoid

Understanding the cost of charging an EV

Properly charging your electric vehicle, also called an EV, is crucial for keeping it running smoothly and efficiently. It can also help you save money, because some charging methods are more expensive than others. These tips can help you charge your electric vehicle safely, effectively and affordably.

EV charging options

Electric vehicles typically come with three types of charging options: Level 1, Level 2 and DC fast charging. Charging speeds vary between options, leading to significant differences in charging times.

Most homes can handle Level 1 charging. If you’re going to install a Level 2 outlet, make sure to hire a qualified electrician. Yes, it will cost you, but it will ensure your outlet is safe to use. And the savings from using an EV will add up over time, so paying to have the outlet installed could pay for itself in the long run.

The price tag: Home versus public charging

Different charging methods have different speeds, but they also have different prices. Slower at-home charging is usually cheaper than public fast charging, especially if you can take advantage of off-peak energy rates.

The hidden savings of home charging

The cost of electricity varies depending on your location and utility provider. Charging an EV at home can cost as little as $0.18 per kilowatt-hour, or kWh. According to the U.S. Department of Energy, a full charge could cost as little as $6 Opens in New Window.‍ ‍ That’s significantly cheaper than the cost of gasoline for a similar distance.

Many utility providers offer time-of-use, or TOU rates, where electricity costs vary depending on the time of day. Charging your EV during off-peak hours, typically late at night or early in the morning, can result in lower electricity rates.

If you are going to charge at home, make sure to review your insurance policies and understand where coverage applies and for what reasons. If damage to your home or vehicle occurs because of your home vehicle charger, it may be covered by your homeowners insurance.

The premium price of public charging

When on the road, you’ll encounter public charging stations. These chargers likely use DC fast charging, which is the fastest way to charge an EV, though some also offer Level 2 charging.

Of course, faster charging comes at a premium. DC fast chargers can take your battery from 0% to 80% in about 30 minutes, but the cost can be as much as about $0.50 kWh. The exact cost depends on location and electric rates. Expect to pay between $10 and $30 to fully charge your EV at a public charging station, depending on the charger type and battery size.

If your vehicle is damaged due to a fault or accident with a public charging station, you may have coverage through your auto insurance policy. Depending on the nature of what happened, the charging station manufacturer may be responsible for repairing or replacing your vehicle.

And don’t forget to bring any necessary charging adapters or cables, since different charging stations may not have the plug type you need.

Costly EV mistakes to avoid

The price to charge an EV is typically much less expensive than the price of gas, making these common mistakes can cost you in the long run.

Mistake 1: Charging your batter to 100% every day

To prolong the lifespan of your EV’s battery, avoid frequently charging it to 100% or letting it drop to 0%. Instead, aim to keep the battery between 20% and 80% charge for optimal performance and longevity. Additionally, avoid exposing your EV to extreme temperatures for prolonged periods because this can degrade the battery over time.

Mistake 2: Charging during peak utility hours

Charging at home can be cheaper, but you may be able to save even more money by charging during your electric utility’s off-peak hours. The rate to charge late and night or early in the morning is probably lower than if you charged your EV at noon. Consider using a programmable charger to schedule your EV’s charging sessions during these times to save money.

Mistake 3: Treating public chargers like a parking spot

Be mindful of other EV owners when using public charging stations. Avoid leaving your vehicle parked at a charging station after it’s finished charging to allow others to use the spot. To cut back on people parking their EVs at public chargers all day, some networks charge idling fees for every minute your car stays plugged in after charging finishes. Charging stations are meant for charging, not parking, so move your vehicle promptly after it’s done charging.

Mistake 4: Forgetting insurance and roadside assistance

If you find yourself on the road and short on charge, you may need help from roadside assistance. Check your policy to see if EV roadside assistance is an added or provided benefit with your auto insurance. Some tow companies are even outfitting portable EV chargers to get you back on your way to a full charge. Consider adding this coverage if you don’t currently have it.

Frequently asked questions

Question: How much does it cost to charge an electric vehicle?

The cost of charging your EV depends on your location, utility rates and whether you’re charging at home or using a public charging station. Charging at home using a Level 1 or Level 2 charger can cost as little as $6 for a full battery, especially if you take advantage of off-peak utility rates.

Question: Should I charge my EV to 100% every night?

No. You can extend the life of your battery by not charging it to 100% every night. Remaining at a 100% charge can put extra stress on the battery, which can cause faster capacity loss over time. For most EVs, keeping the daily charge to between 80% and 90% protects your long-term battery health.

Question: Does insurance cover damage to my EV charger?

Most auto insurance policies cover EVs, but whether your charger is included depends on where it is located and whether it is portable or permanent. Many auto policies treat portable cords as vehicle equipment, while hardwired home charging stations usually are covered by your homeowners policy.

If your car is damaged by a public charger, it might be covered by your auto insurance. The charging network or manufacturer may also be liable to repair or replace your car.