Are EVs cheaper than gas cars? Will they spike your electricity bill? Here’s what it costs to keep your electric car running at home or using local charging stations

This article is Sponsor Content presented by Hyundai Canada

Charging an electric car is a lot like refuelling a gas one. Except it’s cleaner, cheaper and, often, easier.

While vehicle charging is often thought of as a mysterious or challenging process the good news is that if you are familiar with plugging in your phone overnight, plugging in your EV will be a breeze.

But, you may think, it can’t be that easy. So, what’s the catch? Here is a breakdown of everything you need to know about charging, costs and how to navigate a public network.

What is the formula for calculating the cost?

There are two equations needed to understand the “cost” of charging. The first is the monetary cost and the second is the time cost.

The Kona Electric has a battery range of 415km and a battery capacity of 64.0 kWh.

The Ioniq 5 has a range of 410-488 km and a battery capacity of 77.4 kWh.

The Ioniq 6 has a range of 435 to 581 km and a battery 77.4 kWh.

To find out how much time it will take to charge your EV, you take the amount of charge you need and divide it by your charger power (kW).

Desired charge/charger power (kW) = time needed for your charging session

The monetary cost of your charging session (from fully depleted to fully charged) is determined by a different equation: the size of your EV’s battery pack (kWh) multiplied by the energy cost of your supplier at the time you charge.

Battery size (kWh) x local energy cost = monetary cost of your charging session

What does it cost to charge in different cities with different cars?

Like with filling up the tank of a gas car, the cost of a charging session will depend on the size of the battery in the vehicle you are driving as well as the local energy cost in the location you are in.

By using the formulas above drivers will be able to calculate their time and charging costs no matter the vehicle or jurisdiction.

What is the cost of a home charger (unit + install) for higher speed charging?

Over 80 per cent of all EV charging happens at home. This is good news for a few reasons. The first is ease of access to charging infrastructure. The second is that charging overnight means a lower electricity rate as well as needing only Level 1 or Level 2 charging, which lowers the infrastructure costs.

The vast majority of electric vehicle owners have a Level 2 (or 240V) charger. Installation costs could run between $800-$1,200, depending on factors including if you have room in your electrical panel, distance between your panel and where you need your outlet to be and the cost of the charging unit itself.

It is possible to charge an electric vehicle with a Level 1 outlet (110/120V) also known as a “trickle charge,” which comes at no charge as long as one is within reach of your EV and charging cable.

How are electric vehicles billed for charging?

Electric vehicles may be billed for charging in two ways, depending on where you are charging.

Across Canada EV charging stations bill on time of use. That means that a vehicle is charged for the amount of time it is plugged in for.

In Ontario, the Independent Electricity System Operator (IESO) has carved out an exemption for EV charging networks that allows them to now bill based on kWh, or, the amount of energy used.

How do I pay for electric car charging?

Paying for public EV charging sessions with a Kona Electric or Ioniq can be done in two ways. The first is with an app on your phone affiliated with the public charging network you are using (there are several to choose from). The app has funds loaded onto it ahead of a charging session so that when the charging session is authorized through the app the funds are withdrawn automatically.

The second way to pay for a charging session is with an RFID card that is tapped on a charger to authorize the session and is connected to an account with funds already loaded in.