EV Charging Station Costs

As electric vehicle (EV) ownership becomes increasingly popular in Australia, many drivers are considering installing a home EV charger for added convenience and potential cost savings. Let's delve into what you need to know before making this decision.

1. Benefits of home EV chargers

Charging your EV at home offers several advantages over using public charging stations. With a dedicated home charger, you can conveniently charge your vehicle overnight, starting the next day with a fully charged car. 

While some EV owners opt for standard 10-amp wall outlets, dedicated home chargers can deliver significantly faster charging rates, making them the preferred choice for many EV owners.

2. How much do home electric car chargers typically cost?

Your home EV charging station price can vary between $500 and $2000. However, in addition to the unit cost, you'll need to budget for professional installation by a licensed electrician, which can range from $750 to $1250.

3. What’s the cost to set up an EV charging station at home?

EV charging station installation costs depend on factors such as your home's electrical setup, the distance between the switchboard and your wall charger location, and the type of installation required. For instance, if your installer needs to dig a trench to run a power cable to a pole-mounted charger, your installation costs may increase. It's worth checking with your vehicle's manufacturer regarding any available incentives. Some EV manufacturers offer a complimentary or discounted home charger as part of the vehicle purchase. For instance, Lexus initially included a free home wall charger with the purchase of the NX450h+ plug-in hybrid SUV, while Polestar collaborated with a charging provider to provide a complimentary home charger for select Polestar 2 models. Older homes with outdated switchboards may require upgrades before installing a home EV charger. These upgrades ensure compliance with current electrical codes and safety standards. The type of electrical connection your home runs on also affects the charging speed for your EV. You’d be wise to do your sums carefully before deciding whether getting an EV charging station at home is worth your while.

4. Renewable energy integration

Charging an EV with renewable energy is not only environmentally friendly, but can also result in cost savings for you. Homeowners with rooftop solar systems can utilise excess solar power to charge their EVs during the day.

Alternatively, inquire with your electricity retailer about carbon offset or green energy plans that support your renewable charging options. Some energy retailers offer additional support for EV owners. If yours doesn’t consider switching providers.

5. Considerations for Apartment Living

Installing EV chargers in apartment buildings poses unique challenges, particularly in older complexes. Consult with your owner's corporation or strata manager to determine the feasibility and requirements for installing chargers in your building.

If you own your own garage as part of your strata plan, this may prove to be less of an obstacle. It’s also a point to consider when you’re looking to purchase a new apartment: Where will you be able to install your home charging system, and how easy is it to take with you when you move?

6. Charging Times and Costs

Charging times will depend on factors such as your charging point's speed and your car's battery size. Charging at home is usually the most cost-effective option, especially if you’re able to utilise off-peak electricity rates or excess solar power.

In conclusion, installing a home EV charger requires careful consideration of factors such as location, power supply, your home’s capacity, and your own charging preferences. By weighing these factors and exploring renewable charging options, you can make an informed decision that aligns with your needs and priorities as an EV owner.

Sources

https://www.racv.com.au/royalauto/transport/prepare-home-for-ev.html

https://www.originenergy.com.au/electric-vehicles/business/flex-plan/

https://www.drive.com.au/caradvice/how-much-does-it-cost-to-install-ev-charger-at-home/

https://www.simplyenergy.com.au/residential/energy-efficiency/simply-ev

https://next.agl.com.au/home-charging/home-chargers

https://www.racv.com.au/royalauto/transport/prepare-home-for-ev.html

This guide is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.

Paul Coughran is the General Manager of Emerging Verticals at Compare Club. Paul has over 20 years of experience across a wide range of industries including Banking and Finance, Telecommunications and Energy. Paul leads a team of trusted experts dedicated to helping individuals make informed decisions about their insurance and utilities needs.

Meet our energy expert, Paul Coughran

Paul's top energy tips

• 1

  Australia’s top three energy companies still hold 64% of the total Australian market, even though competition was deregulated in 2017.

• 2

  If you don't shop around for energy providers, you’re probably leaving your savings on the table by failing to compare better value options.

• 3

  Most energy providers offer discounted rates for new customers, which is a strong incentive to switch.

• 4

  There should be no interruption when you switch energy providers. You'll need to pay a new company for your energy, but there won't be a disruption to your power supply.