Electric vehicles’ (EVs) lack of emissions makes them environmentally friendly, but also cost less to operate than vehicles with internal combustion engines. Just how economic? Read on to find out more about EV batteries, charging, and cost.
EVs source power from lithium-ion polymer batteries that are high density, light weight, and satisfy excellent charge/discharge efficiency.
EV charge times vary by charging method and charger capacity. 7 kW slow chargers are generally installed at stations in apartments and private homes.
Rapid chargers offer different speeds depending on capacity (50kW, 100kW, 350kW), but all offer rapid charging for about an hour. Rapid chargers are usually installed in public stations.
In Korea, there are 14,448 charging stations as of August 2019. The Korean government plans to install 12,000 slow-charge stations and 10,000 rapid charge stations by 2022.
the cost of charging an EV at a public charging station is 173.8 won (approx. $0.15) per 1kW, as of 2019. Apartments, homes and other private charging stations cost between 83.6 – 174.3 won per kW, depending on the season and time of day.
Combustion engine vehicles’ cost of operation is 3 – 4 times that of EVs. EVs can save about a million won (approximately 850 dollars) in fuel costs in a year over a gasoline vehicle.
The public charging stations can be used with a membership card registered with the Ministry of Environment and various charging businesses. Just like the credit cards affiliated to gas brands, membership will provide benefits such as discounts and membership points.
EV owners will be able to request subsidy for personal charger station installation at home or at work.
Personal chargers will allow pre-scheduled charging to utilize cheaper power during off-peak hours to further reduce cost of operation.