Understanding the Costs of EV Charger Installation

• A Level 2 EV charger installation for a residence costs about $2,000 on average
• This includes the cost of the charger, electrical, and installation costs
• This does not include federal or state rebates!
• The total average installation cost ranges from $1,000 to over $5,000 depending on how a home is structured

Electric car ownership is on the rise, and many drivers are switching to electric vehicles (EVs) to reduce their environmental footprint and enjoy the benefits of electric driving. If you're considering installing a Level 2 EV charger at your residence in 2023, it's essential to understand the associated costs. In this guide, we'll break down the expenses, explore the pricing differences, and provide insights on why charging your EV at home makes financial sense.

Average Installation Cost in 2023:

A Level 2 EV charger installation for your residence in 2023 typically averages around $2,000. This comprehensive cost covers not only the charger itself but also the electrical and installation expenses. It's important to note that this figure doesn't include potential federal or state rebates, which can further reduce your investment. However, the total average installation cost can vary significantly, ranging from $1,000 to over $5,000. The variation depends on various factors, primarily the structure of your home and its proximity to existing electrical infrastructure.

EV Charger Costs in 2023

To ensure your electric vehicle has a full battery every morning, a Level 2 charger installed at your home is essential. In 2023, the Level 2 charger itself typically falls within the price range of $350 to $1,200. These chargers are straightforward devices that supply electrical power from your home's electrical system directly to your plug-in electric vehicle.

Basic analog (or "dumb") chargers are available online for approximately $350. However, for added convenience, consider a charger with Wi-Fi connectivity, allowing you to control it via a mobile app. Connected chargers start at $500 and can reach up to $1,200 or more. Prices vary based on brand, design, material quality, and additional features, such as LED lighting.

EV Charger Installation Cost:

The second component of the cost equation is the installation itself, which can range from $600 to over $4,000, depending on multiple factors specific to your home and state.

In an ideal scenario where the charger is located near the electrical panel, requiring no upgrades or additional work, a certified electrician can complete the job for as low as $600. However, such ideal conditions are rare and some states have higher electrician pay rates. Additional factors, like extra wiring length, walls, or other obstacles, can increase the installation cost. Installers base their fees on the complexity of the installation, and if your electrical panel is in the basement, far from your charger, expect the cost to rise.

Furthermore, pricing can vary based on your state, the availability of electrician networks in your area, and the average hourly rate. Therefore, the average cost of installation typically hovers around $1,400. You can determine your specific installation costs by participating in our survey.

Pricing in Gross vs. Net Costs:

After installation, an EV charger generally requires minimal to no maintenance throughout its lifetime. However, it's worth noting that your home's electricity bills will likely increase post-installation.

So, what's more cost-effective: charging your EV at home or at public stations?

Let's do the math. To cover 1,000 miles in a month, you'd require 350 kilowatt-hours (kWh) of charging. Public charging stations, on average, charge around $0.49 per kWh, while home chargers cost approximately $0.17 per kWh. By choosing home charging, you can save significantly.

Charging 350 kWh exclusively at public stations for a month could cost you around $171.5. In contrast, charging solely at home would cost approximately $60. Over a year, home charging could save an EV driver approximately $1,344 in electricity costs alone!

Why wait? Investing in a Level 2 EV charger not only saves homeowners money, often with a payback period of just 1-2 years but also increases the value of your home.

Electric vehicles are at the forefront of transportation trends. Services like Airbnb have recently added an 'electric vehicle charging station' as an amenity on their platform, and surveys show that most consumers plan to make their next vehicle electric. Now is the perfect time to prepare your home or rental properties for the forthcoming shift in American mobility by installing a Level 2 EV charger.