Cost Analysis: Is Investing in an EV and Home Charger Worth It?

Electric vehicles are gradually becoming a significant part of the automotive landscape. With more people focussing on reducing carbon emissions, interest in EVs is increasing worldwide. This trend is evident in the recent data from the Electric Vehicle Council’s July 2023 report, stating around 8.4% of new cars sold in Australia were Electric Vehicles (EVs).

While these growing numbers signify a positive shift in sustainable transportation, this led us to a crucial discussion over the availability of the rightful infrastructure required for its success. Although public EV charging facilities are slowly growing, we still have many years until they become equal to traditional fuel stations. But does that mean you have to incur the cost to install an EV charger, and is it worth the investment?

Well, keep reading further to clear your doubts. We will do a cost analysis and answer this question: is investing in an EV home charger worth it?

Home Charging System

Before diving into the cost analysis of getting an EV charging station, let’s first understand the types of home EV chargers available in Australia.

Types of EV Home Chargers

• Level 1 chargers
  Level 1 chargers are standard chargers you get with most new EVs. It charges your electric vehicle at home by plugging it into the wall socket. Although the Level 1 adaptable cable doesn’t cost much, its speed is decent but slower, adding to around 10 km per hour when charged with a 10-amp circuit wall.
  It makes Level 1 chargers perfect for those who don’t need quick charging and don’t want to incur much cost to install an EV charger at home.

• Level 2 Chargers
  Level 2 chargers enable you to speed up the charging process with its dedicated connectors installed at home. However, the charging speed relies on numerous factors, such as your home’s electricity wiring, power supply, wall chargers and your electric car’s specifications.

These systems are a bit expensive due to additional installation costs, but you can also opt for manufacturers offering portable Level 2 chargers that don’t require installation.

How much does a home electric car charger cost? 

While Level 1 chargers come free with EVs and can easily charge your electric vehicle without incurring installation expenses, spending money on installing a Level 2 charger is a much more profitable solution. It offers faster charging and enables the facility to program charging time, use solar power and store energy for later use.

EV home wall charger costs usually vary between $500 to $3000. However, many manufacturers offer these chargers at discounted prices or even free. So you better reach out to them first.

Here are some of the popular Level 2 EV charges with their respective prices:

But the expenses will not end there as you still need to pay for the installation costs to the certified electrician. These professionals have experience installing chargers of the brand you opted for.

Factors Affecting Installation Cost

• Distance between your EV charger location and the switchboard
  EV chargers generally require more power to function. Due to this, your electrician will need to pull a new circuit from your main switchboard with a different breaker. The length and difficulty of pulling through this cable will affect your EV home charger cost. 

• Installation Type
  If you want to mount your EV chargers in your driveway, it will surely cost more due to expenses incurred in trenching to pass the cable to a pole-mounted charger.

• 1 Phase or 3 Phase Charger
  Opting for three-phase charging will require larger cables and additional work on your switchboard, making them more expensive.

Generally, installing a wall-mounted home EV charger in the garage will cost further expenses of around $750 to $1250.

Is charging your electric car at home or a public charging station better?

Most EV buyers get confused between home chargers and public charging stations. However, cost comparison is one of the best ways to decide on a charging station investment. 

Generally, EV owners charge their vehicles at home or workspace. Even 70% of them have solar systems on their property, making charging costs $0 when during the middle of the day. The rest take advantage of off-peak hours, paying less than $0.20c/kWh on EV charging.

However, apart from these on-peak and off-peak prices, every state has their flat electricity charging rate. Here is the estimated charging cost of your EV with a 60kWh battery at home.

Similarly, different public charging stations charge different prices as per the location and charger speed. Here is the average charging cost at public charging stations:

Advantages of EV charging stations: Home Charging vs Public Charging

With an increasing number of people opting for EVs, the need for appropriate charging infrastructure is becoming prominent. But which charging station will be worth the investment? Let’s look at the advantages of investing in electric charging stations and understand what makes one better.

Advantage of Home EV Chargers

• Saves Cost
  Getting a home EV charger is one of the cost-effective solutions in the long run. It will recharge your electric vehicle at a much lower price than a public charging station. Moreover, you can get the benefit of off-peak hours charging rates.

• Convenience
  Investing in a home charging station enables the convenience of recharging your EV without leaving home. Also, it gives you the flexibility to adjust the speed according to the charging requirements.

• Affordable options available
  Usually, public charging your EV prices look less than a home charging station cost. But with the increase in EV brands and manufacturers, you can find affordable home chargers with various power ranges.
• Increases EV driving range
  Investing in a home charger ensures your electric vehicle remains fully charged, adding to the driving range.

Advantages of Public Charging Stations

• Convenience
  With several public charging stations installed throughout urban and suburban areas, you can charge your electric vehicle at these public ports. It makes it convenient for those who don’t own a home charging station.

• No Upfront Cost
  Unlike home chargers, you do not need to invest in EV charging stations or pay an upfront cost as a user.
• Fast Charging
  Public charging stations allow faster charging than home chargers, making it the perfect choice for busy days when you want to recharge EVs quickly or add range during long trips.

Conclusion

Charging infrastructure in Australia is significantly growing. However, the choice between public charging stations and home chargers is still a big confusion among many people. While a home charger gives convenience and saves costs in the long run, public charging does not require prior investment and gives travel flexibility. Still, the ultimate choice relies on your needs and financial goals. If you have more queries regarding electric vehicle charger ROI or which will work best for you, contact our team of experts.