Electric vehicles advocates everywhere boast of the perks of driving electric vehicles, one of those being saving money on gas because you can just charge your vehicle at home. I know a lot of people pose the question: is it actually cheaper to drive an electric car than it is to drive a gas-powered vehicle?
How much does it cost to charge a Tesla at home per month? According to Forbes, it costs $25 to $33 a month to charge a Tesla at home. Others report that cost averaging as high as $49. This cost will vary depending on the amount of charge you use daily to drive your Tesla. This cost will also change depending on your local electric rates, seeing that you are pulling electricity straight from your home system.
Even if you are on the higher end of that range and you are paying near $50 it can still be significantly less than gasoline-fueled cars. Even with this cost deficit, you have to think about other factors that add to the overall cost of charging your vehicle at home. In this article, we will discuss factors that might help you save money and give you a better idea of how much it will really cost you to charge your Tesla at home.
Cost Per Month To Charge A Tesla
One of the biggest factors that are going to contribute to how much it costs per month to charge your Tesla at home is of course, how much are you actually charging your Tesla? If you are only driving your Tesla 100 miles a month you are going to have to charge your Tesla much less than someone who might be driving 600 miles a month. Depending on your Tesla model how many kW it takes to travel 100 miles may vary but a Tesla Model 3 uses about 24 kW to travel a distance of 100 miles, according to JD Power.
The Tesla Model 3 has a capacity of 50 kW which means it can travel a little more than 200 miles on a full charge. It takes around $11.60 to fully charge a Model 3 and around $15 to charge a Model X. What that means is that if you travel 500 miles in your Tesla Model 3 during a month you will have to charge your Tesla Model 3 a minimum of 2 and a half times. Fully charging your Tesla Model 3 two and a half times will cost you around $29 a month which is consistent with our $25 to $33 month.
Another big factor that will change your cost per month is your local electric rates. The U.S. average for a kWh is 10.53 cents, New York is at an average of 14.53 cents per kWh, California is at a whopping 20 cents per kWh, but then you do have your more rural states like Arkansas that actually has the national low at around 9 cents per kWh. States where electric cars seem to be more popular like California actually tend to have higher electricity rates. Yes, the difference is only a few cents but after charging your car for hundreds of hours, these things can add up.
What Is The Best Time Of Day To Charge My Tesla?
You might not think that charging your car at a certain point during the day is of real importance, but there are actually certain times during the day that would be better to charge your car than others. If you charge your car during periods of the day that aren’t peak periods for electrical consumption, it can help avoid your electric grid from overloading. A lot of electric companies lower electricity rates during non-peak hours. This can also contribute to lowering the cost of charging your electric car.
So what are non-peak hours then? Non-peak hours are hours during the day when the least amount of people are using electricity, namely, late at night or early in the morning and then during the middle of the day. Therefore, the best time to charge your electric vehicle would be 11 a.m. – 5 p.m, 10 p.m. – 6 a.m. These are the time periods during the day when people are usually at work or sleeping so electricity usage is down.
Not only does using electricity during these times allow you to save a little bit of cash on charging but it is also better for the environment. Using electricity during these times can help avoid situations where power companies have to pull electricity from non-renewable sources instead of using electricity from solar fields or windmills. The middle of the day is when solar energy is at its peak and then during the middle of the night is actually when wind energy is at its best.
Does It Cost Less If I Only Charge Up To 80% All The Time
There are some people out there that say that charging your vehicle to only 80% can save you money in the long run. From all my research there is nothing really to support the idea that you save money by only charging your vehicle to 80%. For example, say your charge your vehicle to 90% instead of 80% well even if you only charge it to 80% you are going to end up charging your vehicle another 10% most likely the next day whereas if you add that little bit of extra charge you might be able to wait a little longer to plug it in again. So overall, you are still consuming the same amount of electricity.
The only way you could consider that charging up to 80% saves you money is for your battery life. There are many studies that support the notion that charging your battery all the way to 100% can cause your battery’s overall life to diminish. This is one reason you might hear suggestions from people to only charge your battery up to 80%. Doing so gives you a little extra chance to make your battery last longer.
How Much Money Am I Saving Every Month By Not Having A Gas Powered Vehicle?
Now to answer a big question that so many people ask, how much money are you saving every month by not having a gas-fueled vehicle? There are a lot of factors that could be considered to find the true answer to this question, but I am just going to focus on answering this question based on the monthly expense of what it takes to run your car. There are actually quite a few electric vehicles on the market today that can be purchased for a price equal to or less than gasoline-fueled vehicles.
At the beginning of this article, we discussed what it really costs to charge an electric vehicle each month and came to the conclusion that it is in the price range from $25 to $33. If you have a Tesla Model 3 it would cost you about $29 to charge your car for one month seeing that you are driving around 500 miles a month, which is actually a lot more than some people do. Now for gas-fueled vehicles, say you have a Sedan that averages about 28 miles a gallon, you travel about 500 miles a month. Driving that much you would use probably around 18 gallons of gas. With the U.S. average gas prices being around $3.18 per gallon you are looking at $57.24 a month.
That is a pretty significant price difference. That is not even including things like oil changes and other maintenance that has to be done on gasoline-fueled cars that electric cars don’t have to have. Yes, you might have to spend a bit more money on an at-home charging station with charging cables but with the difference in monthly price, gasoline car usage prices will quickly surpass that. You are looking at savings of at least $25 dollars a month just by having an electric car versus a gasoline-fueled car. There are many factors that may add to the desire of wanting an electric vehicle or not wanting one, but when we look at a month-to-month average price of using the two, electric cars definitely come out on top as the cheaper option.