Cost of Installing and Charging an Electric Vehicle Charging Point

Electricity tariffs, much like petrol and fuel prices, play a crucial role when considering the purchase of a plug-in vehicle. Alongside the ongoing demand for more operational charging points, potential fluctuations in electricity prices must be considered to determine if such a purchase is cost-effective and meets consumer needs.

The average electricity bill in Spain is gradually returning to pre-2022 energy crisis levels. According to the OCU, monthly costs have risen from 48 euros in April to over 63 euros in October. Despite a decrease in wholesale prices from September (68.54 euros compared to 72.62 euros/MWh the previous month), this reduction is not reflected in households with PVPC (Voluntary Price for Small Consumers, the only regulated electricity tariff available in Spain). The inclusion of future markets in the new PVPC methodology results in a 6% increase in kWh prices, particularly during off-peak hours. OCU forecasts suggest electricity prices will remain high unless gas prices significantly drop.

Selectra advises that the best way to prevent bill surges is to charge vehicles at home during times with average prices, such as 2 PM or weekends, when demand and prices are lower.

During the early hours, energy demand is lower, and renewable energy generation, especially wind, increases. Gas costs also impact peak consumption periods. In the mornings, energy demand rises rapidly with the start of daily activities, driving up prices, particularly on days with lower renewable production.

Given these price changes, it's important to optimize consumption habits and take advantage of off-peak tariffs when possible. "At home, we currently have a tariff where off-peak energy costs 0.05 euros per kWh (excluding VAT), so charging daily during off-peak hours with a consumption hypothesis of 20 kWh per 100 kilometers, the cost at home would be 1 euro for 100 kilometers," says Carlos Bermúdez, Business Development Manager for Electric Mobility at Repsol.

ChargeGuru's specialist team explains that "charging at home is always the most economical and sustainable option. Comparing the cost to travel 100 kilometers in 2024, home charging typically costs around 2 euros on average, depending on the time slot and contracted tariff. In contrast, public charging for 100 kilometers would cost approximately 9 euros, assuming 0.53 kWh and a vehicle consumption of 17 kWh/100 km."

And when compared to petrol, it would be around 10.80 euros, assuming 1.80 euros per litre and a vehicle consumption of 6 litres per 100 kilometers," they add.

Additionally, the cost of the charging point itself must be considered, not just the "plug." It depends on various factors such as the type of residence (single-family or community garage), cable length, wall connections, etc. "At Repsol, for example, a standard installation in a single-family home costs 1,895.95 euros. However, this is not the final figure, as promotions - such as contracting home electricity, installing a charging point can earn you 120 euros in Waylet balance for refuelling, for example, and a 300 euro discount. With the Moves III plan subsidy, the net cost could be less than 200 euros," assures Bermúdez.

Currently, the Moves III Plan, a set of government incentives aimed at promoting sustainable mobility, is in effect. Among its benefits is financing up to 70% of the cost of charging points for individuals, freelancers, and companies," they add. It's also worth noting that companies like Repsol or ChargeGuru handle the subsidy application for free. "Additionally, individuals can deduct 15% of the IRPF on the total cost," clarifies ChargeGuru.

Another example. "For home charging point installation, the average price ranges between 1,000 and 1,700 euros (including VAT). This excludes more complex cases. The cost depends on several factors, but primarily the choice of charger type and the distance from the meter to the charging point location via the cable used. However, it's also important to note that 'wallboxes' are not the only charging solution. Reinforced sockets designed for electric vehicle charging also exist. Their cost is much lower than that of a charger. The maximum power of these sockets is 3.7 kW, requiring a specific cable. Otherwise, charging will be at 2.2 kW, meaning the car gains an average of 10 kilometers of range per hour of charging. Therefore, it's not a very fast solution," states ChargeGuru's specialist team.

At this point, is there any difference if the installation is for a house or a building? "The installation is the same. The difference is that in a community garage, you must inform the administrator or president of the homeowners' association before proceeding with the installation, as, according to Article 17.5 of the Horizontal Property Law, installing a private electric vehicle charging point in a building's parking area only requires prior notification to the community," explains the Business Development Manager for Electric Mobility at Repsol.

The charger is compatible with all vehicles, available with universal type 1/2 connectors. But do all homes allow it? Bermúdez notes that "it's usually the case, but there must be a power supply point to feed the charger and a garage space owned. Otherwise, you must seek permission from the garage space owner."

ChargeGuru also confirms that "a charging point can be installed in any house or garage with an electrical connection and a registered electricity meter, regardless of whether it has a three-phase or single-phase installation. Most electric vehicles in Europe charge with a Mennekes Type 2 socket, the standard for chargers. Therefore, any home-installed charger serves any electric car. If not, adapters are always available. A charging point with a Type 2 socket requires a Type 2-Type 2 cable if the car has a Type 2 socket or a Type 1-Type 2 charging cable if the car has a Type 1 socket - Type 1 is the general socket outside Europe."

And, "once the installation is accepted, within a maximum period of two weeks, the charging point will be installed. It is a quick and straightforward service," they conclude.