One of the biggest EV financial decisions you will make isn’t which car to buy
Tesla electric car in driveway being charged at a home with an EV charger in residential neighborhood, Moscow, Idaho.
Ucg | Universal Images Group | Getty Images
As all-electric vehicles become more popular and incentives for renewable energy proliferate, many early EV adopters may be reconsidering their home charging needs.
The decision to upgrade from a standard Level 1 charger to a Level 2 charger at home is on many owners’ minds. Sixty percent of current Level 1 users say they are likely to upgrade their home charging station to either a Level 2 permanently mounted charger or a Level 2 portable unit, according to a J.D. Power survey published in March.
It can be an important decision given that about 80% of all charging takes place at home, according to Department of Energy estimates. But upgrading isn’t necessarily a slam-dunk personal finance decision. Consumers need to take into account several factors, including usage, vehicle type, the number of EVs in the family and cost versus potential incentives.
According to Brian Wilkerson, head of product with Ford Pro Charging, a division of Ford Motor Company focused on commercial electric vehicle charging, the decision to upgrade can be driven by “customer behavior such as driving patterns and EV size, along with the added flexibility to manage your optimal charging times.”
Here’s what drivers need to know when considering an at-home EV charging upgrade:
Typical driving needs are key to EV decisions
Many people may find Level 1 sufficient since maintaining a full battery may not be necessary for routine driving, and faster public chargers are available for one-off needs.
Consider that the vast majority of Americans commute 30 miles or less a day, according to federal government statistics. “For the most part, if I’m going out on my daily commute, I’m losing very little battery and I can happily charge it at home,” said Mark Barrott, a partner and automotive/mobility practice leader at Plante Moran, an audit, tax, consulting and wealth management firm.
Differences between Level 1 and Level 2 charging
Level 1 chargers plug into any standard three-prong, 120-volt household outlet and draw about as much power as a portable electric space heater, according to EnergySage, which helps consumers compare home energy solutions. Most EVs come with a Level 1 cable, so it’s an easy, albeit slow solution for home charging. Level 1 chargers can take 40 to 50 or more hours to charge an EV to 80% from empty, assuming a 60 kWh battery, according to Department of Transportation estimates.
For a faster charge, some manufacturers make charger cables that can be used in 120-volt, or 240-volt outlets. The latter will give you Level 2 charging capabilities at home, assuming your electrical panel can handle the higher power needs. You might not need Level 2 charging capabilities at home, however, since they can often be found at retail establishments, workplaces, restaurants and grocery stores.
Another option is a Level 2 at-home charging station that’s permanently mounted, which can allow users to customize charging schedules to better control charging. There may also be rebates that help defray the cost of this type of solution. This option typically requires electrical work, which can be costly.
Home electricity limits and costs
Most people have the capability to use a Level 1 charger without any electrical upgrade, said Vikram Aggarwal, chief executive and founder of EnergySage. But that may not be the case when it comes to a Level 2 home charger, which could require significantly more power. This could mean significant electrical work — and potentially thousands of dollars — depending on where the panel is located and what wiring is necessary, Aggarwal said. For example, if someone’s electrical panel is in the basement, the cost to run wiring to the garage could be prohibitive.
Cost and feasibility should be weighed against incentives available through the Inflation Reduction Act that can help mitigate the outlay, Aggarwal said.
For low-income households, IRA Electrification Rebates cover 100% of your electrical panel costs up to $4,000. For moderate-income households, up to 50% is covered, up to the same limit. Total electrification rebates discounts across all qualified electrification projects are capped at $14,000, according to Rewiring America, a nonprofit that focuses on electrification.
What faster charging offers auto owners
The convenience of charging quickly, if needed, and knowing you may only have to plug in once a week versus once a day could be helpful, said Albert Gore, executive director of The Zero Emission Transportation Association, a federal coalition that advocates for EVs, and a former Tesla and SolarCity executive.
Level 2 chargers can charge an EV to 80% from empty in four to 10 hours, assuming a 60-kWh battery, according to Department of Transportation estimates.
A Level 2 charging station could also be a good option for drivers who want smart charging capabilities, in which the charger essentially communicates through data connections with a consumer’s car, the charging operator and the utility operator. The home charger can know what times make the most sense to charge and how to optimize charging based on overall usage, saving the consumer money since rates can be higher at certain times of the day, Wilkerson said.
Bigger batteries mean more charging need
Batteries are trending larger and take higher charging speeds, which could make a Level 2 home charger a more optimal choice. “If you get a larger vehicle, having a home charger is almost essential,” Wilkerson said, offering the example of a F150 Lightning. With a Ford Charge Station Pro, it can take eight hours to fully charge an extended range battery. By contrast, a mobile power cord that offers Level 2 charging for this vehicle could take 23 hours to fully charge, according to an example on Ford’s website.
Another consideration is how many vehicles you have in the family. Barrott said with two or more vehicles, a Level 2 home charger might make sense for reasons that include ease, convenience and speed.
Potential tax credits, rebates and other promotions
Costs can vary, but as a general guideline, an EV owner might expect the cost of a home Level 2 EV charger that’s 32 to 40 amps to be between $500 and $800 for the hardware, plus any potential accessories and setup-related installation costs, according to EvoCharge, an EV charging station company. Once they get a more specific estimate, they can weigh it against potential rebates they may be eligible for.
In addition to the rebates for any electrical work required to handle Level 2 charging, the Inflation Reduction Act (IRA) includes a tax credit for installing a home EV charger, equal to 30% of the total cost including installation, up to $1,000 — if you live in a rural or low-income area, according to EnergySage.
Some state governments also offer tax credits, rebates, and other incentives for installing EV chargers. This could result in hundreds of dollars in cash or tax credits. These programs change regularly, but consumers can check the Database of State Incentives for Renewable Energy to research local savings options. Utilities are another good place to check for direct rebates and other programs.
Manufacturers may also offer promotions. Chevrolet, for instance, will cover the standard installation of a Level 2 permanently mounted charging outlet for eligible customers who purchase or lease a 2022 or 2023 Bolt EUV or Bolt EV.
Especially if you are replacing a gas car with an EV, you might consider taking advantage of a range of programs from states, municipalities, utilities and car companies to offset the costs with a Level 2 home charger, Gore said. Consumers can research some opportunities on a website maintained by the Department of Energy.
Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.
The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.
Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.
“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”
Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”
The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.
Read more: Blink just made it a lot easier to find its charging stations
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.
Hyundai launches new IONIQ 5 N Essentials in Korea
The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.
Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.
Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.
It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.
Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.
After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”
Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.
A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”
The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.
The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.
Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.
Looking to test the IONIQ 5 out for yourself? You can use our link to find the Hyundai IONIQ 5 and high-performance N models near you today (trusted affiliate link).
FTC: We use income earning auto affiliate links. More.
A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.
Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”
Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”
The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.
Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”
Read more: Connecticut, Rhode Island sue Trump to save 80% complete offshore wind farm
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment12 months agoHere are the best electric bikes you can buy at every price level in October 2024