Charging Your EV: 3 Ways to Save Money
Electric vehicles may cost more on average than a similar ICE car, but consumers are making the switch at a rapid pace due to long-term cost savings. Electric cars are typically easier and cheaper to maintain, and you’ll save money by no longer relying on gasoline. With the current average unleaded gasoline price of $3.67, fully charging an EV battery is far cheaper than adding an equivalent amount of energy at the gas pump. Still, there are a few ways you can save even more money when charging your EV.
1. Charge During Off-Peak Hours
EV drivers that charge at home will save money by taking advantage of special “off-peak” power rates available from most electrical utility companies. In our hometown of Portland, we currently pay rates as low as $0.09 per kilowatt-hour for charging during off-peak hours. Compared to $0.15 or more per kWh for peak charging times, it can provide significant savings.
You can find time-of-use rates in your city by looking up your local electrical utility company. Charging during off-peak hours also helps ensure that the energy we use includes cleaner energy. Utilities have to keep up when peak demand exceeds a certain point, and that may mean having to rely more on generators powered by fossil fuels.
2. Charge While Out and About
Take advantage of designated EV parking spots while at work, running errands, and more. You’ll save money on charging, boost your range, and typically enjoy a more convenient parking area. Evoke provides a partner charging card with every subscription that provides free access to all public charging stations, so you can always charge for free on the go.
3. Follow The 80/20 Rule
Keep your battery charge level no lower than 20% and stop charging at 80%, unless you need the range for a long journey. Charging takes the longest for that first and last 20%, and you don’t want to risk being stranded with a dead battery.
This will also extend your EV battery’s life. Just like your smartphone battery, your EV's battery will last longer if you prevent it from charging to 100% or running it down to zero. Lithium batteries have less wear and tear when moving energy in and out in the middle 60% range of a battery's capacity, which is why long-range EVs have a trip mode and a daily driving mode.
The 80/20 rule does have a few exceptions. Tesla recommends charging the battery in its rear-wheel-drive vehicles to 100 percent, even for daily driving, so EV drivers should consult their owner's manual for charging recommendations for their specific model.
If you’re interested in making a transition to an EV without the long-term commitment of buying or leasing, consider an Evoke membership. We provide simple, transparent, all-inclusive EV subscriptions with no down payment or startup costs. Sign up for the waitlist today to secure your EV and delivery date.