Cost Analysis: Home vs. Public EV Charging Station

An analysis of the cost of charging your electric vehicle (EV) at home versus using a public EV charging station can vary widely depending on a number of factors including location, EV efficiency, local electricity prices, and driving behavior. Here we describe the main ideas in detail.

The costs for installing a home charging station. The cost of installing a home charging station varies depending on the type of charger chosen, the distance between the charger and the electrical panel, and the complexity of the installation. Typically, you can expect to pay between Rs. 13,000 to Rs. 75,000 for a home charging station and installation.

Cost of Expenses at Home

The costs for charging at home depend on your electricity bill. The average price of electricity in India is Rs 4.50 per unit. This implies that charging your EV at a charging station will cost you between Rs 80 and Rs 200, whereas charging it at home would cost you between Rs. 160 and Rs. 450.

Cost of Expenses in Public

Reimbursement for the use of a public charging station

The costs for using a public charging station vary depending on the charging station operator and the type of charger used. Public charging stations are generally more expensive than home charging stations. The average charging cost at a public Level 2 charging station is Rs. 5 to Rs. 10 per kilowatt hour, and the average charging cost at a public DC fast charging station is Rs. 15 to Rs. 20 per kilowatt hour.

For electric vehicle owners who do not have a charger at home or need to charge their car on the road, public charging stations are more convenient than charging at home. There are public charging stations in many public places, such as shopping centers, parking lots, and along highways.

Comparison of household EV costs and public EV costs

Costs

House charging costs are usually cheaper than public charging costs. However, the initial costs for a home charging station can be high.

Convenience

Public charging is more convenient than charging at home for EV owners who don't have a charger at home or need to charge their car on the go. However, public charging stations can be busy and there may be waiting times.

Which option suits you?

Whether charging at home or in public is right for you depends on your personal needs and circumstances. If you have access to a garage and can afford the initial cost of installing a home charging station, charging at home is the most cost-effective option however, if you don't have a charger at home or don't need to charge your car while on the road, public charging is your only option.

Other factors to consider

In addition to cost and convenience, there are other factors to consider when choosing between home and public electric vehicle charging:

• Charging speed: Home charging stations are generally slower than public charging stations. However, you can charge it at home overnight and it will be fully charged again in the morning.
  
  
• Use a public charging station: If you live in a rural area or do not have access to a public charging station, charging at home is the only option.
  
  
• Government incentives: Many governments offer incentives to increase electric vehicle adoption, such as rebates for the purchase of home charging stations.

Potential pros and cons of public charging stations for electric vehicles

• Low upfront cost: The company has already paid for and installed public charging stations, so you only have to pay for electricity and the use of the charging station.
  
  
• Biggest Savings: Charging your car at home can save you money in the long run, especially if you have a daytime electricity plan that offers lower rates during peak hours.
  
  
• High cost: Charging an electric vehicle at a public charging station is considerably more expensive than charging at home. The average cost of charging an electric car (from almost empty to almost full) with a commercially available charger is between Rs.5 to Rs. 20 per kWh.
  
  
• Time costs: Finding a commercial charging station can take extra time, and if you don’t plan your road trip around the location of EV charging stations, you could spend a significant amount of time searching for a station.

Benefits and Potential Drawbacks of At-Home EV Charging Stations

• Higher initial costs: Installing an at-home EV charging station can be expensive, with costs ranging from a few hundred to a few thousand dollars.
  
  
• Increased convenience: Charging your EV at home is more convenient than searching for a public charging station, especially if you have a busy schedule.
  
  
• Lower charging costs: Charging your EV at home can be cheaper than charging it at a public station, especially if you have a time-of-use electricity plan that charges less during off-peak hours.
  
  
• Electricity bills: You will have to pay the electricity bills associated with your at-home charging station, which can increase your monthly expenses

Wrapping up

Home charging is generally less expensive than public charging, but the upfront cost of installing a home charging station can be significant. Public charging is more convenient for EV owners who don't have access to a home charger or who need to charge their car on the go. The best option for you depends on your individual needs and circumstances.