Electric vehicles continue to increase in popularity as a way for individuals to save money and help support renewable energy sources. But are all electric cars accessible for everyone? And just how much money can you save by leaving gas behind and switching to an electric car? Show
In the case of one of the most popular electric car companies in the world, Tesla, these questions become quite relevant. Tesla cars are often more expensive than many other brands of electric cars, so it can be important to figure out if you’re getting your money’s worth in the long run from a Tesla purchase. So, how much does it cost to charge a Tesla? Let’s dig deeper into the answer to see if having this brand of electric vehicle is the type of money move that’s worth your consideration. 6 Genius Hacks All Costco Shoppers Should Know Important terms and vocabularyBefore jumping into the math for three of the Tesla models, let’s make sure we’re on the same page by defining what different terms mean for our calculations and general understanding.
Story continues Learn how you could save up to $500 on auto insurance. How much does it cost to charge a Tesla Model X?The Model X currently on the road comes in two trims, the Long Range and the Plaid. Both options have a 100 kWh battery. The Long Range has an EPA-estimated 360 miles of range, while the Plaid has an estimated range of 340 miles. According to the U.S. Energy Information Administration, the current (as of January 2022) national average price of electricity for residential usage is 13.72 cents per kWh, with the lowest price of 9.43 cents in Nebraska and the highest of 37.33 cents in Hawaii. For ease of calculations, we’ll round the national average to 14, a nice, even number. So, how much does it cost to charge a Tesla at home? If we multiply the size of the Model X battery by the average electricity cost, we end up with about $14 (100 x $0.14 = $14) total to charge your Model X battery from 0 to 100%. However, we also have to account for the type of charging station because some chargers are more efficient than others. Level 1 and Level 2 chargers can often fluctuate between 80% to 90% efficiency, which means it’s taking 10% to 20% additional power to charge the battery. Let’s say these chargers average about 85% efficiency, then a full charge requires 15% additional power. Level 3 chargers are much more efficient, so we won’t consider them using any additional power to charge Tesla batteries. Superchargers do, however, come at different prices. It’s not uncommon to see prices of 26 cents per kWh, so we’ll use that number for our calculations to answer how much it costs to charge a Tesla at a charging station. So, how much does it cost to fully charge a Tesla Model X? Getting a Tesla Model X battery from 0% to 100% with each type of charger would cost:
And here’s about how much you’d be paying per mile for each trim: Overall, the Model X Long Range slightly beats out the more powerful Plaid when it comes to cost per mile, especially if you use Level 1 and 2 charging options. How much does it cost to charge a Tesla Model S?The Tesla Model S is similar to the Model X in that it also has the Long Range and Plaid currently on the road. Both of these options come with a 100 kWh battery, which is also the same as the Model X. However, the total estimated mileage range is different on the Model S trims compared to the Model X. Here, the Long Range has a 405-mile estimate, and the Plaid has a 396-mile estimate. Using the same information about the average cents per kWh for residential usage, we can calculate how much it would cost to charge a Model S battery from 0% to 100%. Here’s an estimate of how much it costs to charge a Tesla Model S at home with 85% efficiency for Level 1 and 2 charging and at a charging station with 100% efficiency for Level 3 charging:
These numbers end up being exactly the same as the Model X because you have the same 100 kWh battery in the calculation. However, you can expect the cost per mile to be different since the ranges of the vehicles are slightly varied. Here’s what the cost per mile looks like on the Model S Long Range and Plaid: The Model S Long Range also beats out the Plaid here because of its longer estimated range, which slightly decreases your cost per mile. However, the more powerful Plaid’s range is only an estimated nine miles less than the Long Range — so the difference in cost per mile isn’t huge. Tesla also plans to drop the Long Range moniker from the next Model S trims along with the estimated range. The upcoming Model S will be available by September 2022 and will have 375 miles of range. While the updated Plaid trim will have 348 miles of range. How much does it cost to charge a Tesla Model Y?The Tesla Model Y weighs less than both the Model S and Model X, which is possibly why it’s equipped with a smaller battery. Both the Model Y Long Range and Performance trims come with a 75 kWh battery. The Long Range has an estimated 326-mile range, while the Performance has an estimated 303-mile range. Since these numbers are different from what we’ve seen on the Model X and Model S vehicles, we should see a big difference in the total cost of a charge, as well as the cost per mile. Here’s what a full charge from 0 to 100% would look like on the Model Y depending on the charging station:
