How Much Does an Electric Car and Its Charging Cost Per Month?
August 20 2024,
- What is the Average Monthly Cost of Charging an Electric Car in Quebec?
- How Much Does Buying an Electric Car Cost Compared to a Gasoline Car? Are There Still Grants?
- The Cost of an Electric Charging Station and Its Installation Amortized Over Several Years
- Lower Maintenance Costs than a Gasoline Car
- Are Insurance Costs Different When You Have an Electric Car?
- Do Winter and Summer Temperatures Risk Affecting My Charging Costs?
- Summary of Monthly Costs Over 5 Years Following Purchase
Many drivers, debating between a gasoline or electric vehicle, often wonder about the monthly cost of an electric car. Are you considering this purchase and wondering if it can be cost-effective in the short or long term?
Groupe Lauzon is here to provide more information and outline the costs of charging an electric car in Quebec, maintenance expenses, and more to help you plan your budget.
What is the Average Monthly Cost of Charging an Electric Car in Quebec?
Firstly, the cost of charging an electric car varies depending on where you charge it: at home or at public fast-charging stations, for example.
With a Home Charging Station
It's important to note that there are two categories of home chargers: the 120 V charger, which corresponds to a standard outlet, and the 240 V charger.
Most homeowners already have a 120 V outlet that can be used to charge their electric car, which takes between twelve hours and nearly a day. It's an economical, albeit slower, solution.
By installing a 240 V charger, you'll enjoy faster charging times, typically between 7 and 9 hours.
How much does it cost to charge an electric car at home? According to estimates from the Government of Quebec, considering electricity rates, a full charge costs on average $1. This varies slightly depending on the size of the battery.
Even assuming you use the full energy of your battery each day, this would amount to roughly $30 per month. For most drivers, it's even less, as costs are below $1 for a partial recharge.
At a Fast Charger with a Long Trip Once a Month
When you travel far from home, you cannot rely solely on home charging. What about those long trips where the full range of your car isn't enough?
It's important to know that the rates vary according to the structures and the charging power. For example, a 240 V charge on the electric circuit can be billed between $0 and $3 per hour or per time slot or between $0 and $10 per session, at a fixed price.
For fast chargers, the prices per hour up to 90% charge are set between $7.76 and $18.32/h for a 24 kW or 100 kW charger. You could also pay per kWh depending on the power provided.
When the power supplied is over 20 kW, the price is charged per kWh, for example, $0.60/kWh for a power of 180 kW and above.
Specifically, for a Porsche Taycan with a 93 kWh battery, a charge from 10 to 80% at a public 350 kW charger from the Electric Circuit would cost $38.21 according to calculations from the Electric Circuit.
This resource also presents the example of a 64 kWh battery connected to a 100 kW charger, which would cost a total of $19.34.
As for Tesla Superchargers, they are currently reserved for the manufacturer's vehicles but are expected to start accommodating charging for cars from other brands by 2025. Their pricing varies depending on the location and sometimes, the time of day. Finally, in Quebec, you can charge your car at a FLO network station, where the cost also varies according to the location and charging speed. There are even free stations!
The cost of an on-the-go recharge can thus vary greatly. If you only take one long trip per month, you can estimate a cost between $20 and $50 for a fast recharge.
Monthly Electricity Cost Compared to Gasoline Cost
Even using a fast 350 kW charger, the cost of a full electricity fill is significantly lower than that of filling up with gasoline. How does the cost of charging an electric car in Quebec compare to gasoline fills?
Suppose you are relatively active and travel a monthly distance of 1000 km. Assuming an electricity rate set at $0.10/kWh and a consumption of 20 kWh/100 km, you would spend about $20 per month. How much does an electric car cost per 100 km? It would be as little as $0.20, according to the same calculation.
Now, consider the gasoline rate, currently around $1.75/L, and imagine you drive an SUV averaging 9.5 L/100 km. The gasoline cost would then be about $166.25 for 1000 km!
