US Department of Transportation reports that an average American driver clocks in around 40 miles per day. A traditional car with a mileage of 30 miles per gallon and running on $4 per gallon gas will cost owners $1,500 more than an EV with a mileage of 3.33 miler per kWh.
It is even more interesting to note that charging an EV with solar power is 51% cheaper than charging it on grid power. No wonder, Hopewell Township, NJ residents are flocking to get solar-powered chargers for their homes.
Here is everything you need to know about charging your EV with rooftop solar at home.
Get Fuel Costs Under Control
By getting a residential solar setup and EV charger, you are locking in your fuel prices for the next 25 years. Moreover, since you are fueling your car with renewable energy, your carbon footprint will also be reduced considerably.
With the average solar installation cost at $3.30 per watt, the levelized cost of energy (LCOE) for solar power comes out to be $0.066 kWh. So, an EV driver will save around $70,000 compared to driving a gasoline-run car and more than $14,000 compared to charging the car with grid power.
Benefit from the Government Policies
To meet their emission goals, federal and state governments are offering multiple incentives to “green” technologies, including solar power installations and electric vehicles.
If you plan on buying a new EV, EV owners will be eligible for a tax credit of up to $7,500 for new EVs and $4,000 for a used EV. You can also transfer the tax credit to the dealer to get an instant discount on your EV price instead of waiting until your tax returns are filed.
New Jersey also has many tax incentives for EV owners that subsidize their costs. One of the more notable ones is the Zero Emissions Vehicle (ZEV) Tax Exemption. Under this law, all EVs sold in New Jersey are exempt from paying the state sales tax.
Subsidize Your EV Purchase & Charging
New Jersey has been pushing hard for green energy initiatives; you can benefit greatly from them if you play your cards right. Green Power Energy can help you purchase an EV and install a solar power system for a subsidized rate. Its experts can then guide you on how the savings from operating an EV from solar power can essentially lead to $0 in fuel costs. Ask an expert today!