The total charging cost ends up being lower on the Model Y compared to the Model X and Model S because it has a smaller battery. This is similar to how a car with a smaller gas tank would likely cost less to fill up than a car with a larger gas tank. Here’s the breakdown of the cost per mile on the Model Y: Overall, the numbers indicate that the Model Y has the lowest cost per mile among the three Tesla vehicles we’ve looked at. And not surprisingly, the Long Range trim is more cost-effective than the Performance. This is because they have the same battery, but the Long Range has more range. While the newer Model X and Model S trims available later this year and early next year will have noticeably shorter ranges than their current versions, the upcoming Model Y will mostly stay the same. The Model Y Long Range that will be available in January 2023 will only drop 8 miles to a range of 318 miles. While the Performance trim, which should be available by July 2022, will have the exact same range as its previous version at 303 miles. Additional costs that surprise Tesla ownersThe cost of using a Tesla isn’t all about charging your car at home. Fuel costs are one consideration to keep in mind when comparing the math of using a traditional car and using a Tesla, but you should also research the additional costs that Tesla owners might have. Here’s a look at a few extra expenses you might not have thought about:
Can you save money by charging your Tesla with solar?The 2020 cost of solar per kWh for residential areas was about 12.8 cents per kWh, according to The Office of Energy Efficiency & Renewable Energy. That’s about 13 cents per kWh, nearly a full cent less than the estimated average cost of electricity (using the grid) in the U.S. This means you could save more money by charging your Tesla with solar panels, though it could depend on where you live. For example, it might be different in California compared to New Jersey. FAQsIs it free to charge a Tesla at a charging station?No, it isn’t free to charge a Tesla at a charging station. Charging your Tesla at a Supercharger comes with a price, typically around 26 cents per kWh. This is often more expensive than using a different means of charging, such as a 120-volt or 240-volt outlet. Free supercharging was once available on new Tesla vehicles, but the practice was discontinued in recent years. Is charging a Tesla cheaper than gas and car maintenance?Yes, charging a Tesla can be cheaper than paying for gas and car maintenance on a gas car. Tesla vehicles have fewer moving parts, which typically means less car maintenance. Also, paying for electricity is often cheaper than paying for gas. Do you really save money with a Tesla?Yes, it’s possible to save money with a Tesla compared to buying a vehicle that uses gas. Your savings typically come in the form of paying for electricity instead of gas, as well as the potential of having fewer costs for car maintenance. Bottom lineSo, is a Tesla worth it? The answer: it depends. Tesla vehicles can definitely save you money on gas and certain car maintenance costs compared to some other vehicles, but you also have to think about your insurance costs, potentially installing a wall charger, and also purchasing the Tesla. But at the end of the day, a car like a Tesla might be the best fit for your situation. If the math works out, you can feel confident you’ve made the right choice. And if you want to continue your relationship with this electric car company, learn how to invest in Tesla. More from FinanceBuzz:
This article How Much Does It Cost to Charge a Tesla? (And is It Worth It?) originally appeared on FinanceBuzz. How much does it cost to do a full charge on Tesla?If you purchase the 2022 standard Model 3, you can expect to pay about $10.94 to fully charge the battery. That brings the cost per mile to about $0.04, or $4.02 per 100 miles. Completely charging the 2022 Performance model would cost $14.39. That's about $0.046 per mile.
Should you charge your Tesla to 100 once a month?If the image of the battery displays '50%' and '100%': Tesla recommends that you keep your charge limit to 100%, even for daily use, and that you also regularly charge your vehicle to 100%.
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