Cost Saving! 3 Truths About Charging with the Best EV Charging Station

EVs are growing in popularity as a greener option versus gas cars. In the total cost of the vehicles, charging costs account for an important proportion. Many people are concerned that the proportion of charging costs will weaken the long-term economic benefits of electric vehicles. But they end up cheaper due to lower fuel and maintenance bills versus gas vehicles. 

With electricity prices fluctuating regularly and new, more powerful, and best EV charging station options emerging, optimizing your charging costs is key to maximizing your EV’s economic benefits. By choosing the best EV charging stations on the market and understanding how to save on charging, you can significantly reduce your “fueling” expenses and get the most savings from electric driving.

What are the Costs of Charging Electric Vehicles?

Operating an EV involves various expenses associated with battery recharging beyond just electricity rates. Upfront investments into the best EV charging station equipment and maintenance must be considered alongside location and time impacts on electricity prices. A thorough examination of these dynamic factors provides insight into the total cost of owning an electric vehicle.

  1. EV Charger Purchase Costs

Initial EV charging stations represent a substantial percentage of the total expenditures associated with fueling an electric vehicle over a decade. Basic Level 2 solutions start around $1200-2500, whereas more involved electrical work and permitting fees increase costs. Meanwhile, DC fast charging infrastructures require upgrading related facilities and power electronics capable of transferring 50kW-350kW. They may surpass $10,000 for necessary equipment to facilitate minutes-long charging.[1]

The cost of purchasing the best EV charging station is usually a one-time payment, and local government subsidies can greatly reduce the burden on households or businesses. Users can also choose level 2 or 3 chargers according to their actual needs to avoid unnecessary waste. 

  1. Operation and Maintenance Costs

Beyond costs for purchasing EV chargers, there are also operation and maintenance costs of the charger, including electricity bills, maintenance, and update costs. Periodic component replacements become necessary due to regular wear and inevitable failure risks. These costs will vary with frequency and time of use. Moreover, such repairs can cost hundreds if damaged by user error.

  1. Electricity Price

Electricity costs vary from city to city depending on resources and policies. Compared to cities with scarce power generation resources, regions with abundant power generation energy will see lower electricity prices. In addition, electricity prices during nighttime periods may be much lower than during peak daytime periods. Therefore, reasonable planning of charging time can effectively reduce costs. Off-peak charging can also reduce the impact on the power grid.

Understanding this electricity price pattern enables saving costs through behaviors like delaying charging until midnight and considering energy storage to use low-cost self-generated solar power.

  1. Impact of Government Incentives and Subsidy Policies

Charging costs will also be affected by government policies. Forward-looking governments implement many rebates and tax credits to reduce upfront cost barriers and catalyze EV and the best EV charging station unit adoption. However, preferential policies have time limits and may change with policy adjustments.

Staying up to date on evolving policy landscapes helps optimize investment and reduce your economic burden. If the policies in your region are already sufficiently favorable compared to previous years, then don’t wait any longer!

What Determines EV Fast Charging Station’s Prices?

As mentioned above, the price of the EV fast charger accounts for a large proportion of the total charging cost. So, what determines the price of a charger? A variety of technical, logistical, and market changes affect it. A thorough examination of how factors like equipment type, capacities, electrical infrastructure investments, market forces, warranties, and local pricing structures help choose affordable options meeting charging needs over the vehicle’s lifetime.

  1. EV Charger Type

EV fast charging station units rely on cutting-edge power electronics to transform high-voltage alternating current from the grid into direct current usable by vehicle batteries. This process involves upgrading infrastructure and technology, increasing purchasing and manufacturing costs. On the contrary, purchasing low-power AC charging stations is relatively cheaper. Most have plug-and-play designs for convenient use. 

For DC fast chargers, additional high-capacity transformers, distribution panels, and protective conduit swell installation expenditures. But this kind of charger saves users time cost.

