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The vast majority of electric vehicle (EV) drivers opt to install a charging station at their home. What does a home EV charging station look like? How much does it cost? And what do you need to know? Let’s take a look at the things you need to consider below.

First, let’s talk basics. A charging station or charger – known officially as Electric Vehicle Supply Equipment (EVSE) – is basically just industry lingo for a power cord. Just like cell phones, EVs require a dedicated cord to charge up.

There are three different levels of chargers:

Bottom line: The vast majority of EV drivers install some kind of Level 2 charger at their home.

Most Level 2 home charging stations cost between $500 and $700, and the additional cost of labor to install a 240-volt outlet is about $1,200 to $2,000 . In some areas, there may be government incentives available to cover a portion of these costs.

That said, let’s break down these costs a little further:

When thinking about installing a home charging station, here are some basic steps to keep in mind:

Now you know that the vast majority of EV drivers install a Level 2 charger at their home, and the cost generally runs anywhere from $500-$2,000 – largely depending on whether or not you already have access to a 240-volt electrical outlet near where you plan to park. It’s important to assess your home for EV-readiness before making any purchases and to consult with a licensed electrician to make a plan that works for you, your EV, and your home. Once installed, charging up is just as easy as plugging in and walking away!

To learn more about EVs, go to www.Chase.com/EV.

This article is for educational purposes only and provides general auto information.  The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service.  Outlooks and past performance are not guarantees of future results. Chase is not responsible for, and does not provide or endorse third party products, services or other content. For specific advice about your circumstances, you may wish to consult a qualified professional.

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