The EV charging cost adds up in the blink of an eye, especially if you aren’t watchful about when and where you charge your electric vehicle. Are inflated energy bills starting to get to you, and are you looking for ways to cut your losses? You’re not alone.
The good news is, there are simple steps you can take to lower the cost of charging your EV. In this article, we will show you some easy and practical ways in which you can save money without much hassle.
So, let’s begin.
What affects the cost of charging your electric vehicle?
Before getting straight to how to reduce the cost of EV charging, it’s better to first understand what affects the cost of charging your electric vehicle.
Charging speed
Well, the speed of charging your EV can significantly affect your electricity costs. Fast charging stations, such as public DC fast chargers, can be convenient when you’re in a hurry, but they often come at a higher price. Slower charging methods, like using a standard home charger, take longer but are typically more affordable. So, balancing speed with cost is an important consideration.
Capacity of the battery
The size of the battery in your EV also somewhat relates to charging costs. The larger the battery, the more electricity is required to charge it, and correspondingly, the cost is higher.
The capacity of the vehicle’s battery informs you of how much it can take in, which might be useful if you know roughly how much it will cost to charge from empty to full and can plan accordingly.
Price of electricity
Electricity costs vary based on your location and the time of day you charge your EV. Many utility providers charge higher electricity prices during peak demand hours but offer reduced rates at other, less busy times of the day.
Knowing this makes all the difference in how you can dictate the best time to charge your car to help you save on cost.
Now let’s learn some practical tips to reduce EV charging at home cost.
3 Tips for reducing the cost of charging your EV
Now that you understand what affects your EV charging cost, let’s really drill into some pragmatic ways to reduce it. Here are three very simple tips that will help you save some money while still keeping your vehicle charged and ready to go:
Charging during off-peak hours
Probably the easiest way to save on charging costs is to charge your EV during off-peak hours of the day. Many electricity providers offer lower rates during late-night or early-morning hours when overall demand for electricity is lower.
By charging your car during these hours, you can drastically lower your energy bill without adjusting your routine. Check with your local utility what times are considered off-peak, and then set your charging schedule accordingly. Usually they are during the night (22:00-06:00).
Look for Free Charging Stations
Some shops and public places have free charging for electric cars. When you’re out shopping or running errands, pay attention to these stations. Using them can help you save money on charging your EV. It’s a smart way to charge for free.
Charge at home
Charging at home can be considered less expensive compared to public charging stations, primarily if one is in a position to exploit the off-peak rates. Installing an EV home charger gives you full control over when and how you want to charge your vehicle, helping you reduce the cost of charging EV.
It saves you dollars, besides being less hassle, since you can charge every evening and use your EV every morning.
