Are you thinking about installing an EV charger at your home or business? You’ll have many questions to ask, but the most critical one is: “How much does installing an EV charger cost?”
The Cost of Installing an EV Charger at Home
While most EVs come with a Level 1 charging cable that can plug into almost any home electrical outlet, most people don’t want to wait a day or more for their cars to charge. If you’re in that category, you’ll likely need a Level 2 charger.
Depending on your situation, plan to spend anywhere between $500 and $2,500, as a Car Charger Specialists post points out. The difference between those numbers depends on the type of electrical and preparatory work your installation requires.
Some of the upgrades you might require could push your spend even higher. Let’s break down some of the costs you might incur.
Average Costs for Home EV Charger Installations
If the site you plan to install your EV charger is EV-capable or almost so, you could pay as little as $500 to $1,000 to install your charger. However, if your site needs some moderate upgrades, you’ll likely need to spend $1,000 to $1,500. If you need a panel upgrade or extensive electrical upgrades, plan a budget of at least $1,500 to $2,500.
Additional Costs You Might Incur
Depending on your situation and the features you want, you might need to spend a bit – or even a lot – more than the average costs.
Labor and material costs vary by region. Chargers can, too. However, added features are usually why many EV drivers want to spend a bit more at the outset to get more value in the long run.
Charger Prices and Features
On average, prices for Level 2 home chargers vary between $300 and $1,200. However, if you want WiFi-enabled chargers to take advantage of the savings you can gain by smart charging, plan to spend $100 to $300 more.
But there’s an even better way to save money on charging at home. If you own a car that has bidirectional charging capability, you might be able to purchase a vehicle-to-grid (V2G) or vehicle-to-home (V2H) charger.
With bidirectional charging, your car can feed energy back into the grid (V2G), earning you money in the process. Some bidirectional chargers can even provide electricity to your home (V2H) during outages or peak hours, keeping the power on and saving money on energy bills in the process.
For example, Wallbox’s new Quasar 2 can even incorporate solar charging, allowing you to charge your car for free with only the sun’s energy. And, because it can use your car’s battery to provide electricity for your home, it can save on your electric bills in the long run.
However, prepare yourself for sticker shock at the outset. Since bidirectional charging is such a new technology, you’ll pay more for that convenience. The Quasar 2, for instance, will set you back $6,440, which doesn’t include taxes or installation costs.
Home Electrical System Upgrades
Should you need to install a new circuit for your charger, plan to spend between $200 and $800, depending on the labor and materials costs in your area. If your home’s electrical system needs more power to handle charging an EV, it will cost you around $500 to $2,000 to install a new panel.
But plan your charger’s location carefully. The further away your charger is from the panel, the more your costs will increase.
You can save money if your home or garage has an unused NEMA 14-50 outlet available. However, have an electrician make sure that the outlet is up to the task. Some NEMA 14-50 outlets lack the capability to handle the continuous flow of current that EV charging requires.
EV Charger Accessories
You might need to purchase various accessories to help you operate your EV charging station. These purchases could contribute to your upfront costs, including surge protectors, mounting brackets, and other supplies.
Electrician’s Fees
Installing a high-voltage home charger isn’t a job for a weekend warrior. Save yourself the headaches and make sure your setup will be up to code by hiring an electrician.
While labor costs for licensed electricians vary by region, you’ll usually pay between $400 and $1,500 in most cases. However, if your installation requires drywall modifications or trenching, you’ll pay extra for those services, as the Charger Specialists post cited earlier advises.
Inspections and Permits
Most suburban and urban locations, and even some rural areas, require strict adherence to their local electrical and building codes. Modifying your property to accommodate a Level 2 charger is a major renovation, so you’ll need to apply for a permit to build and an inspector to ensure that your installation is up to code. Depending on your area, plan to pay between $50 and $500.
Post-Installation Costs
Owning an EV charging unit also involves some ongoing costs. Some manufacturers charge a small monthly fee to use their cloud-based systems.
Most wall units have a warranty and require minimal or no ongoing maintenance. You may have to pay for repairs if your charger malfunctions or needs an upgrade, so it’s a good idea to check the warranty included with your unit.
You will also have to pay for your EV charger’s electricity unless you use solar panels or other renewable energy sources. The cost of electricity varies depending on where you live and how much you drive, but it can be a significant expense to consider when budgeting for your EV charging setup.
Additionally, remember that even the best-maintained EV chargers will eventually need replacing. As the EV industry continues to evolve, newer charging units will likely become available with more features and better performance. If you plan to keep your EV for a long time, consider how much the cost of replacing your charger may change over its lifetime.
