Reality check on EV operating costsI'm moving into a new condo later this month. The builder sold EV hookups for an outrageous price as that is what builders do. As a result, the builder only sold EV chargers for 25% of the parking spaces.
Having time (polite wording for being retired) and being a value guy (polite wording for being cheap) I decided to check into what it would cost to get EV charging installed for every parking spot in the building and what the actual charging costs would be.
The installation charges are going to be a small fraction of what the builder charged. What a surprise!
Working with Swtch, the company that installed the EV system in the building, we can set up the entire building on one account ($20 per month admin fee) which will paid for by the monthly maintenance fee.
I used a Tesla Model 3 for the following cost calculation:
* car battery capacity of 57.5 kWh
* car range 536 kilometers (333 miles)
* Ontario Ultra Low Overnignt rate is $0.028 kWh
To calculate the amount it costs to charge the battery from zero to 100% is:
EV battery size in kWh * Charging Rate = 57.5 kWh * $0.028 = $1.60
Let's put the $1.60 charge per 536 km into perspective vs driving a gas powered car
I drive a big SUV which uses about 13 liters per 100 km combined highway and city.
In order to go 536km I need 536/100 * 13 liters = 70 liters
n the GTA, the current price of gas is $1.35 per liter
Therefore the cost to drive my SUV 536km would be $95
There is a drawback to utilizing the Ultra Low Rate in that the rate only applies from 11pm to 7am seven days per week. The beauty of using an AI Switch for the entire building is that the computer automatically sets the timing so that charging is only allowed during those hours. The good news is that your car will be fully charged every every morning if you plug it in with the cost being some fraction of $1.60 depending upon how empty your battery charge was when you parked your car.
In Ontario, the average driving distance per year is 16,000 km which represents 30 fillups (zero to full) for the Tesla. That equates to $49 per year if you run your tank to empty every time (which nobody does). When you add in the $20 month charge divided by 200 parking spots, the total cost could balloon up to a MAX of $50 per year for fuel. You never have to drvie to Costco and wait in line for gas or stand in the rain or snow while filling.
Now lets say you live in a hoome and can't take advantage of the Super Low Charging rate as you need to use electricty during the day. Therefore, you will have to pay $0.087 kWh for charging from 7pm to 7am and on weekends and holidays. That pushes your fuel bill up to $150 per year.
EV's don't require oil changes
EV's will likely never require new brake pads while ICE vehicles need new brake pads every 60,000 kms on average.
Some Tesla's require tire changes more often than ICE vehicles because it is hard to stop yourself from dusting redneck pickups and testosterone junkies at red lights. At some point, the gearheads and sports car owners (Porsche and Ferrari etc) will get tired of being humiliated off the line by Soccer Moms and Dads in Teslas, but until then, game on.