Thinking electric car? 5 reasons to plug in at home.

While some employers offer free EV charging at work, if you don't have that option, the most convenient and low-cost way to charge your car is at home.^Footnote1 You can save even more by charging at night when rates are usually lower.

Every electric vehicle comes equipped with a charging port and a Level 1 charger that can be plugged directly into a standard 120-volt household outlet. However, Level 1 chargers are also the slowest option, generally adding only 2 to 3 miles of driving range per hour. That means it could take more than a day to fully charge a battery.

Because Level 2 chargers are much faster, you can fully charge most batteries overnight or during a regular workday. They use a 240-volt outlet such as you may have for your electric clothes dryer.

While Level 3 DC chargers are the fastest way to recharge batteries, they're not generally practical to install at home. However, if you need a fast charge, they can be found in some public charging stations and are becoming more and more common.

Most Level 2 charger installations cost between $1,500 and $3,000,^Footnote2 which ranks with othermoderately priced home improvements. But there are several things that can affect the cost:

• Can you park close enough to a power source? Most chargers come with about 25 feet of cable. Parking on the street probably won't work.
• Can your home's electrical system handle the additional load? If not, you would need a major upgrade. One warning sign would be if your electrical panel doesn't have room for another circuit.
• Where is your electrical panel? If it's in the garage, adding a new circuit could be easy. But if your panel is in the basement, you may need to drill through the basement ceiling to run the wiring up to where you can reach the car.

The good news is that the federal tax credit for charger installations has been extended through 2023. For consumers, that means you could get a credit for 30% of the costs, up to $1,000.^Footnote3 Depending on where you live, there may also be state or local incentives. Be sure to confirm the incentives up front, since some may have expired at the end of 2022. One place to search for incentives by state is Enelx.com.

While it's not clear whether a home charger would increase resale value, one study by Zillow showed that homes with EV chargers sold as much as 10 days faster than comparable homes without chargers.^Footnote4

That could be a big asset if you decide to sell in the future. Whatever you choose to do, researching your options up front will help ensure your electric vehicle meets your needs.