Advantages That Can Outweigh the Cash Outlay
First, having a Level 2 charger – even the most basic model – at home enables you to charge your car overnight. Never having to pump gas or wait while your car charges at a commercial station will save you many hours you could have spent working. And, of course, time is money.
Secondly, all those upgrades you pay for now will pay huge dividends on your property’s value. Whether you plan to sell your home or use it as collateral for a loan, it’s an investment well worth the money.
Additionally, some states, municipalities, and utility companies provide rebates, grants, or other financial assistance for installing a home charger. Before you install your charger, check if your utility company can supply any of these resources.
Finally, if you upgrade to a bidirectional charger and own a compatible car, your charger can serve as a generator of sorts during outages. Even better, it can provide you with passive income that’s yours simply by plugging in your vehicle and tapping a few buttons.
The Cost of Installing a Commercial EV Charger
Businesses looking to add EV charging to their amenities have another option when choosing chargers for their establishments. In addition to Level 2 commercial chargers, they can install DC fast chargers. These charging stations can provide most EVs with a full charge in about half an hour.
Companies whose primary business is something other than fueling vehicles often opt for Level 2 chargers. They’re less expensive and allow customers to spend time enjoying the business’s other offerings as their cars charge. Hotels, restaurants, multifamily apartment complexes, and shopping centers often install these chargers to attract more customers while generating extra revenue from charging cars.
However, some businesses prefer to offer their customers the luxury of DC fast charging. So long as they don’t intend to generate passive revenue from the charging itself, they might consider becoming a Tesla Supercharger host.
This program enables businesses to provide their customers with DC fast charging without the expenses of installing EV chargers. Tesla does all the work – but the business gets none of the charging revenue.
Host businesses offer the service to attract more paying customers. Since EV ownership rates have exploded upward, and most EV drivers can now use Tesla Superchargers to fuel their cars, it’s an investment well worth considering.
For those companies that want to reap the revenue from charging themselves, though, it’s well worth exploring their cost before jumping into the EV charging space feet first.
Commercial Level 2 Charger Installations
Like other commercial equipment, commercial Level 2 chargers have to stand up under heavy use. That usually results in a higher price than homeowners would pay.
As the Car Charger Specialists post cited earlier points out, businesses should expect to pay equipment and installation costs between $3,000 and $10,000 for each charger they install.
As with residential installations, commercial Level 2 charger installations can incur extra costs from the permitting and inspection processes, electrical infrastructure upgrades, and site preparation.
Commercial DC Fast Charger Installations
If you plan to build a standalone fueling facility – or already have one and want to add EV charging to your offerings – DC fast chargers are likely your best option in the long run. As a recent Flo study showed, most EV drivers opt for the quickest option when they’re out on the road.
However, even with these chargers’ rapid charging speeds, charging customers expect amenities so that they have something to do while their cars charge, the survey pointed out. Otherwise, they’ll drive over to one of your competitors instead.
Although the cost of installing amenities isn’t technically part of the DC fast charger installation process, it’s an essential feature for standalone charging stations to have. If you’re installing DC fast chargers at an existing gas station that has plenty of amenities already, you’re already one step ahead.
Now for the actual costs. Basic DC fast chargers start at around $20,000 apiece, according to a SparkCharge post. If you want integrated energy storage, multiple charge ports, or solar integration, you’re looking at more than $100,000 per charger.
Labor and installation costs, too, are higher for DC fast chargers. Installation costs can total about $100,000 per charger since these chargers require high-voltage electricity, specialized connections, and significant modifications to the property.
Additionally, you can save money by comparing various models and quotes. Many suppliers offer discounts for purchasing multiple charging units at once. If you plan to install more than one station, look for deals to help lower the installation cost.
Regardless of upfront costs, it’s likely that your EV charging company will become a profitable long-term investment. With EV ownership on the rise, your investment in EV chargers will pay off significant dividends for years to come.
Discover More Ways to Leverage EV Charging Technologies at the EV Charging Summit & Expo
Whether you’re an EV enthusiast who wants to install a charger at your home, a residential EV charger installer, or a prospective commercial charging station owner, there’s one place where you can discover the latest developments in the EV charging space – the EV Charging Summit & Expo.
With experts and vendors in all things charging-related, you’ll soak in leading-edge information and meet some of the industry’s top minds. It all starts when you fill out a quick registration form. Register for our next event today!
