So you’re thinking about trading in the old gas guzzler for a brand new electric vehicle, but you have one nagging question: Just how much can you save by going electric?
Southern California Edison’s (SCE) new Electric Vehicle Rate Assistant makes it easy to figure out the potential impact to your utility bill and gives you the results in a simple bar chart.
Not only does the app compare the annual cost of charging an EV at existing rates, but it also compares those rates to how much you’re currently paying at the pump.“Most people assume that they will save money by switching to an electric vehicle,” said Ed Kjaer, SCE Transportation Electrification director. “This tool helps them quickly and easily identify which rate will work for them. In many cases, EV customers can unlock significant value.”
The newly redesigned Electric Vehicle Rate Assistant now incorporates a new Time-of-Use rate, which was designed with EV charging in mind. Many residential EV customers could lower their utility bills by switching to the new rate.
Users enter data such as their daily kilowatt-hour usage, type of EV they are planning to drive, miles per year driven, current per-gallon gasoline cost and current vehicle’s miles per gallon. Once the data has been entered, the app compares the annual cost of charging the vehicle based on the three following rates:
- The new Residential Time-of-Use Plan (TOU-D) uses a single meter for the entire home, including EV charging, and offers “super low” rates every night.
- The EV Plan (TOU-EV-1) requires a second meter and panel, installed at the customer’s expense, to measure the energy used to charge an EV separately from the rest of the home. This plan also offers “super low” rates every night.
- The Residential Plan (Schedule D) uses a single meter for the entire home, including EV charging. As more energy is used, the cost per kilowatt-hour increases, but does not vary based on the time of day.
For more EV resources, please visit SCE’s Electric Vehicles page.