The commercialization of electric vehicles is a major milestone for the automobile industry. Car owners can now use their personal transportation while reducing their carbon footprint. However, charging an EV with electricity from a coal or gas-powered grid almost negates its benefits. Charging an EV with renewable energy like solar power sounds almost obvious. Here is how subsidized solar installations make EVs even more planet-friendly and pocket-friendly.
Cost of Charging an EV with Solar Power
According to the US Department of Transportation, an average American drives their car 13,500 miles every year, which is roughly 40 miles per day. The cost of operating a gas-powered car then comes out to 10.1 cents per mile, while it costs only 6.1 cents per mile to operate an EV.
Operating an EV is already cheaper than a gas-fueled vehicle. Clinton Township, NJ residents can benefit from using a solar power installation to charge their EVs.
Home Solar Can Make EV Charging Free!
A typical EV charging setup with home solar includes solar panels, microinverters, and a level 2 EV charger. It will typically take 5 solar panels to charge an EV once. As you purchase the solar power setup for EV charging, you lock in on the cost of fueling your car for the next 25 years at least, which comes out to 6 to 8 cents per kWh.
On the other hand, the price of grid power is constantly going up. According to the US Energy Information Administration, the price of power has gone up almost 2% per year since 1990!
On a 25-year horizon, an EV owner will save around $14,000 by charging their EV with rooftop solar instead of grid energy.
Claim the Incentives!
You can bring the cost of EV charging further down by claiming the Clean Vehicle Credit under the Inflation Reduction Act (IRA). You can get a tax credit of $7,500 for buying a new EV and $4,000 for buying a used EV. For solar, you can also claim the 30% solar tax credit (ITC)! Green Power Energy can help you find the best price for your home solar power installation and EV chargers in Clinton Township, NJ. GPE experts can help you claim the relevant tax credits to bring down your upfront costs and guide you in picking the best products to reduce the lifetime costs of operating an EV.