U. J. Alexander / iStock.com
Alex Rodriguez had been spending a fortune at the gas pump for his old Honda Civic — easily $400 or more per month to keep the tank topped up with premium gas. That’s just how much it cost to stay mobile in Los Angeles with a gas-guzzler. But then Rodriguez made the switch to driving electric — and his monthly “fuel” costs plummeted to under $50.
“It’s honestly life-changing,” Rodriguez said about the savings he’s experienced after purchasing a 2023 Volkswagen ID.4 electric SUV last year and installing a home charging station. “Obviously gas prices are ridiculously high, so I used to cringe every time I pulled up to the gas station. Now I don’t even think about it.”
The transition to driving electric didn’t come cheap upfront for the 32-year-old L.A. resident. The ID.4 carried a steep sticker price around $40,000. But solid rebates (including through California’s Clean Vehicle Rebate Project) helped take the sting out, bringing his total out-the-door price down to around $30,000.
“Purchasing the EV itself was definitely the biggest expense,” Rodriguez said. “But I knew the long-term savings would be worth it compared to keeping my gas-guzzler.”
A Home Charger: The Game Changer
Simply buying the electric Volkswagen ID.4 wasn’t enough to start maximizing those tantalizing “fuel” cost savings, however. Rodriguez saw the limitations (and expenses!) of relying on public charging stations scattered across L.A.
“Have you ever had to wait 45 minutes just to get 100 miles of extra range at one of those rapid chargers?” he asked. “It’s not great.”
That’s why getting a charging station installed in his garage became an immediate priority after purchasing the ID.4. For around $600, Rodriguez had a level 2 charger set up where his car is parked overnight.
“Now I just back the car into the garage after work and plug it in,” he said. “Eight hours later, I wake up to a fully charged ‘tank’ ready for my commute. It’s such a convenience I can’t imagine living without anymore.”
The Low ‘Fuel’ Costs of Charging an Electric Vehicle
Of course, the main financial benefit of Rodriguez driving the ID.4 stems from how inexpensive it is to actually charge the 82-kilowatt-hour battery compared with what he once spent on gas. According to analytics firm EnergySage, it costs just $0.05 per mile to charge an EV versus $0.13 per mile to fuel a gas-powered vehicle.
The 12,000 miles per year Rodriguez racks up driving around L.A. translates to annual “fuel” costs of just $600 for the electric Volkswagen. His old Honda Civic would’ve cost over $3,600 per year to fuel up considering today’s gas prices.
“It used to almost give me heart palpitations whenever I spent $400 or more filling up the Civic’s tank each month with premium gas,” Rodriguez said. “Now I might spend $50 some months to recharge the ID.4. That’s the kind of savings that really adds up over time.”
Rodriguez even managed to save more by enrolling in an EV home charging program through his utility company, ensuring that he pays even less when he charges during nonpeak hours.
Total Yearly Savings: Over $4,200
Between the federal and state EV purchase rebates, the low “fuel” costs enabled by cheap overnight electricity rates, and no need for gas for his daily driving, Rodriguez figures his total annual transportation cost savings come out to a staggering $4,200 compared with the costs the year before he went electric.
To put it another way, registering, insuring and charging his shiny new ID.4 EV costs about $350 less each month than operating his old gas-powered Civic after accounting for purchase incentives and charging costs.
“The numbers just blow my mind sometimes,” Rodriguez said. “If you’re considering an EV, I really can’t recommend getting a home charging station enough. Yeah, it costs $600 or so to install, but it’s so worth it.”
Taking the EV leap with a home charging setup has been a no-brainer for smart consumers like Rodriguez, and it could be a solution for cost-conscious California drivers looking to dramatically reduce their carbon footprint and monthly transportation expenses. The future is looking mighty electric — and mighty cost-effective too.
More From GOBankingRates
Source link