  1. EV Charger Power

Leaping from 50kW to 350kW charging power demands revolutionary improvements in power semiconductors, thermal management, and electrical infrastructure. The built-in over-current and leakage protection measures ensure the safety of the surrounding environment. A highly reliable cooling system can remove the heat generated during the charging process and maintain the charger’s good status. Larger step-up transformers and fault-detection devices are also necessary.

Therefore, these more advanced technologies and higher-quality components have increased the price of chargers. The higher the power, the more expensive the price. 

  1. Technological Progress

When the early charging station technology was not perfect and widespread, the cost of purchasing the best EV charging stations was relatively high. With the advancement of technology, the manufacturing cost of the best EV charging stations is constantly decreasing. For example, emerging manufacturing processes, materials, and technological innovations have controlled the manufacturing costs of charging stations, resulting in a decrease in market prices.

The emergence of new features and services brings users convenience but also requires research and development costs. For example, remote control and real-time detection functions allow users to view the status of charging stations, which may increase the price of the best EV charging stations. 

Moreover, with the evolving battery technologies, future products may have even more compact and economical designs, furthering affordable public access. 

  1. Market Supply and Demand Relationship

Market demand has a significant influence on EV charger prices. In areas where EVs and charging infrastructure are just emerging, initial demand is low. With few customers, companies price chargers higher to cover startup costs and turn a profit.

However, demand increases rapidly as more EVs hit the road and awareness grows. This allows companies to mass produce and distribute chargers at a much larger scale. Production expenses fall drastically due to economies of scale. Higher demand also means each new station installation can serve more users, driving greater long-term revenue. 

As a region becomes more saturated with EVs and competition rises, prices gradually decline to attract customers and market share. Surging customer demand is a key factor in lowering prices over time. Understanding market price trends and promotional activities can also help you purchase the most cost-effective chargers.

  1. Brand Reputation

A company’s reputation also impacts the charger’s prices. Customers recognize the value in brands that have established a strong reputation through rigorous testing and robust designs over many years. Reliability is especially crucial, as unplanned charger downtime leaves drivers stranded. Brands that demonstrate long-term dependable operation through minimal disruptions and quick resolution of issues can justify a small premium price.

In contrast, lesser-known brands without proven reputations provide less assurance of quality and reliability. There is a greater risk of equipment requiring frequent repairs or early replacement, increasing lifetime costs. To attract more cost-conscious customers, brands without a track record must price products lower to compensate for the uncertainty. Over time, products with better quality have brought buyers little trouble. 

  1. Warranty Period and Service Life

The length of the best EV charging station’s warranty period directly impacts its price. The longer warranty period and expected lifespan increase the value of the product. High-quality and long-term warranty products have the potential to reduce your charging costs because repair costs are covered by the manufacturer. It allows companies to focus prices on purchase rather than unpredictable repair costs for owners.

In comparison, chargers featuring minimal warranties of just 3 or 6 months leave owners responsible for maintenance and repairs sooner. This increased long-term cost risk will lower purchase prices to remain attractive against more fully warranted competition. But products with long warranties and lifespans are more recommended because they reduce the troubles and make your investment more meaningful.

Tips for Saving EV Charging Costs

Examining ways to reduce ownership costs is important to attract widespread EV and charger adoption. Drivers can lower personal spending through some useful practices. Key strategies include leveraging incentives, comparing market prices and equipment efficiency, optimizing home charging configuration, and proper maintenance. Exploring practical tips can help minimize charging expenses. 

  1. Evaluate Market Trends in Charger Prices

It’s important to research how prices change over time in the market to minimize charging equipment costs. New technologies often debut with high price tags, but they decline as production scales up. By comparing the pricing history of different models from prior years, buyers can identify price reduction cycles and anticipate future downward trends. In addition, some businesses may offer more favorable prices during holiday events and brand anniversaries, and you can also pay attention to this information.

