Before we dive into costs, let’s take a quick look at the three different charger options that are available. If you plan to make the switch over to an electric car, you probably have a few questions. First and foremost, you most likely want to know more about the costs involved. Figuring out finances is always the best place to start when it comes to tackling a new initiative such as this.
This article will help you better understand the cost of an electric vehicle charger, how to choose a residential EV charger, and provide you with some cost-saving tips, including information on the various federal and state incentives that are available.
Choosing an EV charger for your home
Before we dive into costs, let’s take a quick look at the three different charger options that are available.
1. Level 1 Charging
This is the simplest setup for those who don’t travel very far. A 120-volt charging cord will plug right into one of the existing outlets in your garage. This option will give you about 5 miles of range per hour, or approximately 60 miles of recharge every night.
2. Level 2 Charging
This charging option will require some minor renovations to your garage. A 240-volt outlet and a Level 2 electric vehicle energy supply system will need to be installed. For those who drive fairly long distances each day, you will get a faster charger and an added 12 to 25 miles of range per hour in comparison to level 1 charging.
3. Direct current fast chargers (DCFCs)
This option has the fastest charging speed available on the market today. As you can probably guess, it’s also the most expensive option that you won’t normally find at a residence. This 480-volt setup is most often found on highway charging stations. With a DCFC, 80% of the charge happens in about 30 to 60 minutes.
How much does an EV charger cost?
Now it’s time to get into the details of the costs associated with an at-home EV charger. The actual charger itself will likely range somewhere between $1,200 and $2,500. The only option that will be under $1,000 is a basic Level 1 charger at around $300. When it comes to the cost of installation, it will be from $450 to $750 on average.
All of these costs will vary depending on the types and brands of equipment that will be used. For example, a Tesla™ home charger can range anywhere between $750 and $1,200 on average. As a rule of thumb, it’s always best to check with your installer ahead of time to narrow down the specifics of the costs. If you are looking for details on the costs related to your situation, reach out to us today to get more information.
When we talk about costs with any major home-related project, it’s important to consider potential roadblocks. These are the issues that could cause your charger installation to become more expensive or take longer than usual to install. Here are some of the most common roadblocks we see:
- Wiring updates. Your garage’s wiring may be out-of-date for what’s needed with a charger.
- Running power to the desired location. Moving wiring and equipment to a specific parking spot location will require more time and money.
- Changing out a breaker box to handle the new charger. You may need to upgrade to a new breaker box to handle the higher voltage required from your charger.
Why you should hire a professional instead of taking the DIY install route
We all love to tackle DIY projects whenever we can. Something like painting the kitchen or changing out the garbage disposal can be accomplished fairly easily by most homeowners. However, when it comes to an EV charger home install, it’s best to leave this up to certified professionals
Here are a few reasons why you should hire a professional electrician for your EV charger installation:
- Safety. When it comes to working with electricity, it’s best to hire a trained professional to ensure that your equipment is safely and properly installed, protecting you from much bigger potential problems down the road.
- Acquiring permits. A licensed electrician will help you with the process of purchasing any local permits that are required.
- Peace of mind. A professional will ensure that your charger is set up properly to run for as long as possible with as few issues as possible. You can feel good knowing that the job was done right!
Reach out to our team of licensed professionals today for a free, no-obligation quote on your EV home charger installation.
New Laws and Incentives can help you pay for an EV home charger
Fortunately, there are some excellent federal and state incentives that can help bring down the cost of your EV charger installation. With an investment such as this, every little bit helps!
The federal tax credit for the purchase of an EV is up to $7,500. To get full credit, your EV must have been assembled in North America, along with the majority of its battery parts. It’s also important to note that the federal EV tax credit is available to those who report an adjusted gross income of $150,000 or less, or $300,000 for those who file jointly.
Taxpayers are also eligible for a credit of 30% of the hardware and installation costs for at-home EV chargers installed in their homes after December 31, 2021. This is a one-time deal that is also a nonrefundable tax credit for a maximum of $1,000. Any way you look at it, these credits are excellent sources of funding to help you with the installation costs for your home charger. For more information on the details of these federal incentives, check out the US Department of Energy website.
Nevada State Incentives
It’s not just the federal government that has all the incentives. Nevada wants to support your decision to go electric, too! For example, Nevada offers residential customers a rebate of up to $500 for the purchase of a Level 2 EV charging station.
The state also offers low-income customers a $2,500 rebate for the purchase of a new or used electric vehicle. These are households with income levels equal to or below 200% of the federal poverty line. You can find more information about Nevada’s incentives on the US Department of Energy website.
Installing solar to offset the higher cost of your electric bill
Paying for an EV home charger boils down to a number of the variables that we mentioned earlier. The type of charger, the brand (such as a Tesla™ charger) and the location of your charger are a few of those variables that will affect the cost. As we mentioned in the previous section, once you have those things figured out, it’s best to take advantage of any federal and state incentives that you qualify for to lower your final out-of-pocket cost.
Now that you have the initial costs figured out, you might be looking for a few ways to offset your electric bill moving forward. Below are a few ideas and resources to help you out.
3 resources to learn more about lowering your energy expenses with solar panels
- Going solar in Nevada. There are many reasons to go solar in today’s world. Saving on your monthly electric bill is an obvious one. Even better, here are 10 reasons why it’s a smart decision to go solar in Nevada.
- Understand the cost of solar panels. Just as you would with any big investment, it’s important to understand the costs associated with solar panels. Check out our webpage here to learn more.
- How to pay for solar panels. Once you understand the costs, the next step is figuring out how to pay for them. Check out these 4 specific ways to pay for solar panels in Nevada.
EV home charger installations are simple and safe with the help of licensed professionals
An EV home charger installation doesn’t have to be a stressful process. Give yourself some peace of mind by hiring licensed professionals to safely and properly get you hooked up. Whether it’s for the installation of an electric car charger at home, associated electrical work, or solar panel installation, our team at Bell Solar & Electrical Systems is ready and willing to help!
Reach out to us today to request a free, no-obligation quote.