Installing a Level 2 EV charger typically offers annual savings through lower charging costs compared to public stations and gas vehicles, though exact amounts depend on usage patterns. Here’s a breakdown:
Key Savings Factors
- Home vs. Public Charging Costs
- Home Electricity: ~$0.16/kWh, resulting in ~$4.80–$9.60 for a full charge (30–60kWh battery).
- Public Level 2: $0.20–$0.25/kWh, costing $6–$15 per full charge.
- Annual Savings: Charging exclusively at home vs. public Level 2 could save $100–$500+ annually, depending on driving habits.
- Gas Comparison: EV owners save $1,000+/year on fuel versus gas vehicles, amplified by home charging.
- Time-of-Use Discounts
Many utilities offer off-peak rates (e.g., $0.10/kWh overnight), cutting costs by 30–50%. - Incentives
- 30% Federal Tax Credit on installation costs.
- Utility Rebates: Programs like Dominion Energy’s EV Charger Rewards offer additional savings.
Estimated Annual Savings
- Moderate Use: 10,000 miles/year ≈ 3,000 kWh → $480–$750 (home vs. public Level 2).
- High Use: 15,000+ miles ≈ 5,000 kWh → $800–$1,250+ saved.
By combining home charging with incentives, most EV owners save $500–$1,500 annually compared to public charging and gas vehicles.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-much-can-i-save-annually-by-using-a-level-2-charger/