Moreover, comparing multiple options at different stages allows purchases when market prices are lowest. 

  1. Purchase an Efficient EV Charger

Purchasing high-efficiency EV chargers provides meaningful cost savings. Efficient models draw less power from the grid for charging, reducing electricity consumption and saving bills. Intelligent systems also prioritize power distribution, enabling faster recharges so drivers can resume activities more quickly. 

Advanced features such as temperature controls allow high-power charging for a longer time without overheating issues. An efficient charger can also provide stable voltage and current, reducing energy loss. Overall, high-efficiency models provide benefits for both individuals and the power grid through energy savings and driver convenience. They help save your charging costs.

  1. Integrated Battery Storage

Integrated home battery storage powered by solar energy can provide affordable electric vehicle charging solutions. By storing excess solar power in batteries, EVs can be charged when solar panels generate the most, rather than relying on the power grid. Meanwhile, storing energy while electricity prices are low for daily EV charging can also significantly reduce costs. 

Properly sizing the storage system based on regular home energy usage and solar efficiency ensures charging costs remain low for decades. When electricity demand increases in the future, you can also easily expand the capacity of energy storage systems, extending usage time and frequency to maximize investment.

  1. Keep the EV Charging Station in Good Status

Regular maintenance makes the best EV charging station last longer for maximum cost savings over time. Applying software updates from the company improves how it works or adds new features. Catching small problems stops expensive downtime. If any problems are found during the warranty period, it is recommended that repairs be applied for in a timely manner.

Steps like cleaning vents help prevent overheating. This reliable care supports continued low costs because timely maintenance can ensure the charger’s long-term high efficiency, thereby helping you reduce energy consumption. 

EVB Charger: Your Trusted Source for the Best EV Charging Stations and Energy Storage Solutions

As a subsidiary of BENY, EVB Charger is one of the leading global brands of EV chargers and energy storage solutions. With over a decade of power electronics experience and continuous investment in research and development, this EV charger supplier has established itself as a pioneer in the industry for charging innovation, quality craftsmanship, and excellent customer service.

EVB Charger offers a full range of AC and DC charging stations with varied power output ranges, making them compatible with all electric vehicles currently on the market. Their best EV charging stations feature robust designs certified to global safety standards and advanced monitoring and control technologies for smart charging. 

The brand also designs and manufactures high-performance residential and commercial energy storage battery packs tailored for photovoltaic and charging integration. As mentioned above, the combination of solar energy, energy storage systems, and chargers provides a practical solution to minimize charging costs while maintaining the concept of sustainable transportation. Here are their solutions for the workplace and home:

Solution for Workplace

Whether you need to charge fleet vehicles or provide convenience for employees during the workday, EVB Charger offers a solution that integrates 2 Guns DC EV Charging Advertising Station and 100kW/230 kWh Energy Storage System (optional air cooling and liquid cooling system). The fast charging stations are ideal for high-traffic workplaces, and the large-capacity energy storage system can improve energy efficiency and reduce electricity bills. It can also serve as an emergency power source.

2 Guns DC EV Charging Advertising Station

This EV fast charging station features a sturdy casing with dual charging guns to charge two electric vehicles simultaneously. It has also upgraded to a 43-inch advertising screen, making user interaction more convenient and the product more aesthetically pleasing. Features of this best EV charging station include:

  • Output power ratings from 60kW to 120kW allow halving charging times compared to slower chargers, minimizing driver waiting time costs.
  • Two independent charging connectors increase charger utilization rate and reduce per-charge infrastructure costs.
  • 43-inch advertising screen generates additional revenue through advertisements during charging, helping offset installation expenditures.
  • Compact, durable design and IP55 protection lower maintenance needs and downtime expenses over a decade of heavy usage.
  • Remote monitoring software allows proactive issue detection to minimize expensive on-site repairs and outages impacting user satisfaction.
  • OCPP 1.6J, Ethernet, and 4G allow for unobstructed communication.
  • 24-month warranty.

