What is the impact on my utility bill when charging an EV at home?

The cost of electricity for charging your EV at home will vary depending on the rates assessed by your local utility and how often you charge. For example, in October 2022, the average retail cost of electricity for residential customers in the US was 16.09 cents per kWh. Assuming a widely available 40 kWh battery and a Level 2 charger delivering 7.2 kW at 30-amps, it would take approximately 6 hours (rounded to account for lower efficiency as the battery charges) and 40 kWh to charge the EV. The cost would be approximately $6.44. Multiply this by the number of times you charge per month to calculate how much would be added to an electricity bill. It is always the most economical to charge during off-peak hours.