One of the common concerns surrounding potential electric vehicle (EV) drivers is the cost of charging their vehicles. With the rise in EV charging infrastructure development, there are more and more opportunities for EV drivers to charge their vehicles, from workplaces to the public network. But is it cheaper to charge an EV at home? In this article, we’ll explore the costs of home EV charging and the potential cost savings it offers.
It’s common knowledge that EVs are much better for our planet than petrol or diesel vehicles. Gasoline cars make up 39% of CO2 emissions, whereas EVs contribute 0% to their everyday usage. But did you know that charging an EV is generally cheaper than refilling a gasoline car per mile? However, there are various factors that influence the cost savings associated with EV charging.
EV Model – Different EV models have varying battery sizes which all take different amounts of power to charge. A larger battery will mean it takes longer and is more expensive to charge.
Location – Where you charge your vehicle will impact charging costs. Charging using public chargers, at work or at home all have different associated costs. Privately owned public or workplace charge points may have extra fees for charging and will vary from each charger. On the other hand, using a home charger means you only pay for your electricity used.
Electricity Tariff – The electricity tariff an EV charge point owner uses will impact the cost of charging an EV.
Choosing to have a dedicated EV charger installed at your home is not only convenient but can also be the most cost-effective way to charge your vehicle. It is recommended to charge your EV overnight with a home EV charger and depending on how many miles you drive, you may need to do this every night. Simply plug n your vehicle and wake up to a fully charged vehicle in the morning.
In terms of cost, the average price of power is 14p per kWh. If you were to charge your vehicle with a 7kW home charge point for a standard EV, this would cost £5-£14, depending on the vehicle size.
So why is it cheaper to charge an EV at home? Despite the initial upfront costs and installation prices, a home EV charge point works out cheaper to charge overtime. Here are the two reasons why it’s cheaper to charge at home.
Off-Peak Electricity Rates
One of the key advantages of charging an EV at home is the ability to take advantage of off-peak electricity rates. Many utility companies offer time-of-use (TOU) plans that provide lower electricity rates during non-peak hours. By setting your EV to charge during these off-peak periods, such as overnight, you can further reduce your charging costs. This allows you to maximise savings by avoiding higher rates during peak hours when the demand for electricity is higher.
No Additional Charging Costs
Many public or workplace charge points will charge additional fees for using their charge points. This means that you will be paying an additional fee on top of the electricity used. With home EV charging, you won’t experience these additional costs and will simply pay for the electricity used when charging your EV.
In order to charge your EV at home safely and at a reasonable speed, you need to install a home EV charger. This will allow you to charge your vehicle easily and conveniently, without needing to wait for a free charge point. Choose a home charge point installer that’s reputable and uses qualified engineers to carry out the installation.
There are a variety of ways in which you can continue to maximise cost savings when charging your EV at home.
Take advantage of off-peak electricity rates by scheduling your charging sessions during lower-demand hours, such as overnight.
Optimise your home’s energy efficiency to minimise overall electricity consumption, thereby reducing charging costs.
Integrating renewable energy sources, such as solar panels, to power your home and charge your EV with clean, and cheaper, energy.
Home EV charging is the cheapest way to charge your EV. With eFaraday, we’ll find the best home charging solution for you, meeting both your aesthetic and financial needs. We are partnered with some of the best charge point manufacturers in the market, offering you a variety of high-quality and reliable EV charge points designed for home charging.
Get in touch for a free quote and start your EV charging journey today. Call us on 033 002 1154 or contact us online here.
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