How much does EV charger installation cost? What are the benefits to me for my home or business? It’s no surprise you have these questions with the growth of EV charging station installation over the past ten years as gas prices surge and more affordable options become available.
For businesses, this provides an opportunity to provide value to customers, employees, and tenants by providing EV charging stations for use. Read our blog on the financial benefits of installing EV charging stations here for more on why investing in EV charging station installation for your home or business is not just a responsible move for the environment, but a savvy financial decision.
In this blog, we’ll cover the costs of installing your EV charger, approximately how much it will cost to charge your vehicle, and Colorado grants that will end up saving you more on your investment than you might think.
The Future is Electric
We are in the midst of the biggest automotive revolution since Henry Ford’s first production line started in 1913. General Motors says it will make only electric vehicles by 2035. Ford says all vehicles sold in Europe will be electric by 2030, and VW says 70% of its sales will be electric by 2030. So, we can expect electric vehicles to not only grow but become the majority of cars on the road one day, but this is not a change to fear. Everyone will benefit. Not to mention the positive effects on the environment.
EV positively impacts residents and business owners by helping them increase property value and save valuable time and money for their future. Read our blog for more on the benefits for property managers and their residents specifically.
With electric vehicle prices becoming more affordable, many are considering switching to electric. Still, unlike gas-powered cars, more logistics go into owning an electric car, like having somewhere to charge your vehicle.
30% of Tesla drivers choose where they live based on EV charging availability.
Factors Affecting EV Charger Installation Cost
The cost of electric car charging stations includes installation and the cost of electricity. Pricing out the total cost of the charging stations can be hard to estimate without the help of a professional, but in the next section, we’ve outlined the most critical factors.
Installation Cost
The cost of installing an EV charging station in Colorado can vary based on a number of factors, including the type of charger, the size and capacity of the charger, the electrical service available at the installation site, and the labor costs associated with the installation.
- Type of Charger. There are three main types of EV chargers: Level 1, Level 2, and Level 3. Level 1 chargers are the slowest and least expensive, while Level 3 chargers are the fastest and most expensive.
- Size and Capacity. The size of the charger is based on the amperage rating of the electrical circuit it will be installed on. The capacity of the charger is based on the voltage and amperage of the charger, and the type of battery being charged.
- Electrical Service. The electrical service available at the installation site will determine the maximum amperage rating of the circuit breaker that can be installed.
- Labor Costs. The labor costs associated with the installation of an EV charger can vary depending on the type of charger, the size, and capacity of the charger, the electrical service available at the installation site, and the experience of the installer. Installing a Level 1 charger is typically less expensive than installing a Level 2 or Level 3 charger.
Because of the various factors, the only way to accurately calculate the cost of installation is by contacting an electric professional and getting a customized quote.
For example, if you’re an HOA Property Manager, understanding the potential costs and considerations for installing EV charging stations can be crucial to meeting your community’s needs while maintaining fiscally responsible decisions [More on this in our blog here].
Charging Cost
The EV charging installation cost of charging your electric vehicle can vary depending on several factors, including:
- Charger Type: Level 2 chargers are commonly used for home and business charging and offer faster charging speeds than Level 1 chargers
- Electricity Rates: Your local utility provider’s rate structure will influence the cost per kilowatt-hour (kWh)
- Time of Use Pricing: Some utilities offer time-of-use (TOU) rates, where electricity is cheaper during off-peak hours
- Charger Location: Home charging is typically more cost-effective than public charging stations
To maximize savings on EV charging installation cost:
- Utilize Time-of-Use Rates: Charge your EV during off-peak hours to take advantage of lower electricity rates
- Invest in a Smart Charger: Smart chargers can optimize charging times and costs
- Consider Solar Power: Generate your own clean energy to power your EV
- Take Advantage of Incentives: Many states and local governments offer rebates and tax credits for EV charging installations
To help offset the cost of electricity, businesses can take advantage of EV charging station rebates and incentives offered by state and local governments below.
