May 9, 2024

Your Guide to Home EV Charging Station Costs and Benefits

blog-post-img1

7 Min. Read

As the electric vehicle (EV) market continues to surge, the value and benefits of at-home charging stations have become increasingly evident. For current and prospective EV owners, at-home charging is creating the most value by making affordable and convenient charging available at all times.

However, an at-home charging station represents an investment. While the benefits of at-home charging are relatively clear, it’s essential to understand the initial investment required.

This article explores the average home EV charging station cost based on crucial factors and other important facts you need to make an informed decision.

Types of Home EV Charging Stations

There are two types of at-home EV charging available for homeowners: Level 1 EV charging and Level 2 EV charging.

While there are several differences between Level 1 and Level 2 EV chargers, determining which type of at-home EV charging is right for you will ultimately depend on what your charging needs and expectations are.

Regardless of budget or existing infrastructure, at-home EV charging is accessible to everyone via Level 1 EV charging, but it may not meet range needs. This slow-charging method uses a standard 120V outlet and the charging cable that generally comes included with an EV.

There is no upfront cost requirement for panel upgrades of installing a new outlet with the correct type of materials due to the low amperage required for this level of EV charging, but the charging speed of around 1 kWh has some limitations and only delivers two to five miles of range per hour of charging. Often taking over 50 hours to fully charge an EV, many EV drivers find this level of charging does not meet their daily driving needs.

A majority of EV owners are opting to upgrade their home charging by installing Level 2 EV charging instead. This approach requires a dedicated 240V circuit that delivers an output of up to 19 kWh, resulting in approximately 20 to 60 miles of range per hour of charging. Installing the station may include hardwiring the station to the panel, installing a dedicated 240V NEMA 14-50 outlet for a plug-in charging station, and potentially upgrading your old electrical panel.

The higher upfront cost is generally considered fully justified by the faster charging speed and convenience of Level 2 EV charging. However, it’s important to remember that different factors impact EV charger installation costs such as the complexity of your installation, output, indoor or outdoor installation, or advanced features like bidirectional charging or dual stations.

Assessing Your Home’s Electrical Infrastructure

EV charger load calculation is an essential step in planning your charging project. A load calculation consists of assessing the total capacity of your home’s electrical infrastructure and comparing it to expected loads and is a crucial step in ensuring the safety of your EV charger installation and long-term electrical use.

In the past, electrical panels typically had a capacity of 30 or 60 amps, which meant the different circuits could draw a total of 30 or 60 amps at any given time. As electrical appliances grew in popularity, 100-amp panels became the norm.

With at-home Level 2 EV charging drawing anywhere from 16 to 80 amps, a 200-amp panel often makes the most sense. Upgrading to a 200-amp panel ensures that other circuits can still draw power when you charge your EV. It’s also a way of future-proofing your home for additional electrification projects that could increase the total load.

For more information on the cost of upgrading your electric panel, check out the following 2 articles:

At-Home EV Charging Station Installation Cost

Hiring a licensed electrician with electrification experience might not be the cheapest option, but investing in quality labor is crucial. The right professional will select the safest materials for the job and ensure that your electrification project is correctly permitted and follows the building and electrical codes, in addition to best practices and all safety standards.

They will also draw the necessary permits and explore any additional requirements from your utility provider, such as installing a dedicated meter.

Typically, the average home EV charger installation cost ranges between $799 and $1,999, but every install is different depending on your home and charging needs. Your best option is to get a quote from an experienced professional who can review your home’s electrical infrastructure and discuss your options.

Home EV Charging Station Equipment Costs

Purchasing a Level 2 EV charging station represents a significant portion of the total home charging project cost.

Level 2 home EV charging station equipment starts at $299, but prices can go up to $599 or more for a higher quality EV charger. The materials used and overall quality can impact the price, making high-quality charging equipment from reputable manufacturers the best investment.

You should also expect to spend more for a station with a higher output. However, your EV won’t charge faster if the station’s capacity exceeds what the battery can draw.

Features like remote charging or smart energy management can increase costs and models that support dual-charging or bidirectional charging will also cost more.

You should ask yourself which features will create the most value for you, how much output you need to charge your EV efficiently, and whether a plug-in or hardwired installation makes the most sense for your home and charging needs.

Visit the Qmerit EV Charger Store to view some of the most popular and affordable options currently available.

Cost-Benefit Analysis: Home vs. Public EV Charging Stations

The total home EV charging station cost includes the cost of the equipment, any additional electrical upgrades required, permit fees, and labor cost.

Installing an EV charging station at home requires an upfront investment. However, a cost-benefit analysis reveals that at-home EV charging is more affordable than relying on public charging. Depending on the charging level and billing model, public charging stations can cost $10 to $30 per charging session, or more.

On the other hand, an EV owner who drives 1,124 miles a month and pays the average utility rate of $0.16 per kWh will spend around $60 a month on charging at home. It’s also worth noting that the initial investment in at-home charging can be lowered thanks to EV charging rebates and tax credits and integrating residential solar into EV charging, which can also result in lower charging costs.

Financing your EV home charger installation may also be a worthwhile consideration to assist with the initial upfront investment as you wait for the EV charger to begin paying itself off with savings from public charging costs and overall savings from making the switch to electric.

Environmental and Convenience Benefits

Going electric unlocks considerable cost savings, with the latest projections showing that U.S. households will spend an average of $2,400 at the pump in 2024. EVs also have much lower maintenance costs than ICE vehicles. Total savings add up to somewhere between $6,000 and $12,000 over the lifespan of the vehicle.

Beyond cost savings, driving an EV is one of the most impactful steps you can take to reduce your carbon footprint and adopt a lifestyle that aligns with your environmental values. At-home charging is an additional investment that creates value through convenience and reduced range anxiety.

Resale Value and Home Investment

At-home charging is a perk that will increase the value of your home and make your home stand out if you ever decide to sell, regardless of whether you opt to hardwire your EV charging station or install a NEMA 14-50 outlet.

Thanks to lower prices, better-performing electric vehicles, and appealing incentives, EVs and hybrid vehicles could represent as much as 24% of new vehicle sales by 2025. At-home EV charging is quickly becoming a hot commodity that attracts buyers. In fact, a study showed that homes located near EV charging stations sold for $17,000 more on average in California.

Get Started With At-Home EV Charging from Qmerit

Planning a successful electrification project requires a careful analysis of the home EV charging station cost and the benefits associated with charging at home.

You should research the total cost, find out more about potential electrical upgrades, and figure out how much charging at home will help you save to make an informed decision.

Discussing at-home EV charging with a professional electrician is a key step in planning for this project. The right installer will deliver quality labor that lasts and results in a safe and performing installation to optimize the value of your project.

When it comes to installing an EV charging station at home, deciding which EV charging station you’re going to install can be a big decision, but finding a qualified EV charger installer shouldn’t be one.

Graphic with EV and charging station, sign up for free quote with Qmerit

Qmerit can help. As North America’s most trusted EV charger installation partner recommended by automakers, EV charger manufacturers, utilities, businesses, and homeowners alike, Qmerit’s network of licensed electricians has installed over 450,000 EV charging stations.

Give us a call at (888) 272-0090 or complete our online EV assessment today to learn more.

Author: Greg Sowder

Greg Sowder

President, Qmerit Network