The Cost Savings of Owning an Electric Vehicle Charger

As electric vehicles (EVs) continue to gain popularity, more drivers are considering installing electric vehicle chargers at home. Beyond the convenience of charging your EV overnight, there are significant cost savings associated with owning an electric vehicle charger. Let’s explore how investing in an EV charger can lead to long-term financial benefits.

  1. Reduced Fuel Costs: One of the most apparent cost savings of owning an EV charger is the significant reduction in fuel expenses. Charging your electric vehicle at home is typically much cheaper than filling up at a gas station. With electricity prices often lower than gasoline prices per mile traveled, EV owners can enjoy substantial savings on their monthly fuel bills.

  2. Lower Maintenance Costs: Electric vehicles have fewer moving parts than traditional gasoline-powered cars, resulting in lower maintenance costs over time. EV owners can expect to spend less on routine maintenance, such as oil changes, engine tune-ups, and exhaust system repairs. Additionally, EV chargers require minimal maintenance, with no need for regular visits to a mechanic for service.

  3. Time-of-Use Savings: Many utility companies offer time-of-use (TOU) electricity rates, which vary depending on the time of day. By charging your EV during off-peak hours when electricity rates are lower, you can take advantage of TOU savings and reduce your overall charging costs. With a home EV charger, you have the flexibility to schedule charging sessions during times of lower demand, maximizing your savings.

Installing an electric charger at home does not need to involve high cost, our Mercury 7 II Model is a LTA-approved level-2 portable electric charger that is low-cost, easy to install and mounts nicely anywhere!

  1. Long-Term Investment: Investing in an electric charger is not just about saving money in the short term—it’s also a long-term financial decision that offers ongoing benefits and future-proofing against rising fuel costs and maintenance expenses associated with gasoline-powered vehicles. By embracing electric mobility and home charging infrastructure, homeowners can position themselves for a more sustainable and cost-effective transportation future.
  2. Increased Home Value: Installing an EV charger at home can also enhance the value of your property. As more homebuyers prioritize sustainability and energy efficiency, having EV charging infrastructure in place can make your home more attractive to potential buyers. Plus, homes with EV chargers may command higher resale prices, further contributing to your long-term financial gains.
  3. Environmental Benefits: In addition to financial savings, owning an electric charger contributes to reducing greenhouse gas emissions and combating climate change. By transitioning away from gasoline-powered vehicles, EV owners can help improve air quality and protect the environment for future generations.

In summary, owning an electric charger offers a wide range of cost-saving opportunities for homeowners, from reduced fuel and maintenance expenses to tax incentives and enhanced property values. By making the switch to electric vehicles and investing in home charging infrastructure, homeowners can enjoy significant financial advantages while contributing to a cleaner, greener future.

Share on:
Scroll to Top

Let us help you.

We facilitate loan facility services for interested customers. This service is only applicable for commercial customers and not for personal loans.

For more information, please fill in the form below and our friendly sales consultant will get back to you shortly.

Interested in joining the Closed Beta Testing of the QuickCharge Mobile App?

Register your interest with and leave the hard work to us.

By registering your interest with us, will undertake the role of EVCO and approach your MCST for the application of the EV Common Charger Grant. As a token of appreciation, you will receive free charging credits for successful QuickCharge EV charger installation within your condominium/private apartment!

Cost for each cost component50% co-funding on each cost componentTotal co-funding amount
Example 1:
Charging system = $3,000
LEW fees = $2,000
Cabling and installation cost = $1,500
= $1,500
= $1,000
= $750
= $3,250
Example 2:
Charging system = $5,000
LEW fees = $3,000
Cabling and installation cost = $2,500
= $2,500
= $1,500
= $1,000 (sub-cap of $1,000 on cabling and installation cost)
= $4,000 (overall cap of $4,000 per charger)
Example 3 (2 chargers):
Charging system = $9,000
Average per charger = $4,500

Total LEW fees = $4,000
Average per charger = $2,000

Total cabling and installation cost = $5,500
Average per charger = $2,750
= $2,500 per charger
= $1,000 per charger
= $1,000 (sub-cap of $1,000 on cabling and installation cost)
= $4,000 x 2 (overall cap of $4,000 per charger)
= $8,000

Charge towards this deal.

Decide now and enjoy later! Submit your interest to lock in your eligibility for our current promotions.

Free Site Evaluation

Our professional electrician will:
  • Identify and determine the power supply at your premises;
  • Understand technical requirements;
  • Propose location(s) for charger installation;
  • Ensure your power supply can safely support the power requirements of your charger; and,
  • Document the site visit.