The debate on whether electric vehicles are really cheaper than gas-powered vehicles is constant, so CNET spoke to experts to find out what the deal is.
Where you live will really determine how much you can save by charging an EV versus putting gas in a gas-powered car, since prices for gas and electricity vary by state. However, if you take the average cost of gas in the U.S., $3.18 per gallon, and assume you're driving 1,250 miles a month, your tank is 25 miles per gallon, and you need 50 gallons, you'll spend $159 monthly.
Compare that to an EV, 1,250 miles, at three miles per kilowatt-hour, 417 kilowatt-hours per month, and $0.175 per kilowatt-hour, you're spending $73 a month for charging.
Additionally, when you switch to an EV, you have different charging options for your vehicle.
ChargePoint product manager Anastasia Boutziouvis explained that there are "different ways to price it," depending on the charging station and what level of charging it is.
Level 2 is a cheaper but slower form of charging.
CNET auto expert Antuan Goodwin said, "A true full charge at level 2 could take six to 12 hours, depending on your car and the charging station."
Level 2 charging is a great option for charging at home, since you can charge your car overnight during off-peak hours and save money. In some places, this will only cost you a couple of dollars.
Level 3 charging or fast charging is likely what you'd want to get when going to a charging station, since you would only need 20 or 30 minutes to get your car from 0-80% charged. However, this could cost between $10 and $30. Since it's faster, it's more expensive.
If you want to install a Level 2 charger in your home to save money, Qmerit offers free installation estimates.
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5 minutes or less ⏲️ Additionally, to maximize your savings, consider installing solar panels. It can save about $3,000 a year on your electricity bill.
EnergySage offers a free online marketplace where you can compare quotes in your area. The energy company can even help you save $10,000 on installation costs.
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