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How Much Does it Really Cost to Own an Electric Car?

How Much Does it Really Cost to Own an Electric Car?

You might notice that we’re huge fans of EVs. Of course being in the business of helping people install Level 2 EV Chargers is somewhat of a contributor towards that excitement, but we genuinely believe that EVs are the future, and will become what the gasoline and diesel vehicle is today. The EV revolution is still gathering steam, and it hasn’t hit critical mass yet, but it will.

If you could find a time machine and go back to around 1900, you would see that gasoline and diesel-powered vehicles face many of the travails that the EV is facing today. There was significant uncertainty about their reliability and longevity. People were wary of their range, as fuel stations were far and few in-between, and with no internet and sketchy phone lines, a trip into the countryside became somewhat of an exploratory mission, and a game of chance – would your destination have a fuel station? Carrying jerrycans of fuel became the norm, much like carrying an EV’s Level 1 Charger in the boot has become today, albeit an EV charger is much smaller and lighter than a full five-gallon jerrycan.

So how much would it really cost to own an EV, and what are the major cost elements? Let us shed some light on the matter.

The Electricity to Charge It

Of course you need electricity to charge it, and that electricity is going to come from the national grid unless you own a power station or have a suitable off-grid solar system with night-time storage courtesy of high-efficiency batteries. Whilst the latter solution isn’t too far away in terms of set-up costs, it’s still the exception rather than the norm right now. Chances are, you plug your EV into its Level 1 or Level 2 EV Charger and it charges using energy from the national grid. But how much would this cost?

Your costs will vary widely, and it’s tough to pinpoint a figure, but if you were to spend $1,000 a year on gasoline, it’s entirely likely that it will cost less than $500 per year to charge your EV. With oil prices at current highs and showing no sign of slumping to bargain basement levels, charging an EV to 100% is going to be a much cheaper proposition than filling up a fuel tank, and is forecast to continue that way.

Installing a Suitable Charger

Unless you don’t mind waiting over 8 hours to charge your EV, or don’t run it very much per day, chances are its basic Level 1 charger is going to leave you wanting more charging speed. Fret not, we at EVSOL Energy are experts at Level 2 EV Charger installations. We are licensed installation partners for FLO, ChargePoint, GESCAN, Sun County and Tesla, and count over a decade of experience.

We can advise you on the best course of action, evaluate your current electrical wall panel for suitability, and provide you a fantastically competitive all-in quotation, leveraging our discounts from supply partners, as well as providing you with all documentation required to secure any rebates that you may be eligible for, which can in some cases run into thousands of dollars. Installing a charger is a one-off charge, really. There are periodic inspection and servicing requirements, but you will barely feel a dent in your wallet for these.

Consumables, or Lack Thereof

Servicing a traditional, internal combustion engined car requires replacing the engine’s oil, oil filter, air filter, transmission oil, differential oil, and other consumables. With an electric car, you don’t have any of these components, and thus need not spend hundreds of dollars on expensive synthetic oils and specialized filters. At most you may need to replace your HVAC filter and battery coolant. This means that a routine basic service may not even cost a hundred dollars.

Tires

There’s nothing really special about the tires on EVs. They use the same tires as a comparable internal combustion-engined vehicle, albeit they may use the eco-friendly option of low rolling resistance tires, or in the case of high-performance EVs, performance tires. Either way, replacing tires on an EV is not going to be any more costly than replacing the same size and type of tire on a comparable internal combustion engined vehicle. Just remember that with the instantaneous torque of an EV, it’s all to easy (and tempting) to lay down some rubber or leave some smoke clouds when the mood strikes, which of course is going to reduce your tire life. Don’t say we didn’t warn you...

Brake Pads and Discs

Brake pads are termed a consumable in most vehicles, as they are wear components that naturally wear down in the course of use and need to be replaced. Brake discs wear down too, albeit at much longer intervals of several years. The nice thing about EVs, is that since they utilize regenerative braking whereby the electric motors turn into generators and send power back into the battery, the brake pad and disc wear is much less as a result. In fact, many EVs offer a ‘one pedal’ operation mode where you depress the gas pedal to accelerate and maintain speed, and upon releasing it, the regenerative action is strong enough to significantly slow, and even stop the vehicle. You control your ‘braking’ by how much you release the gas pedal, and abruptly stepping off it can result in quite dramatic shedding of speed. Don’t worry, your car’s brake lights illuminate as normal under this condition, warning following traffic that you are slowing down.

Thus, you may rarely if ever touch the brake pedal, and the brake pads and discs enjoy significantly longer life as a result.

Other Things

There are so many things on an ICE vehicle that require replacement over time. Spark plugs, coil packs, engine gaskets, engine sensors, fuel injectors, injector pumps, fuel filters and many more. All these things are absent in EVs. In fact an EV is more akin to a large computer on wheels.

EVSOL - Smart Home Solutions

At EVSOL, we offer a comprehensive range of smart home solutions, encompassing the aforementioned EV charger installations, as well as any kind of electrical works for your home. We are also specialized in smart home appliances, lighting, solar and security solutions. And yes, installing these will also need permits, which we are more than happy to obtain on your behalf. We take care of everything!

Contact us today, we're happy to help!

Work with EVSOL Energy

Working with EVSOL Energy means you're working with the best in the business. We are on time, on budget and on value. Our pricing structures are transparent, and we fully stand behind any quote that we provide.

We specialize in lighting installations, electrical panel upgrades, EV charger installs and solar panel upgrades. And yes, we can help you get the proper permits!

Reach out to our team at EVSOL Energy today to get started.

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