100kW/230 kWh Air Cooling Energy Storage System/ 100kW/230 kWh Liquid Cooling Energy Storage System

These two energy storage systems both incorporate LFP batteries into a single modular cabinet with an integrated intelligent air cooling or liquid cooling method. Designed for scalable commercial applications, it supports vital power management and backup power functions. Its key characteristics include:

  • A large battery capacity of 230kWh and rated power of 100kW cuts the frequency of replacement or expansion costs as power needs grow.
  • Over 8000 charging cycles ensure long, low-cost operation.
  • Operating temperature flexibility (-20 °C to +55°C) permits installation in varied climates without expensive thermal management requirements.
  • Up to 90% system energy efficiency of air cooling energy storage system and 92% efficiency of liquid cooling energy storage system saves you EV charging costs.
  • The liquid cooling system uses high specific heat capacity liquid cooling technology, and the air cooling system integrates fire protection and air conditioning, allowing for rapid heat dissipation to prevent thermal runaway effectively.
  • Intelligent energy management maximizes the utilization of low-cost renewable energy sources like solar, reducing lengthy-term energy expenses.
  • IP55, a multi-level fire protection system, graded isolation interlocking protection ensures comprehensive safety.

Solution for Home

EVB Charger understands the unique requirements of residential charging situations. Its home charging line includes a universally compatible AC EV Charger with Socket as well as a Stacked LFP Energy Storage Battery Pack. With convenient design, these products not only safely and efficiently power up electric vehicles at home but also save electricity bills and give emergency support for you.

AC EV Charger with Socket

This versatile home charging station features a compact wall-mounted design with a universal socket outlet. It has been certified by CE, UKCA, TUV, CB and RoHS, etc. The top features of this best EV charger for home include:

  • Type 2 (IEC 62196-2) plug socket compatible with most EVs eliminates the need for multiple specialized charging cables.
  • The DLB function allows the automatic adjustment of the charging station’s power to achieve intelligent energy distribution.
  • Allow integration of solar and energy storage systems for intelligent electricity use.
  • Over-the-air update capability ensures the charger remains compliant with any future electrical standards, avoiding premature hardware replacement expenses.
  • Compact wall-mounted design installs quickly without construction costs.
  • A rugged IP55/65 rating means years of indoor or outdoor use without corrosion or weather damage issues.

Stacked LFP Energy Storage Battery Pack

This advanced battery system for homes allows for scalable energy storage capacity. Individual sturdy modules can be conveniently stacked to meet specific energy demands. Its key characteristics include:

  • Modular design and stackable individual modules allow for scalable and cost-effective capacity expansion. It supports up to 15 layers of arbitrary stacking. This avoids oversizing initial battery investments.
  • A super large heat dissipation area avoids potential safety risks like thermal runaway that could damage the entire battery system.
  • Compatible with multiple-brand and multiple-model inverters, it ensures broad applications. 
  • Using A-grade LFP cells for long lifespan and safety
  • Wide discharging temperature from -20℃ to 60℃

Conclusion

Several factors influence the charging costs of electric vehicles, from purchasing the best EV charging stations to electricity rates and energy storage optimization. However, EV drivers can minimize costs by adopting energy-efficient habits, utilizing available incentives, and choosing high-quality hardware from a reputable supplier like EVB Charger. 

As an industry leader with a focus on innovation, quality, and support, EVB Charger provides smart charging solutions. Its extensive product range and advanced technologies can help lower charging expenses. Visit EVB Charger’s website to learn more about commercial and residential solutions!

References

[1] How Much Does It Cost To Install An EV Charger? Available at: https://www.jdpower.com/cars/shopping-guides/how-much-does-it-cost-to-install-an-ev-charger (Accessed: 19 February 2024)


Interesting Related Article: “Why Businesses Should Invest in Commercial Charging Stations for Electric Vehicles