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"Range anxiety," or the fear of running out of power, is the main thing that worries people who buy electric vehicles. But once you own the car, a new worry sets in: "wallet anxiety." If you use public networks a lot, you might notice that the costs are adding up. When you look for a "ev charger station near me," you are often finding the most expensive way to charge your car.

We talk to customers every day at Sperry Electrical Services who are shocked by how much money they can save by moving their charging from public stations to their own homes. Let's look at the numbers to see why your own driveway is the cheapest "station" in New Jersey.

The Extra Cost of Public Power

Companies run public charging networks. They have to pay for the expensive hardware (DC Fast Chargers can cost tens of thousands of dollars), land leases, maintenance, and network connectivity. Of course, they pass these costs on to you.

Prices can change, but at a public fast charger, you could pay anywhere from $0.35 to more than $0.50 per kWh. If you are charging a standard 60kWh battery from empty, it could cost you $20 to $30 to fill it up. It's still cheaper than petrol, but not as cheap as many EV supporters say it will be.

Charging at home saves money

On the other hand, New Jersey has regulated residential electricity rates that are much lower. The average rate for homes is between $0.16 and $0.18 per kWh.

• The Maths: It might cost about $10 to fill that same 60kWh battery at home.

• The Savings: You save 50% to 60% on every "tank." Over 15,000 miles a year, the difference between only charging at home and only charging at public places can be hundreds of dollars, and sometimes even more than a thousand dollars.

The Cost You Don't See: Your Time

You are also paying with your time when you look for a "ev charger station near me."

1. Detour Time: Going out of your way to find a station.

2. Wait Time: If the station is full, you'll have to wait for a charger to become available.

3. Charge Time: You have to sit in your car for 45 minutes while it charges.

Money is time. Sperry Electric can install a home charger for you, which will give you that time back. When you get home, it takes 10 seconds to plug it in, and when you leave, it takes 10 seconds to unplug it. While you sleep, eat, and relax, the charging happens.

The Investment: Return on Investment for Installation

People who don't like home chargers will say that they cost money to install. You need to buy the unit and hire a licensed electrician, like Sperry Electric, to put it in. Yes, this is true. But when you add up the monthly savings on gas (or electricity) and the possible rise in property value, the Return on Investment (ROI) is quick.

Also, a hardwired home charger is a good thing for people who want to buy a home in the future. As electric vehicles (EVs) become more common, homes with a Level 2 charger already installed will have an edge in the New Jersey real estate market.

In conclusion

Don't pay more for electricity just because it's available in a parking lot. When you buy a home installation from Sperry Electrical Services, you lock in the lowest possible fuel rates and get the priceless benefit of convenience.