This Just Killed the Future of Electric Cars
Most people forget to consider well also talk about why the cost of EV batteries are also on. The rise hang tight because EVS might not be as glamorous as you may think, ever hear of the term EV thinking its a way of viewing EVS, based on the fact that most cars are parked for at least 90 percent of the day. That means that, as long as an EV, slow charges or even a small percentage of the time, its parked, it should get all the charge it needs to cover that 10 percent of the time youre on the road. In theory, this means charging is less of a hassle, since your car wont be doing much else if it was just parked on the street anyway. Also, this type of approach towards charging isnt as hard on an evs battery and it lowers total charging costs because slow charging equipment is a lot cheaper than fast charging ones. Not many people know this, but actually theres a lot of hidden costs. You probably dont know about when it comes to EVS. Here are just a you. Your electric vehicle might have higher Insurance costs than you may think its true most electric cars have less moving components, and generally they dont need as much maintenance, but that doesnt change. The fact that ensuring some EVS can cost you a lot more than a gas powered car. For example, a Chevrolet bolt can cost 1884 a year to ensure, but a Honda Insight might only cost you 1700 thats, almost a 200 difference.
The thing is, insurance companies have far less data on EV repair costs, frequency and severity compared to the volume of data they have on conventional cars. Reason is because EVS have been in the market for much less time compared to standard vehicles and thats, why it can be hard to determine the average cost to repair and replace Parts compared to the traditional combustion engine vehicle. So you can see why many car insurance companies at least are now charge higher car insurance premiums to ensure electric vehicles at home charges are another hidden, EV costs. Some consumers forget to factor in when you install a charger at home. It increases your EV cost. For example, level 2 charges can cost any anywhere between 300 and 700 plus, you have to add the installation fee, and that is an extra 750 bucks. If a 240 volt Outlet is required, that said, state governments and local utility services are trying to help consumers offset some of the costs of buying and installing an EV charger at home. For instance, some offer tax credits or even rebates considered two theres, a federal tax credit which is 30 percent or up to a thousand dollars. Another hidden cost to consider is EV battery replacement cost. The problem is EV batteries arent cheap. They can cost anywhere from five thousand to fifteen thousand dollars just for the battery alone, and that does not include the labor cost of installing it. The price range is huge somewhere between an arm and a leg, and even the cheapest battery is still going to cost.
You a painful Chunk from your wallet by the way due to the inflation reduction act. Evmakers have been trying to ramp up their EV production and heres the thing its not gas prices. It will drive up to demand for electric cars. Actually, you have to look at EV batteries or specifically, the cost of EV batteries, its common knowledge that the battery is one of the costliest parts of an electric vehicle. In theory, the more affordable batteries become, the more should drive up consumer demand. Now, industry analysts are Optimist and in the coming years battery prices will dip in level to a point someday with a sticker price or EVS will be the same as a sticker price for gas powered cars and thats, where they say EVS will take off more than Before but heres where you might see a plot twist, the past 10 years or so battery costs have been declining in general, but sad to say, PV batteries actually increased seven percent in cost last year. The reason is because the cost of raw materials Rose highly Im. Talking about raw materials that are critical to making EV batteries, especially materials like lithium, nickel and Cobalt, for example, lithium alone skyrocketed 500 percent last year, and if you think that was bad, you might want to cover years to the next part. Industry. Experts believe that demand for Ev battery materials will make the cost of these batteries Skyrocket even higher. In fact, it could even result in narrowing the EV Market to just luxury EVS Im talking about luxury Visa that are priced at a hundred grand or more as it is the average American cant afford an EV.
So, just imagine if the EV Market gets reduced to luxury electric vehicles only right now, car makers have been experimenting to develop different types of batteries that dont need certain raw materials, obviously its a perfect scenario, but realistically its not something that theyll accomplish overnight. Itll. Take time, and then personally, I dont see the cost of EV batteries and therefore the cost of the electric vehicle to go down to the point of affordability in the near future. Its no big news that most TVs on the market today are more expensive to purchase than your average combustion car outside of that yeah. The cost to charge your EV many variables impact us, but to simplify matters. The general formulas to divide your evs maximum range by its range per kilowatt hours and multiply it by the average cost of electricity per kilowatt hour. Now, the cost to charge at home depends largely on your electricity providers rate. The time you charge and the cable you use, plus the model itself, that you have different electricity providers, charge different rates right now. The average residential electricity rate in the U.S is 16 cents per kilowatt hour, but in California, for example, its about 27 cents per kilowatt hour, regardless, where you live, analysts in general, anticipate at home. Charging costs will increase over time due to Rising inflation and Rising electricity costs among other actors. Keep in mind too that electricity rates are usually higher during the day and lower at night.