Maximizing Savings on Colorado EV Charger Installation
Thinking about upgrading your home or business with an EV charger? Let’s explore the exciting incentives and savings available in Colorado, including potential reductions in EV charger installation costs.
Colorado and National EV Charging Savings
Saving money on the hardware and installation is just the beginning. EV Charging on your property qualifies you for lucrative tax incentives like rebates, write-offs, credits, and more.
Charge Ahead Colorado Program
The Charge Ahead Colorado (CAC) Program provides financial support for charging stations to fund 80% of the cost of a charging station – up to $9,000 for a Level 2 Dual Port Station. There may also be additional incentives available from your local utility. Since its inception in 2013, the Charge Ahead Colorado program has made awards for more than 1000 EV charging stations across the state.
Eligible applicants include local businesses, governments, school districts, state agencies, apartment/condo complexes, and non-profits. More on this initiative can be found in our Charge Ahead Colorado blog here.
Charge Ahead Colorado can cover:
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- Charging station and related equipment (Level I charging stations are not an eligible project)
- Construction materials
Permitting - Construction labor costs associated with the equipment purchase and installation of Level II or DCFC charging units
- Signage
- Networking/subscription fees and activation fees
*Stations must remain in place and active for 5 years
What Are the Grant Amounts?
CAC will fund 80% of the cost of a charging station up to the following set maximums:
- Level 2, Fleet Only Charging Stations: $6,000
- Level 2, Dual Port Station (up to 19kW): $9,000- this is up to 19kW now- update that
- Level 2 Dual Port Station (19-49kW) $12,500
- DCFC Single Port Station (50-99kW) $35,000
- DCFC Dual Port Station (50-99 kW) $50,000
- DCFC Single Port Station (100 kW or more) $50,000
- DCFC Dual Port Station (100 kW or more) $70,000
Learn more about the Charge Ahead Colorado program here.
Efficiency Works Incentives for Loveland, Fort Collins, Estes Park, & Longmont
The Efficiency Works Rebate is the only incentive inside city limits for Loveland, Fort Collins, Estes Park, and Longmont. They can qualify for up to $10,000 for a Level 2, Dual Port Station in these cities.
In these cities, you are then looking at savings of:
Learn more about this in our Efficiency Works Business Announcement blog or Efficiency Works PDF resource here.
Here’s an Example of Recent Project Rebate Savings
Let’s say you have a 3 Dual Station Project:
- Equipment + Service (5 Years) = $35,000
- Make Ready Average = $28,000
- Total Project Cost (Before Rebate) = $63,000
- Charge Ahead Colorado Rebate = $27,000
- Efficiency Works Rebate = $30,000
- Total Project Cost After Rebate= $4,000 cost
EVSE Federal Tax Credit
You may also be eligible for a nationwide tax credit for the purchase of new EV charging stations. The credit covers a portion (30%) of the cost of hardware and installation, up to $30,000 for commercial projects.
Where does the tax credit apply?
- Applies to public and private stations
- Applied to L2 (Level 2 Charger) and DCFC (Direct Current Fast Charge)
- The customer must own and have paid for the station or the make ready
- Does not apply to network costs
So, how much do electric car charging stations cost? There is no one-size-fits-all answer to this question, as the cost of electric car charging stations can vary greatly depending on many factors and the potential to get a high rebate.
However, there is one thing we can say for sure, with Colorado being the 12th largest state for EV vehicles (and increasing), businesses will need to develop an EV plan sooner rather than later to stay ahead of the curve.
Looking to learn more? Check out our Guide on EV Charging Stations in Colorado.
Save Time & Money With Mac Electric Residential and Commercial EV Charging Station Installation
Mac Electric is your one-stop shop for installing a convenient and efficient EV charging station at your residence or commercial property. We believe EV charging should be more accessible, and we understand how important your investments are, whether it be your home, building, or commercial business installation.
Request a custom quote for your residential EV charging installation to start saving time and money now.