To give you an example based on calculations from l'Annuel de l'automobile, the annual electricity consumption of a 2024 Audi Q4 e-tron is estimated at $384 for 17,000 km. This model is also among the best luxury electric SUVs.
In comparison, the Audi Q3, although having reasonable consumption in its category, costs about $2,774 in gasoline annually.
How Much Does Buying an Electric Car Cost Compared to a Gasoline Car? Are There Still Grants?
The purchase price is often the first hurdle that consumers encounter. Yet, when we calculate how much an electric car costs per month, we quickly realize that the cost is not much different from that of a gasoline vehicle.
Indeed, two government incentives are available to help you reduce the initial cost. Although the Quebec grant is set to decrease progressively, you can still benefit from two non-taxable subsidies:
- Gouvernement du Québec: The Roulez vert subsidy grants you up to $7,000 for a new vehicle or $3,500 for a used electric vehicle. This subsidy applies to cars with a MSRP of less than $60,000 (before April 1, 2022) or $65,000 (after April 1, 2022).
- Federal Government: The Incentives for Zero-Emission Vehicles Program offers you up to $5,000 off the purchase or lease of an electric vehicle.
These discounts significantly reduce the purchase price and allow you to obtain similar monthly payments.
The Cost of an Electric Charging Station and Its Installation Amortized Over Several Years
The installation of a charging station is estimated between $700 and $1,300 depending on the model chosen. An average of $500 should also be planned for installation by a master electrician. You can therefore plan approximately $1,500 in total for the purchase and installation.
However, you will not have to pay the entire sum; generally, the dealer, manufacturer, or municipality provide financial assistance. If not, you can get a $600 reimbursement from the Government of Quebec. Total cost: approximately $900.
By including this cost in your financing plan over a few years, the fees become negligible; we're talking about less than $20/month for a loan over 48 months.
Lower Maintenance Costs than a Gasoline Car
According to a study conducted by Consumer Reports in September 2020, electric vehicles cost on average 50% less to maintain than gasoline vehicles. This is mainly due to simpler technical operation, with fewer parts.
Since electric cars do not need oil changes, this eliminates a recurring cost. Moreover, the regenerative braking of electric vehicles tends to extend the life of the brakes by reducing wear!
How much does a car cost in maintenance per year? According to CAA, the fees for a gasoline car are on average $500 to $700, not counting tires. You can reasonably expect $250 to $350 for an electric car.
Are Insurance Costs Different When You Have an Electric Car?
Insurance premiums may be higher, partly because electric cars often have a higher initial value and partly because they require rarer parts and specialized labor.
However, the increasing popularity of electric vehicles tends to lower this cost. Moreover, some insurers offer discounts to encourage drivers to reduce their ecological footprint; thus, you can expect to pay about the same amount.
Do Winter and Summer Temperatures Risk Affecting My Charging Costs?
As with gasoline cars, temperature can have an impact on energy consumption. It is estimated that cold temperatures can reduce the range of the car by 20 to 50%, but it is possible to minimize this impact through preheating.
The impact of hot temperatures is a bit less significant; it's mostly the air conditioning that could lead to a slightly higher energy consumption. Despite these variations, the differences in home recharge costs remain minimal, especially if you have a garage.
Summary of Monthly Costs Over 5 Years Following Purchase
| Cost per Month | Electric Car | Gasoline Car |
|---|---|---|
| Fuel (1000 km) | $30 | $166.25 |
| Maintenance | $15 | $30 |
| Charging Station Installation(amortized over 5 years) | $15 | $0 |
| Insurance1 | $75 | $75 |
| Total Monthly | $135 | $271.25 |
Once the vehicle is paid off, the ownership costs of an electric car are about 75% lower than those of a gasoline model! Costs are also lower during the lease or financing period, at equivalent price.
If you would like a more precise calculation of your monthly payments to buy or lease an electric car, visit your Groupe Lauzon dealership in Laval, on the North Shore! We can answer all your questions and propose a customized financing plan for you.