So, the time of day you charge your EV at home can impact the total cost. Typically at home, charging costs are lower. If you charge your EV at night, then theres also the type of charger you use. If youre using a level one charger, the power output go below so even though the electricity cost per minute will be lower, the overall charging time will be longer. On the other hand, if you use a faster charger, itll take less time, but the overall power output per minute may be higher. Another factor is your EV model itself and the battery some EV models take longer to charge than others. For example, if you have a Tesla with a long range battery and youre using a level one charger, it can take days for Ev to get fully charged at 110 volts. But now lets say you want to charge it. A public charging station say, for example, at one of Electrify Americas charging stations. Well, premium members pay a four dollar monthly subscription, but if you use the charges as a guest in California, youre looking at charging costs of 43 cents per kilowatt hour or if youre on a premium pass plug us member standard charger will cost you 31 cents per Kilowatt hour, the thing about Electro eye America is that the rates differ depending on the state. Some states, like California, have a fixed rate for pillow hours, while other states like Texas charge based on minutes and kilowatt hours.
Public charging cost also depends on the type of EV. You have, for example, lets say you own a Tesla. The thing about Tesla is that there are no one set price charge by all Tesla charging stations thats, because different EV models require different amounts of time to charge. Charging your EV at one of Tesla. Supercharger stations can cost you 24 cents per kilowatt hour for off peak hours between 9 pm and 11 am and 48 cents per kilowatt hour during peak hours. But if you use one of Tesla standard charges, itll cost you nothing but theyre nowhere near as powerful as Tesla supercharging stations. Speaking of public charging stations, lets talk about EV charging infrastructure, or rather the lack thereof, truth be told right now. The amount of companies with a sizable EV charge Network here in the states is sadly small. Most EV charging stations across the states are Level 2 Chargers, but level 2 Chargers arent the best choice when you need to get back on the road as soon as possible. Thats, why theres a need not only for a wider network of stations, but also for DC fast chargers right now, theres some 50 000 public charging stations in the U.S and almost 130 000 individual charging ports yet of those 50 000 charging stations. Some forty four thousand are level two stations and only 6600, our DC fast charging stations. Now there are some 8 500 non network TV charging stations in the US with 18 000 charging ports, but almost all of those are only level two charging ports right now, just four companies account for the majority of DC fast charges here in the states.
Teslas supercharger network has about 60 percent of the twenty six thousand DC fast charging ports in America, Electrify America charge Point EV go have about 7 600 fast charging ports combined or about 29 of the total fast charging ports out there. Actually Tesla is the only Automotive brand who owns and operates their own proprietary charging Network. Gm and Ford have announced plans for their own large networks, which will come eventually, but even then, their plans are primarily based on Partnerships with existing networks that offer only level two stations with some DC fast charging stations. So right now in North America, you can use the supercharger Network only if you own a Tesla, but in the near future Tesla plans to open up its charging networks to all EVS Electrify America has around 800 charging stations and 3600 fast charging ports here in the U.S believe it or not, the Volkswagen group of America actually owns Electrify America and Electrify. America is the only comprehensive DC fast charging Network where you can charge EVS that are not testless, and on top of that, the company is also one of the few networks that can charge up 350 kilowatts, Which is higher than Tesla superchargers at max out at 250. Kilowatts by the way, four is one of many providers: thats partnering with Electrify America. So if youre on a Machi, that means you get 250 kilowatt hours of free DC fast charging at certain Electrify America station evgo is a charging company that is based out of Tennessee.
Evgo is around 2200 fast charging ports in the U.S. Although you can sign up for a discount for DC pest charging, you can still use the charging Network without a subscription and its fast charging stations. Youll find speeds between 100 kilowatts and 350 kilowatts. Did you know GM made a deal with evgo to launch over 2700 DC fast charging stations between now and 2025.? All these locations will have around four charging ports per site that can deliver 350 kilowatts. Each then theres charge Point actually its the largest charging Network in the US, its headquartered in California, but its primarily only level two Network were talking. 50 000 charging ports were just 1700 from our DC fast Chargers now charge Point differs from its competitors because it lets each property owner set its own pricing and absorb the cost of the electricity use. Many of charge points level. 2 stations are free to use. Now, if EV demand Rises as quickly as experts expect, the US seriously needs to expand our charging infrastructure to reach where we need by 2030 and Ill say well, need 80 DC fast charging, ports and 8 500 level 2 Chargers to come online, each and every day And those are new ones every day setting up, but now you tell me did any of the Hidden EV costs.