Introduction
As electric vehicles (EVs) become increasingly popular, one of the critical considerations for EV owners is how to charge their vehicles efficiently and cost-effectively. For those who live in landed houses, the decision often boils down to whether it's worth installing an EV charger at home or relying on public charging infrastructure. To make an informed decision, it's essential to assess the costs involved and determine how long it would take to break even compared to using public chargers.
Cost Comparison
Let's start by examining the costs involved in both options:
Public Charging:
Cost per kWh: RM1.00 (The starting rate, very often it's more expensive than that).
Convenience: Available at various locations, but may require time for travel and waiting.
2. Home Charging:
Cost of Charger and Installation: RM4,500 (starting rate, please submit an EvGuru's form to receive a more accurate quotation.)
Cost per kWh: RM0.439 (According to the TNB tariff table, and assume the household consumes 1100kW per month (based on research conducted by the Journal of Engineering, Science and Technology (JESTEC) at the Taylor’s University School of Engineering. It cites that a double-storey consumes 920kWh per month, we assume 1100kW here to include EV charging required electricity).
*Note: From TNB Domestic Tariff, for details, please visit Pricing & Tariff.
Convenience: Charging at your convenience, no travel required.
Inconveniences of Public Charging
While public charging may seem convenient, it comes with its fair share of hassles:
Charger Availability: You'll often need to check the availability of public chargers, which can be especially challenging during peak hours or in busy locations.
Waiting for Your Turn: If someone else is using a charger, you may need to wait for them to finish, adding unexpected delays to your schedule.
Idle Time: Even after plugging in your vehicle, you may need to stay nearby while it charges, as some chargers have time limits or incur additional fees for prolonged use.
Travel Time: The time spent driving to and from public chargers can add up, eating into your daily routine.
Inconsistent Pricing: Public charging stations may have varying pricing structures, making it harder to predict the cost of each charge.
Break-even Analysis
To determine when it's financially beneficial to install an EV charger at home, we need to calculate the break-even point. This point represents the number of days you need to use your home charger to recover the initial investment compared to using public chargers, considering a daily driving distance of 60 kilometers.
Break-even Point Calculation:
Initial Investment / (Public Charging Rate - Home Charging Rate)
RM4,500 / (RM1.00 - RM0.463) = RM4,500 / RM0.537 ≈ 8,380 kWh
Now, let's consider a scenario where there are two cars in the household, each driving 60 kilometres per day:
8,380 kWh / [(60 km/day * 2) * 0.463 kWh/km] ≈ 181 days
In this scenario, with two cars driving 60 kilometres each per day, it would take approximately 182 days of charging to break even compared to using public chargers.
If there is only one car, it requires 362 days, about a year.
Having two electric vehicles in the household can significantly reduce the time required to recover the initial investment in a home charger. The cost savings become even more apparent when multiple EVs share the same charging infrastructure.
Conclusion
Whether it's worth installing an EV charger at home for landed house owners ultimately depends on your individual circumstances, driving habits, and long-term plans. If you have multiple electric vehicles in the household, you can expect to recoup your initial investment even faster, making a home charger a financially attractive choice. Moreover, considering the inconveniences associated with public charging, such as waiting times and travel, a home charger can provide the convenience and peace of mind that many EV owners desire.
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