While there is no doubt that electric vehicles are indeed the future of mobility in India, one of the biggest factors that still hamper large-scale EV adoption is the current EV charging scenario. Despite significant growth in electric vehicle charging infrastructure across the country, there is still a lot to be done, especially when it comes to reaching the nooks and corners of the entire nation. At the same time, EVs are also not restricted to being charged at a charging station as EVs can easily be charged at home without worrying about finding the nearest charging station.
However, no matter where you charge, the biggest question that bothers EV owners as well as prospective buyers is how much it costs to charge an Electric Vehicle. Well, we are here to answer just that. While you might know that EVs are cheaper than any conventional fuel option out there, here’s how much it’ll actually cost you to charge your electric vehicle.
How to Calculate EV Charging Cost: The Math
Before arriving at the Golden Figure, it is crucial to know the math that goes into it. For that, it is important to know the units involved. Starting off with the basics, no matter where you are in India, the typical unit of measuring energy consumed is kWh. This is the unit that defines your monthly consumption of electricity and largely determines the amount you pay as your electricity bill in addition to other factors. This is also the unit that defines your EV battery capacity, which generally ranges between 15 to 40 kWh. The bigger the battery pack onboard, the more range you’ll get. In fact, the range of your Electric Vehicle at any given point in time is also determined by the amount of charge left in your battery pack, which again is measured in terms of kWh.
Now that you know the basics, the next step is to know the per-unit electricity prices in your area. One unit of electricity consumed equals to 1 kWh. Depending upon the area you live in and the type of electricity meter, sanctioned load etc electricity rates may largely vary. For example, the average electricity rate in Delhi is about Rs. 8 per unit for residential use, and about Rs. 4 per unit for charging stations. This means that if you consume 1 kWh of electricity you will be charged Rs. 8 if you charge at home and Rs. 4 if you charge at a charging station. Now that you know your electric vehicle’s battery capacity and the rate of electricity in your area, you can easily go ahead and calculate the cost of charging your EV.
Assuming that you own one of India’s best-selling EVs, the Tata Nexon, your electric vehicle’s battery pack capacity will be around 40.5 kWh for the long-range version. Now if you charge your Nexon EV at your residence in Delhi, the approximate cost of charging would be Rs. 8 X 40.5 = Rs. 324*. Similarly, if you happen to charge your Tata Nexon EV at a public charging station the approximate cost would be Rs. 4 X 40.5 = Rs. 162*.
Thus, the golden formula to calculate your EV charging cost is the Per Unit Consumption Rate multiplied by your EV’s battery pack capacity. With this formula, you can even calculate the efficiency of your EV by dividing your claimed EV range by the battery pack size. For example, for your Tata Nexon EV, the efficiency would be 465 divided by 40.5, which is Approximately 11.48 kilometres per kWh* for residential charging. This can also help you determine the running cost of your EV which can be arrived at by dividing the per unit cost of electricity by the efficiency figure of your EV, which in our case would be 8 divided by 11.48 which is approximately Rs. 0.69*.
Is EV Charging Cheaper Than Petrol or Diesel?
Now that you know all the numbers, it’s time to answer another million-dollar question: Is EV charging cheaper than petrol and diesel? Well, the simple answer is yes. But let us understand this with an example involving our Tata Nexon EV as compared to the Nexon Petrol as well as Diesel to know how cheap an EV actually is.
As already calculated above, the total cost of charging a Nexon EV (Long Range) with the residential rate of electricity consumption assumed at Rs. 8 per kWh, comes to around Rs. 324*. With this, the total cost of running per kilometre is Rs. 0.69*, and the overall efficiency of the EV is around 11.48 kilometres per unit/kWh*.
