Have you heard the costs of owning an electric vehicle are too high?
Investing in an EV and a home charger can actually save you money in the long term.
You’ll charge your electric vehicle at home almost every day. Why not pay less every time you plug in?
As a part of Minnkota’s Value of Electricity campaign, cooperatives and municipals can offer incentives for the installation of electric vehicle home charging equipment on the off-peak program.
• $50 per kilowatt rebate for Level 2 charger
• Must be 240 volts and controlled on off-peak
• $500 maximum rebate
Each provider has its own requirements, and some restrictions apply. Please check with your cooperative or municipal for more details.
The off-peak program allows for the control of certain loads (most commonly heating and water heating) during periods of peak electrical demand. In exchange for the lower rate, electric vehicle charging times are limited to off-peak hours.
• October-May, charge from noon to 5 p.m. and 11 p.m. to 7 a.m.
• June-September, charge from midnight to 10 a.m.
With only a few hours needed to completely charge an empty battery, most consumers have no issues with the designated overnight charging times.
The initial cost of electric vehicles is decreasing every year, with models starting at around $25,000. Take a look at the Edmunds buying guide to see what make and model would best fit your budget.
The federal government offers a tax credit of $2,500 up to $7,500 for a new EV, depending on the vehicle’s size and battery capacity. Several auto insurance companies also offer discounts for EV owners.
You won’t have to worry about all of the expensive oil changes and general maintenance that comes with a gas car. Plus, there’s no need to fear ever-climbing and seasonally fluctuating costs at the pump. The Department of Energy (DOE) says charging an EV can cost around 50% less than consistently gassing up. Check out the DOE’s state-by-state cost-comparing calculator here.