Understanding the Costs of EV Ownership: A Comprehensive Guide

Understanding the Costs of EV Ownership: A Comprehensive Guide

As you contemplate making the switch to an electric vehicle (EV), a pertinent question you may have is: what’s the total cost? From understanding the costs of charging an electric car at a public station to comparing the price points of EV service vs. traditional gas maintenance, Fair Oaks Ford is here to assist. Our Ford dealership in Naperville offers a diverse lineup of Ford electric vehicles and hybrid models, catering to the growing demand for environmentally friendly options.

With rising gas prices and a clear need for cleaner transportation options, there are numerous financial benefits linked to adopting an eco-friendlier lifestyle, too. Be it understanding the cost to charge a Ford Mustang Mach-E or calculating potential state and federal EV tax incentives, our team of EV experts is here to guide you through all the fiscal details of driving an electric car in Illinois.

EV exterior
Two women converse next to an EV charging station

Commonly Asked Questions About Electric Vehicle Costs

What is the cost of an electric car?

The price tags of various brands and models can vary, but generally speaking, new Ford EVs and hybrid vehicles are on par with their gas counterparts in terms of price. But when you take into account the significant savings from skipping the gas station, the long-term financial incentives of owning an EV become quite evident. For even more savings, explore our collection of used electric cars and hybrids up for sale.

How much does charging an electric car cost?

Although certain manufacturers offer affordable charging plans, the overall cost to charge an EV is significantly lower than filling up a fuel tank. The U.S. Department of Energy estimates it costs about 10.7 cents per kWH, translating to a cost-per-mile of approximately .03 cents.

So, at approximately 10.7 cents per kilowatt-hour, fully charging an electric vehicle with a 200-mile range (based on a fully depleted 54 kWh battery) would come to around $6 for a complete charge.

What is the cost of charging an electric car at home overnight?

Charging an EV at home involves getting a Level 1 home charger, which uses standard outlets to generate its power. For a quicker charge, a Level 2 charging unit can also be installed.

How much does home installation of an EV charging station cost?

The costs associated with installing a home charger can vary and must adhere to local regulations. Our team of EV specialists at Fair Oaks Ford can guide you through the process and help you understand your options based on the vehicle model you’re interested in.

Does charging an electric car at home impact your electricity bill?

While charging an EV at home may slightly increase your monthly utility bill, it’s still a more cost-effective solution compared to fuel expenses. Many utility companies also offer discounts for environmentally friendly practices.

Is maintaining a hybrid or electric car more expensive?

Not typically! Owing to fewer moving parts and fluids, the cost of servicing an electric vehicle is generally more affordable than servicing a gas vehicle.

Compare Ford EVs Near Me

At our local Ford dealer, we’re committed to helping you understand all aspects of EV ownership so that you can make an informed decision. Contact Fair Oaks Ford to learn more about Mustang Mach-E charging times, new F-150 Lightning range information or anything else you’re curious about!