Driving an electric vehicle isn’t just better for the environment than running an internal combustion engine car; it can also help you save a lot of money on yearly fuel costs. On top of this, it’s possible to save even more money when charging your EV! Knowing a few charging tips and tricks can really help keep your wallet in good standing.
Let’s check out some of the best ways to save on charging your EV.
1. Charge Your EV During Off-Peak Hours
Charging your EV at home is usually cheaper than filling up a conventional car at the gas station, and if you charge during your local off-peak hours, the price to charge your vehicle will be even cheaper. Off-peak savings depend on your local utility company, but the potential to save significant amounts of money is there.
According to utility company Appalachian Power, which operates in the US state of Virginia, you could save approximately 20% when you charge your EV during the company’s off-peak hours, which are between 8 p.m. and 6 a.m. on weekdays. Consulting your local utility company to explore cheaper charging options for your EV is a great way to save some cash.
The great thing is that EV manufacturers like Tesla allow you to schedule your EV’s charging to take place during your local utility company’s off-peak hours, making the process very easy and streamlined.
2. Purchase an EV With Complimentary Charging
Charging your EV during off-peak hours helps you save money, but with certain EV models, you can get years of free charging. Getting something for free trumps having to save money, and the best part is that some of the biggest EV manufacturers are offering free-charging perks on many of their best EV models.
The Hyundai Ioniq 5 is one of the most popular EVs currently for sale, and in the US, it can be bought with two years of complimentary charging via Electrify America, which should sweeten the deal even further.
Volkswagen’s ID.4 also includes a generous free-charging plan. When you purchase a new ID.4, you’ll enjoy three years of free 30-minute DC fast-charging sessions at Electrify America locations.
There are many other manufacturers that are offering free charging, and considering how competitive the EV segment has become, it wouldn’t be surprising to see manufacturers up the ante even more when it comes to free charging.
3. Use Your EV’s Vehicle-to-Grid Capabilities
If your EV is equipped with bidirectional charging that allows it to supply electricity for other uses, you can save a lot of money while charging your electric vehicle.
Vehicle-to-grid allows you to charge your EV’s battery during off-peak hours (when the electricity rates are cheaper) using a special bidirectional charger, and then sell the power from your EV’s battery back to the grid when energy costs are higher due to increased demand. This is a great way to mitigate the cost of charging your EV at home, and it will also help to balance the demand on the electrical grid without the need for peaker plants that are harmful to the environment.
4. Invest in Solar Energy for Your Home
Investing in a solar energy solution for your home can be a great way to help you reduce your dependence on the grid, as well as bring down the cost of charging your EV. You’re going to have to invest a significant sum upfront to purchase the necessary solar energy hardware, but over the life of the system, the price to charge your EV using solar will be lower than using electricity from the grid.
According to Solar.com, charging an EV with solar panels is around 50% cheaper than using power from the grid. The best part is that you’re charging your EV with clean energy.
5. Verify if You Qualify for an EV Charger Tax Credit
Installing an EV charging station in your home can be an unexpected expense for new EV owners. Installation costs, plus the cost of the EV charger itself, are significant, but if you qualify for an EV charger tax credit, you can receive up to $1,000 from the US government towards the purchase of an EV charging station. This will help mitigate the initial costs associated with charging your electric vehicle at home.
6. Ask About EV Driver-Exclusive Electricity Rates
Some utility companies offer EV drivers special discounted rates to charge their EVs. The great thing about these plans is that they offer you separate rates for the electricity you consume charging your EV and the pricier regular rate for your household electrical use.
The UK-based electric utility company OVO Energy offers a Charge Anytime plan that gives EV-owning customers the opportunity to charge their EV at a discounted rate whenever they want, instead of having to wait for cheaper off-peak hours. The company gives their customers credits each month to adjust their electricity bill depending on how much they have charged their EV.
OVO Energy says their customers must have a compatible smart charger that can connect to its app or a compatible electric vehicle. The company’s software helps determine the cheapest (and greenest) times to charge your vehicle within the timeframe you’ve specified. This is a great solution for people who need to charge at different times during the day and can’t afford to wait for the cheaper off-peak hour rates.
7. Use Your EV’s Scheduled Departure Feature in Winter
Some EVs have a feature that allows you to schedule your departure time, and this could help you save money during the winter. Scheduled Departure on Tesla vehicles, for instance, allows you to set the time when you want your vehicle to be completely charged and ready to leave. This ensures that the cabin is properly heated, and the battery is preconditioned, all while the vehicle is still plugged in.
If you don’t use scheduled departure, your EV might finish charging at some point in the middle of the night, which means by the time you’re ready to leave, your vehicle’s battery might already be cold. This means that your EV will have to draw more energy to heat the battery and the cabin before you leave.
8. Avoid DC Fast Charging
DC fast-charging is very convenient if you need to charge your EV on the road, but it’s much more expensive than charging at home, and it also has the added drawback of accelerating battery degradation. According to the US Bureau of Labor Statistics, the average price of energy per kilowatt-hour in the US was approximately $0.17 in February 2023. Compare this to Electrify America’s prices for DC fast-charging, which mostly hover around $0.48/kWh, and you’ll be paying around three times more to charge on the road than at home.
If you’re looking to save money, try to charge your EV at home whenever possible, unless you’re planning on taking your EV on a long road trip, in which case you will probably need to use a DC fast charger.
There Are Many Ways to Save Money While Charging Your EV
Purchasing an electric vehicle can help you save money on yearly fuel costs compared to internal combustion vehicles, but you can take several additional steps to save even more money while charging your EV. This is only one of the many benefits you can expect when driving an EV.