As EVs (Electric Vehicles) have become more affordable and accessible, so have the charging options. Every other automaker has its set of EV options, contributing to the on-grid solar system-based charging possibilities.
This further led to the sustainable growth of the electric transportation industry as well. Charging your EVs with solar energy panels is much easier and more convenient.
Read on as we discuss the benefits and ways solar energy can certainly reduce your overall EV charging costs.
Can Electric Vehicles Be Charged Using Solar Power?
The short answer is yes, and it can be used as the primary resource to charge any of your electric vehicles. Solar EV charging panels can capture sunlight, convert it into a power source, and transfer the generated energy to recharge your electric vehicle’s battery.
By installing a solar PV (Photovoltaic) system in your place, you can rightly harness the renewable energy that can reduce your carbon footprint and your relevance toward fossil fuels to a greater extent. The solar panel-generated power can be immediately used to store in batteries for later use or directly to the electric vehicle. This kind of eco-friendly setup offers an economical and sustainable kind of transportation.
Valid Reasons to Charge Your EV with Solar Panels
The primary benefit of owning or driving an EV is that you have complete control of your fuel costs. Unlike the combustion vehicles that are limited to refueling through gas stations, EV owners have three different options for charging purposes:
- Accessing public chargers
- Installing a home charging station
- