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Electric Vehicles Impact Home Electric Bills – Here’s How Much

Male hand pointing the electric charger in the dedicated house of a EV electric car vehicle at the dedicated station or home

Electric cars are becoming more popular as people become more aware of the environment and as more people can buy them. But in the long run, does having an electric car save you money? And how much does it cost to charge your vehicle? Will being able to set your electric vehicle at home raise your PNM electric bill each month?

Will your electric bill go up if you buy an electric car?

Yes, your home electricity bill will go up a little bit each month if you charge your EV at home, which is what most EV owners do. But if you want to save money on gas for your car, truck, or SUV, an electric vehicle (EV) is the best choice. That’s because electric cars cost less per mile than cars that run on gasoline.

Here are the numbers: If you drive 1,000 miles a month, as most Americans do, and you have a plug-in sedan, you could save over $100 a month, depending on how much gas costs. If you have a crossover or truck, you could save even more.

EVs also don’t cost as much to keep up. Studies show that EV owners spend about $4,600 less on maintenance over the life of their car, truck, or SUV. Why? Because EVs only have half the parts that a car that runs on fossil fuels does. Because their engines and drivetrains are so simple, you never have to change the oil or the spark plugs, fuel filters, or timing belts. You will never have to pay a lot to fix oil leaks. Even brake pads last longer due to EVs’ regenerative braking feature.

How much does it cost on average to charge an electric car?

The actual cost of charging your EV at home will depend on the electricity rate in your area, whether you take advantage of off-peak rates, the type of vehicle you’re setting, and how much you drive each month. Most electric cars cost between $50 and $100 per month.

Cost shouldn’t be the only thing you think about when choosing a way to charge. For many drivers, convenience is just as valuable. If you put a Level 2 charger (240V) in your garage, most EVs will be fully charged in about three hours. This is three times faster than charging with a Level 1 (120V) plug, where most EV owners have to charge their cars overnight to get a full “tank.”

Charging your EV during off-peak electricity hours is another way to keep your electricity bill as low as possible. It’s like buying electrons on sale. If you purchase gas after rush hour, does the gas station give you a discount? They don’t, so why not use the deal your utility provides you?

So, do electric cars make sense?

How much an electric car is “worth” to you can be a very personal choice. But if you’re still not sure if an electric vehicle is right for you, check out the pros and cons listed below. They might help you decide what car to buy next.

Why electric cars are good

As more car companies make EVs, technology is changing quickly because of more competition, and prices are going down because of economies of scale. We’ve talked about some of the benefits of owning an electric vehicle (EV). Here are a few more:

They cut your CO2 emissions and carbon footprint quickly (EVs are more energy-efficient than combustion vehicles, and the electricity delivered by the typical utility is 40 per cent carbon-free).

You won’t have to worry about gas stations and how much gas costs.

EVs are better for the environment than cars with gas engines. Since they don’t have tailpipes, they don’t make any exhaust fumes, so you don’t have to worry about that.

They are much quieter than cars that run on gasoline.

Electric cars have problems.

Even though EVs have many benefits, many people still doubt plug-in vehicles. Most people who don’t like electric cars say the following:

  • In some places, it can cost a lot to charge an EV. One easy way to deal with setting costs higher than usual is to charge during off-peak hours.
  • Because they need time to charge, they take longer to fuel than regular gas cars. As battery and charger technology gets better, this will keep getting better.
  • EV battery packs can be costly to replace, but many EV manufacturers include more extended battery warranties as standard.
  • Fear of the unknown. As more charging stations are set up across the country, this number will decrease over time. At the moment, both the federal government and the electric utilities of the United States are planning to add charging stations along with the nation’s freeway system.

Changing the way your electricity works

If you have an electric car or are thinking about getting one and need to add a Level 2 charger to your home’s electrical system, your local Add On Electric can help. We can check your current system, suggest upgrades, and take care of the whole installation so you can charge your EV faster and more efficiently. Set up an appointment online or call 505-804-9534 today to get started.