Date published: 24/04/23. All content in this article is intended to be general in nature and does not constitute and is not intended to be financial or professional advice.

Electric vehicles don’t come cheap, but with how exxy petrol is becoming, you might be thinking about making the switch. Once you join the EV owners with the latest Tesla model - congrats, btw - you’re probs wondering how much you might have to fork out to keep your EV full of electric juice, and how it compares to keeping your internal combustion engine full of fuel juice.

Charging levels refer to the amount of power that’s being delivered to your car. Level one is the lowest, and three is the highest. As you’ve likely guessed, the higher the level, the faster it’s going to charge your EV.

Fast charging can be accessed at public charging stations, with fast dc charging available at commercial charging stations. In Australia, the cost of charging up your EV could range anywhere from $0.15 to $0.60 per kilowatt hour depending on your vehicle and where you’re charging it.

So, how much does it cost to charge your sparki boi when you’re out and about and how much will you be shelling out when you're at home?

Small EV* = think hatchbacks, sedans and small/”city” SUVs like Hyundai Ioniq, Nissan LEAF, Mazda MX-30

Large EV** = we all know a big boi when we see one! SUVs and modern takes on people movers, along with powerful sports car styles - Kia EV6, BMW IX, Porsche Taycan, Mercedes-Benz EQ-Class

At a level 3 public charging station - or rapid charging stations - it’ll cost drivers anywhere from $15.30 to $18.30 to get to full charge on a small electric vehicle, or $45 to $54 for a bigger EV.

At a level 2 public charging station, you’ll be paying somewhere between $15 and $19 for a full charge(https://jolt.com.au/news/cost-to-charge-electric-vehicle/) of a small electric vehicle, and $30 and $36 for a larger one. As some of these are within office buildings or shopping centres, don't forget to factor in paid parking fees.

Long story short, possibly, it just depends on a few things. Long story long, the best way to charge your car when you’re using your solar panels is to plug it in during the day while the sun is shining. If the amount of solar electricity being made is the same or greater than the amount charging the car, it’s likely no grid electricity will be needed to charge your car. But this doesn’t take into account all the other things in your house using electricity. So like we said, it depends on a few things.

Like we said up top, level one charging is the slowest - sometimes referred to as trickle charging (burn) - and the higher levels will quickly recharge your ev. Before we get into what might affect your charging time, have a squiz at this breakdown of your different options.

If you’ve got the funds handy - you can actually install a level 2 charging station in your own home. This will set you back between $900 - $2000 for the charger and another $800 - $2000 for professional installation.

If you’re looking to calculate how long charging an electric car will take, you will unfortunately have to do some maths (we promise* this is the last time we’ll suggest partaking in maths).

The time the battery takes to charge depends on a few factors:

• Charge rate: the power output of a charger in kW, factoring in the average rate of power loss is 10% when your onboard charger converts the AC energy into DC energy (this actually happens in all your electric goods, but the plug or charging base normally takes care of the heavy lifting).
• EV Battery Size/Capacity: measured in kWh.
• Level of charge: how much your car is currently charged. Fun fact: batteries tend to charge fastest within the 30 to 80 percent range. Here’s the maths part - there’s a handy little formula that can help you calculate how long it'll take you to get to full capacity.

Battery capacity / (Charging power x 0.9) = time required to fully charge your EV

So, if we put this trusty formula to use for a 39kWh battery capacity using a level two charge at a 7kW rate, the equation would look a little something like this:

39kWh / (7kW x 0.9) = 6 hours and 12 minutes

*DISCLAIMER: Please note that this calculation is a guide only. ROLLiN' does not guarantee the accuracy or currency of the estimates.

When you’re calculating the costs of filling up your combustion engine car, the rule of thumb is to multiply the capacity of the tank by the price per litre.

Electric cars work in a similar way. You’ll need to multiple the size of the battery by the cost unit, which is the kWh. At a very basic level - not accounting for variables like using solar panels or charging off peak, for example - the formula would look a little something like this:

Battery Size (kWh) x Electricity Rate (per kWh rate) = Charging Cost ($)

So, this is what a 60kWh battery and an electricity rate of $0.50 per kWh would likely cost to charge:

60kWh x $0.50 = $30.00

*DISCLAIMER: Please note that this calculation is a guide only. ROLLiN' does not guarantee the accuracy or currency of the estimates.

Short answer: it could - at least when you’re talking about how much it costs to keep them running, anyway. According to Australia’s Electric Vehicle Council (EVC), the cost to charge an electric car (contingent on current electricity costs/off peak rates) can be up to 70% cheaper than fueling up. On average, that could save EV drivers about $1600 each year.

Spoiler: Electric vehicles come out on top for maintenance. The EVC reckons that you could have maintenance savings of around 40%.

Depending on how much you drive your EV and how many kilometres you clock up, EVs will most likely save you money in the long run. However, the upfront cost of buying an electric car can be pretty hefty. How much does it cost? Popular electric cars in Australia have an average price tag between $50,000 and $100,000.

PHEVs are hybrids. This means they’re powered by both electricity and fuel. The groovy thing about these bad boys is that they can swap between electricity and fuel. This is great for people using electricity for shorter commutes, with the option to switch to fuel when they are road trippin’ or being used for an extended period. The best of both worlds (Hannah Montana, circa 2006).

PHEVs typically have smaller upfront costs than EV, and because many can be powered by electricity for 50-60kms, they can essentially act as a fully electric car if you give them a quick charge everyday.

As you’ve probably guessed though, because of the added expense that comes with servicing normal cars - plus what you might spend on petrol - PHEVs will have greater ongoing costs than EVs.

FREQUENTLY ASKED QUESTIONS

So there you have it; it’s safe to say that owning an EV will most likely save you money on fuel and maintenance costs compared with driving a traditional car. Plus, some countries offer incentives for purchasing the latest Tesla model or Hyundai Ioniq Electric, so hopefully Australia will follow suit soon.

This is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement. Product Disclosure Statement and Target Market Determination are available from rollininsurance.com.au. Insurance issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as Rollin’ Insurance.