Owning a Tesla is fun and convenient as you don’t have to line up at the gas station to refuel your car. However, your electricity bill will shoot up significantly.
Charging a Tesla at home may increase your electric bill by around $20 to $50 every month. The overall electric bill will depend on several factors: the number of miles covered, your driving style, how frequently you use the heater and A/C, and the cost of electricity in your area.
If you live in states with high electric costs per kilowatt, expect to pay more. On top of that, the Tesla model that you drive will also affect the overall cost of your electric bill. Some models use less electricity than others.
What’s the cost of charging different Tesla models?
Before you buy your dream Tesla model, it’s important to know how much it will cost you to charge at home.
Tesla Model Y: The most expensive to charge
The Tesla Model Y is the latest Tesla model on the market. This electric vehicle comes in three different versions: Standard Range, Long Range, and Performance. The Standard Range comes with an RWD, while the other two variants have an AWD system.
All of the Tesla Model Y variants feature a 75 kWh battery. As a result, they are the most expensive Tesla models to own, in terms of increasing your electricity bill. For instance, the cost of fully charging the Standard Range Tesla Model Y is about $11.50.
If you estimate this cost per mile, the cost of charging a Model Y will be around $0.047 per mile. So, you will pay roughly an extra $4.70 on your electric bill for every 100 miles you cover. Note that it can be more or less, depending on where you live and your driving habits.
Tesla Model X: Cheaper to charge than Model Y
Another Tesla model that will increase your electric bill is the Tesla Model X. Even though this model is cheaper to charge than the Tesla Model Y, it’s still quite costly. Unlike the Tesla Model Y that features a 75 kWh battery, the Model X has a 100 kWh battery.
However, older editions of the Model X have a low-capacity battery of 60 kWh. Since the latest Tesla Model X variants (Long Range and Plaid) are fitted with a 100 kWh battery, they will cost around $15.30 to fully charge. With this estimate, the cost per mile for the Model X Long Range will be around $0.04.
The Model X Plaid variant has a slightly higher cost, at a bit over of $15.30 for a full charge. This means that you will have to pay an additional $0.042 per mile to charge your EV.
Tesla Model 3: The most affordable choice
If you want a Tesla that won’t drive up your electricity bill too much, consider going for the Tesla Model 3. It is also the cheapest Tesla Model on the market. This model comes with three variants – Standard Range, Long Range, and Performance editions.
Unlike the Tesla Model Y and Model X, the variants in Model 3 have different batteries. The Tesla Model 3 Standard Range is fitted with a 50 kWh, while the Long Range and Performance variants have an 83 kWh battery.
If you want to save more cash on your electricity bill, consider getting the Tesla Model 3 Standard Range which costs around $7.60 for a full charge, equivalent to 0.03 per mile. If you choose the Long Range or Performance variant, you will have to pay around $12.55 or $0.036 per mile.
Tesla Model S: The second-cheapest to charge
Last but not least, owners of the Tesla Model S won’t have to pay a higher electricity bill than those of Model Y or X, but it’s quite a bit more costly than fully charging a Model 3. All three Tesla Model S versions are fixed with a 100 kWh battery – Long Range, Plaid, and Plaid+.
So, if you own the Model S Long Range, your electricity bill will go up by about $15.30 for a full charge, meaning you will have to pay around $0.037 per mile.
What determines the cost of charging my Tesla car?
Many factors that come into play when it comes to the cost of charging your electric Tesla are: the number of miles you drive, the Tesla model that you have, the charging mechanism that you’re using, and the cost of electricity.
How can I save on my electricity bill when I have a Tesla?
If you want to reduce the cost of your electricity bill, you should charge more from Tesla superchargers, instead of at home. Additionally, you can charge during off-peak hours.
You could also even decide to install a solar panel system so that you can charge your Tesla using solar power.
What’s more, you may also decide to use Tesla for short trips and have a stand-by gas-powered vehicle for long-distance. If you live in states with high electricity costs, such as California, New York, and New Jersey, the best way to save money on your electric bill is to simply move to a state with lower electricity costs.
Does owning a Tesla save you money in the long run?
Yes, it does. Owning a Tesla means that your electric bill will shoot up a bit. However, when you compare the overall cost of fueling a car with gas to charging a Tesla, you will find a Tesla way cheaper. What’s more, it’s very convenient as you can charge from home.
What’s the cost of installing a charger in your garage?
If you already have a breaker box in the ideal location, installing a Tesla charger or any other EV charger will be cheap. However, if you have to replace a breaker box or relocate it, you may have to pay more. It costs around $300 to install a breaker box.
Tesla also come with a portable external charger that can be easily plugged into an existing outlet. But if you want to charge faster, you may have to install a 240V outlet, which is also known as EVSE. This will cost you between $500 and $1000.
Even though your electric bill will go up by about $20 to $50 a month when you own a Tesla, it’s worth noting that the overall cost of running your vehicle will be much lower than that of a gas-powered vehicle. But if you want to reduce your electric bill, install solar panels.