2024-06-25 – Updated 2024-07-11
It goes without saying that one of the many advantages of electric cars is the savings you make on fuel, since you’ll no longer have to visit service stations to fill up. Of course, the purchase of a charging station can represent a significant cost, but in the end, it also means big savings. Let’s take a look at the costs and savings associated with charging stations.
Purchase cost
The price of a charging station varies according to model and functionality. Level 2 residential charging stations (240 volts) generally cost between $700 and $1,500. Prices obviously vary according to a number of factors, such as brand, power and features. Whatever your budget, you’re sure to find the product you need. We invite you to contact us, and we’ll be happy to advise you!
Installation cost
Installing a home charging station costs around $700, but depends on a number of factors:
Complexity of installation
The distance between the electrical panel and the place where you want to install the charging station can influence the cost. If the installation is complex or requires a lot of time and materials, the cost may be affected.
Electrical upgrade
In some cases, an electrical panel upgrade may be required, which increases costs.
Professional
Labor costs vary depending on the electrician or company you hire.
Cost of use
There’s no doubt that charging an electric vehicle at home increases electricity consumption. However, electricity is much cheaper than gasoline! In Quebec, it is estimated that electricity costs on average 75% less than gasoline, which is not insignificant.To help you plan your budget, you can also estimate your electricity costs.
Of course, the cost of a full recharge depends on the vehicle’s battery capacity and the prevailing electricity rate. On average, the cost of driving 100 km with an electric vehicle is around 80% lower than with a gasoline-powered vehicle.
Here are a couple of calculations to illustrate the point:
Gasoline-powered vehicle
Average consumption: Around 7 liters/100 km for a compact car.
Gasoline price (June 2024) : Approx. CAD 1.60 per liter (prices may vary).
Cost per 100 km: 7 litres×$1.60 CAD/litre = $11.20
Electric vehicle
Average consumption: Approx. 20 kWh/100 km for a compact car.
Electricity price (June 2024): Approx. CAD 0.13 per kWh (prices may vary).
Cost per 100 km: 20 kWh×0.13 CAD/kWh = $2.60
Electric vehicles cost much less!
*Price as of June 2024, in Quebec.
Potential savings
Fuel savings
One of the main financial benefits of owning an electric vehicle and a home charging station is reduced fuel costs. As we saw earlier, the cost of driving 100 kilometers in an electric vehicle is measured in pennies, whereas the cost of gasoline is measured in dollars.
Reduced maintenance
Electric vehicles have fewer moving parts than internal combustion vehicles, which significantly reduces maintenance costs. There’s no need to change oil, air filters or spark plugs, and brakes wear less thanks to regenerative braking. It goes without saying that visits to the mechanic are much less frequent, which translates into big savings for you!
Subsidies and incentives
Like the federal government, the provincial government offers subsidies and tax credits for the purchase and installation of charging stations. In Canada, for example, some provincial programs offer incentives that can cover part of the installation cost. This is the case in Quebec, where a $600 subsidy is offered by the government through the Roulez Vert program.
Increased property value
Installing a charging station can increase the value of your home, especially in areas where electric vehicles are popular! At the very least, offering your home for sale with the charging station already installed can give you an edge over another property… just like another piece of equipment like a generator or new windows, for example.
Installing a home charging station represents an initial investment, but the long-term savings are significant. Reduced fuel costs (or even none, if you no longer have a gasoline-powered car at all), less expensive electric vehicle maintenance and available subsidies make this an attractive investment for many electric vehicle owners.
What’s more, with the ever-increasing number of electric vehicles on the road, having a charging station at home is becoming increasingly practical and can add extra value to your property.
Source: https://beqtechnology.com/en/blog/charging-stations-costs-and-savings/