As electric car ownership rises, new drivers often wonder about the impact on their electricity bills. The good news is home charging is usually the most cost-effective option. While public stations offer convenient on-the-go charging, their rates typically range from $0.30 to $0.60 per kWh, significantly higher than the average home rate of $0.16. In fact, around 90% of electric car charging happens overnight at home, where cheaper rates prevail. So, when it comes to keeping your electric car fueled, plug in at home whenever possible for the most budget-friendly solution.
Home charging station costs come down to equipment and installation expenses, as well as your home electricity rate. Buying and installing a high-quality home charging system is approximately equal to a year of typical maintenance for a gas-powered vehicle.
The minimum&#;tax credit&#;provided by the IRS for purchasing a new electric car is almost double the amount of buying and installing a new home-charging system. That tax credit, in many cases, would cover the cost of both equipment and installation.
For new vehicles, the 5-year total cost to own - or all of the vehicle-related costs such as financing, fees, fuel, insurance, maintenance, and repairs you will likely have to pay during the first 5 years of owning a vehicle &#; is lower on some electric vehicles compared to conventional options.
EV charging in California costs roughly half the price of powering a standard gasoline car for driving the same distance. And when you charge at home, you can take advantage of additional cost savings through reduced electricity rates . As more and more workplaces, businesses, and County facilities expand the availability of EV charging stations across the region, it will become easier and easier to plug in and recharge. Learn about the other benefits owning an EV.
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The Vehicle Cost Calculator is provided by the U.S. Department of Energy. Please note that sample results are based on national and state averages and are provided as examples only.
Through the San Diego Gas & Electric (SDG&E) Pre-Owned EV Rebate Program , SDG&E customers may also be eligible to receive up to $4,000 in rebates when purchasing or leasing a pre-owned EV. Learn more about what types of vehicles are eligible under this program.
State and federal incentives can provide as much as $14,500 in rebates and tax incentives per vehicle, making the cost of EV models competitive with their conventional vehicle equivalent.
The costs to purchase a new EV are expected to be the same as the costs to buy a comparable conventional vehicle by . In the meantime, a number of consumer rebates and incentives are available to reduce the purchase price of EV models.
Grant programs or rebates that reduce the sticker price are best to lower the upfront purchase costs, including the California Clean Vehicle Assistance Program and California Clean Fuel Reward, when available.
Beginning on January 1, , the New Clean Vehicle Tax Credit (30D) and Used Clean Vehicle Tax Credit (25E) will be available at the time of sale from your local dealer because the tax credit can be transferred to the dealer. This means that if you meet the income requirements when you purchase an eligible EV or PHEV, you get the full amount of the tax credit up front. Depending on the vehicle, you could get $3,750, $4,000 or $7,500 off of the purchase price. This money can even be used as a down payment on the vehicle.
The San Diego Clean Cars 4 All Program provides grants to help income-qualified residents retire their old vehicles and replace them with zero or near-zero emission vehicle or transit cards. Depending on income and mobility options, participants can receive up to $12,000 for the purchase of an eligible new or used vehicle or the lease of an eligible new vehicle. Participants can also opt-in for transit cards instead of vehicles.
The MAAC Electric Vehicle Access Program offers support to low and moderate income San Diego county residents to apply for incentives and rebates of up to $11,000 to lower the purchase price of pre-owned and new EVs as plug-in hybrids. MAAC has partnered with Beneficial State Bank to guarantee low-interest rates that start at 3.99% for participants with a FICO score as low as 550. MAAC has also partnered with the Beneficial State Foundation to expedite Clean Vehicle Assistance vouchers to 75 income-eligible San Diego residents. The MAAC EV Access Program is not currently enrolling new participants. You can add your name to a waitlist for when enrollment re-opens. See the Program website for details.
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