Comparing this with the Tata Nexon Petrol Manual, which comes with a claimed ARAI mileage of 17.44 km/l, considering the price of petrol in Delhi at Rs. 95 per litre, the total cost of completely refuelling the Tata Nexon’s 44-litre tank would be Rs. 4,180*. With this, the total running cost of the Nexon Petrol manual would be Rs. 5.4*. However, since the Nexon runs 17.44 km per litre, a completely filled-up tank of the Nexon would give you an approximate range of about 767 kilometres. Compared to the Nexon EV’s 465 km range, there is a difference of about 302 km. Now if we divide this additional distance with the Nexon EV’s efficiency figure, the Nexon would require about 26.3 kWh of additional charge to match the Petrol Nexon’s range. This means the total cost of Recharging the Nexon EV to match Nexon Petrol would be Rs. 324 + 210 = Rs. 534.4*. Therefore, recharging the Nexon EV saves Rs. 3,645.6* compared to refuelling the Nexon petrol.
Applying the same calculation to the Nexon Diesel Manual’s 23.23 km/l mileage, with a per-litre Diesel price of Rs. 88 and tank capacity of 44 litres, the total cost of completely refuelling the Nexon Diesel’s tank would be Rs. 3,872*. With a full tank, the Nexon Diesel returns a range of 1,022* kilometres which is 557 kilometres more than the Nexon EV’s full charge range of 465 km. This means that the Nexon EV would require 48.5* additional kWh to match the Nexon Diesel’s range. Thus, the total cost of Recharging the Nexon EV to match the Nexon Diesel would be Rs. 712, which means a saving of about Rs. 3,160.
*All figures are approximate values.
What are the costs of EV charging at home?
So for those wondering about the total cost of charging your EV at home, the final total would depend on various factors such as:
- Sanctioned Load
- Rate of per unit energy consumption
- Type of metre; Residential/Commercial
These factors may lead to the cost jumping higher or lower depending upon the circumstances.
Considering the average price of electricity for residential connection to be Rs. 8 for Delhi, the total cost of charging an EV with a battery pack of 40.5 kWh would be 40.5 X 8 = Rs. 324*.
Standard Charging vs Fast Charging
Now that you know how much it will cost to charge your EV at home, the next big question is whether to go in for fast charging or to stick with conventional/standard charging. To answer the question in a better manner it is important to know the difference between standard and fast charging.
There are two types of currents that can be used to charge your electric vehicle. These include alternating current (AC) and direct current. However, the battery of an electric vehicle can only accept DC energy. This is why at-home AC wall chargers, whether they be the standard 120-volt outlets or the dedicated 240-volt outlets, the alternating current from both passes through an internal converter before it can charge your EV’s battery. This is why AC at-home wall chargers take a considerable amount of time to fully charge your EV. This is why these chargers are also dubbed as standard/slow chargers.
In comparison, fast chargers come with built-in convertors that can directly provide DC current to the battery and are also equipped with a higher voltage level (up to 480 volts). By bypassing the need for DC conversion and with a substantially higher voltage level, these chargers can “quick charge” your EV in significantly less time. However, in order to preserve the battery’s longevity, fast charging generally stops at 80%, since lithium-ion batteries are not really meant to take up high voltage charge for prolonged periods.
Therefore, for everyday charging needs, it is recommended that you charge your EV through an at-home AC wall charger. It is also recommended that the batteries be charged up to 80% unless you really need to charge up to 100%. However, if you are in a hurry, such as when in the middle of a road trip, DC Fast charging can be the go-to solution.
Frequently Asked Questions(FAQs)
How long do EV batteries last?
Today’s EV batteries ought to last a good deal past their warranty period, with these packs’ service lives clocking in at between 12 and 15 years if used in moderate climates.
Do electric cars lose charge when parked?
Whilst lithium ion batteries do lose charge when the car is parked for an extended period, the good news is that this is usually a very minimal amount of the overall charge. Most electric cars can expect to lose only lose a few percent of their charge a month if sitting idle.
Why EV is costly?
It’s because of the materials required for manufacturing these batteries. EV batteries need rare earth metals such as lithium, cobalt, and nickel, which are not readily available. The metals have to be mined and processed to be used in EV batteries.
Will EV become cheaper?
Gartner, the US-based firm, released a research that says this change will happen as quickly as 2027. The research says that electric vehicles will become cheaper to produce compared to regular petrol and diesel cars within the next three years due to various factors.
