How much does it cost to charge your electric car at home?

At the time of writing, the price of gasoline in Quebec is between $1.55 and $1.65 a liter. In recent years, gas stations have not been kind to our wallets, with fuel prices rising almost constantly. So it’s quite astonishing to leave the gas station with a bill that doesn’t approach $70 (for an average vehicle). Whatever the model, make or size of your car, filling up with petrol is expensive, and for many drivers, it’s a key factor in their decision to go electric.

But how much does it cost to recharge your electric car at home? Is it really economical? Many of you are asking these questions, so let’s find out!

How much does it cost to charge your electric car at home?

According to an estimate by the Quebec government, a full charge costs around $1. Obviously, the cost of a partial charge will be lower, and this is of course an estimate, as the cost may vary depending on the size of your battery. However, if we make an average of $1, and you have to recharge your electric car every day for a year, it will cost you around $365. This amount, $365, is roughly equivalent to what a motorist with a gasoline-powered vehicle has to spend, monthly, at the pump. Again, this amount is an approximation, and we hope it will cost you less than that, but it depends on the type of vehicle you own. Already, you have confirmation that charging an electric vehicle represents a real saving compared to the cost of a full tank of gas, but let’s continue, as there are other elements to consider in our calculations.

And if you’d like to calculate the cost of using your electric car yourself, Hydro-Québec offers a useful tool!

Things to consider when calculating the cost of charging an electric car at home

First of all, there are many factors to consider when calculating the cost of charging an electric car at home. These include the strength of your vehicle’s battery, the type of charging station used and, of course, the cost of electricity. And let’s not forget the cost of purchasing and installing your charging station. All these elements have a cost that you need to take into account to get an accurate idea of the annual cost of recharging an electric vehicle at home.

ACQUISITION OF A LEVEL 2 CHARGING STATION

Many people think that the total cost will be staggering. You may be surprised to learn that this is not the case. On average, a charging station costs $1,000. Of course, some may be more expensive and some less, depending on voltage level, make, model and accessories. In short, many factors can influence the price of a home charging station, but for today’s needs, we’ll average out at $1,000.

INSTALLATION OF THE CHARGING STATION

Unless you’re an electrician yourself, you’re more likely to have your new charging station installed by a certified installer, such as BEQ Technology. The price of an installation varies according to the distance of wiring required and the complexity of the installation. For the purposes of this article, we’ll assume that the average cost of installing a home charging station is $500. This brings us to $1500 for the purchase and installation of your home charging station. However, you should be aware that there are a number of subsidies available to give you a financial boost. For example, the Quebec government offers a $600 subsidy for the purchase and installation of a charging station.

SUM OF COSTS AND FUEL SAVINGS

In the end, we’d be looking at $1500 for the purchase and installation of the home charging station, and $365 for the cost of recharging. That makes a total of $1,865, and we haven’t taken into account any subsidies you may be entitled to! What’s more, this amount is only valid for the first year, since charging stations are generally guaranteed for between 3 and 5 years. This means you can enjoy peace of mind for a long time to come, because once your purchase is complete, you won’t have to buy a new one (unless you need an additional charging station, for example!).

We can therefore say that the first year will certainly be more expensive because of the purchase and installation of your home charging station, but subsequent years will prove to be very economical for you!

In short, unless you charge your car for free at a rapid charging station in a public parking lot, charging your electric car at home is the most economical option. That’s because the electricity used to charge your car won’t cost more than the electricity used to run your washing machine or oven, for example. Your annual electricity bill will be a few hundred dollars higher, but your wallet will certainly be fatter thanks to the few thousand dollars saved at the gas pump!