Fuel prices can be very unpredictable in current times. One moment they are up, the other they are at a record low.

Because of this unpredictability and the need to move towards cleaner energy, electric-powered vehicles are slowly but steadily gaining popularity. The big question for every person intending to switch from petrol-powered to electric cars is how much it will cost to charge the vehicle. 

Keep reading to understand the cost of running an electric car, available options, and more.

Costs related to electric-powered vehicles

Cost of electricity

On average, the cost of electricity in Australia ranges from $0.21-0.34/kWh. However, it is important to consider that the rates may vary based on your energy provider, time of use, and location. 

If you wish to have your new home connected to the grid, this Australian comparison site can help you compare electricity plans from the leading providers in your area to ensure that you find one that best suits your needs.

Cost of charging an electric car at home

For conventional cars, the cost of filing up a car's tank is calculated by multiplying the size of its tank by the price of the fuel. The same principle applies when calculating the cost of charging an electric car. Only this time, you multiply the capacity of the battery by the rate of electricity.

To illustrate, assume you drive a Nissan Leaf 2019 whose battery capacity is 40kWh and assume you charge it at an average rate of $0.25/kWh. In that case, the total cost of charging your car would be 40kWh × $0.25 = $10. 

Multiply the value you get by the number of recharges per year, and you get your annual cost of charging your electric car.

Where and how do I charge my electric car?

• Standard wall socket

Yes, you heard it right. Your first option is your wall socket. The downside to this option is that it can take forever to charge your battery fully. A wall socket provides 2.4kwh, which means it can take more than 24 hours to charge a 50kwh battery from empty to full charge.

• Dedicated wall box

You do not have to put up with the slow wall socket. You can have your electrician install a home wall box for faster charging. Depending on your charger, this option can put out as much as 11kwh, significantly reducing your charging time.

Public charging stations

Public charging stations are an option to charge from home. Their pricing may vary based on several factors, including their type of charger, service provider, time of day, and location.

There are two types of public charging stations, with their main difference being the type of charger:

• * Level three public charging station 
• * level two public charging stations

Level three chargers are the fastest on the market and ideal for drivers who want a quick recharge. It costs between $0.40 - $0.60 per kWh to charge your electric car at a level three charging station. Comparatively, level two chargers are much slower and are often located in shopping centers or office blocks. They are ideal for drivers who are not in a hurry. If you choose to charge your vehicle at a level two public charging center, it will cost you between $0.20 - $0.25 per kWh.

Get the best energy provider for your home

All factors considered, it is more convenient to charge your car at home. The only requirement is that you have a reliable energy provider. When deciding on an energy provider for your home, you want to make sure you go for one that is reliable and best suits your needs and budget.