How Much Does It Cost to Charge an EV?

The electric vehicle (EV) industry has witnessed unprecedented growth in recent years, sparking a transformation in the way we look at transportation. A key question, however, that we get asked frequently at Chicago EV is: “How much does it cost to charge an EV?”

As the leading provider of commercial EV charging solutions in the Chicagoland area, we understand that understanding costs is vital for individuals and businesses alike. Through our preferred partnership with Enel X, we offer top-of-the-line EV chargers designed for efficiency and reliability. Here’s a comprehensive guide to help you better understand the costs associated with EV charging.

When it comes to understanding the actual cost of charging an electric vehicle, a simple mathematical formula can be very enlightening. The formula to calculate the cost to fully charge an EV is:

• Cost = (Battery Capacity in kWh) x (Electricity Rate)

Here’s what each term means:

• Battery Capacity in kWh: This refers to the total energy storage capacity of your vehicle’s battery, measured in kilowatt-hours (kWh). You can usually find this information in the user manual or technical specifications of your EV.
• Electricity Rate: This is the cost per kWh of electricity, which can vary by location and provider.

By multiplying the battery capacity by the rate of electricity, you get the total cost for a full charge from 0% to 100%. This is a straightforward way to get a good understanding of what you’ll likely pay every time you charge your vehicle completely. Do note that in real-world scenarios, you’ll rarely let your battery go down to 0% before recharging, so the actual cost per charge will often be less than this calculation suggests.

To provide a concrete illustration, let’s consider a real-world example using a Tesla Model 3, which comes with a 50 kWh battery. If the local electricity rate is $0.15 per kWh, then using the formula, the cost to fully charge this EV from zero to full would be:

• 50 kWh x $0.15/kWh = $7.50

In this example, it would cost $7.50 to fully charge the vehicle. But how does this translate to cost-per-mile? The Tesla Model 3 offers approximately 240 miles on a full charge. To find the cost per mile, you’d divide the total cost of the full charge by the total miles:

• $7.50 / 240 miles = $0.03125 per mile

This means that for this specific example, the cost to drive a Tesla Model 3 is just over 3 cents per mile. When you compare this with traditional gasoline-powered vehicles, which can cost upwards of 10 cents per mile depending on fuel prices and fuel efficiency, the savings become clear.

For businesses looking to install EV chargers, the operational cost will include the initial investment in the charging station and its installation, which can range from $500 to several thousand dollars per port, depending on the unit’s capabilities and installation complexities. Our partnership with Enel X ensures that we can offer competitive prices and advanced technologies tailored for commercial applications.

It’s essential to consider the federal and state incentives that can significantly offset the cost of installing an EV charger. For example, Illinois has various grants and tax incentives aimed at businesses that contribute to green initiatives, including the installation of electric vehicle charging stations.

These financial incentives can make the initial investment far more manageable, sometimes even making it cheaper than traditional fueling options in the long run. When planning your transition to electric vehicles, make sure to research and take advantage of these opportunities to maximize your savings.