Save Big: Tesla Model Y Charging Costs Revealed!

Tesla Model Y: How Much Does It Cost To Charge It?

What?

The Tesla Model Y is gaining popularity as one of America’s top-selling electric vehicles. With over 100,000 units sold in Q1 of 2024, buyers are eager to know more about the cost savings associated with owning this electric marvel. Tesla estimates that Model Y owners can save around $1,200 annually on fuel costs. However, the actual cost of charging a Tesla Model Y can vary based on a few key factors.

Why does it matter?

The cost of charging an electric vehicle like the Tesla Model Y is a crucial consideration for potential buyers. The EPA estimates an annual “fuel cost” of $650 for the Long Range AWD version of the Model Y. But determining the exact charging cost involves nuances like electricity rates, charging behavior, and location.

For home charging, the national average electricity rate of 16.88 cents/kWh means a full charge (10-80%) for the Model Y could cost around $9.51. However, actual costs vary significantly across states. In North Dakota, the same charge might cost $5.88, while in California, it could amount to $18.30 due to varying electricity rates.

Supercharging a Tesla Model Y can incur higher costs, ranging from 25 cents/kWh to 50 cents/kWh at Tesla Superchargers. Additional fees like idle fees and congestion charges can further impact the total cost of a supercharge session.

Comparing with gasoline cars, charging a Tesla Model Y at home remains a cost-effective option, as it can cost as little as $4.90 for a 100-mile range. At a Supercharger, costs may rise to between $7.25 and $14.50 for the same distance, approaching the pricing of gasoline for conventional vehicles like the Toyota RAV4.

How is it going to shape the future?

As electric vehicles become increasingly popular, understanding the true costs associated with owning one, such as charging expenses, will play a significant role in shaping consumer decisions. The availability of charging infrastructure, fluctuating electricity rates, and evolving technology in the electric vehicle sector will continue to influence how consumers perceive the overall cost-effectiveness of owning and operating electric vehicles like the Tesla Model Y. By providing transparency and insights into charging costs, manufacturers like Tesla can empower consumers to make informed choices that align with their budget and lifestyle.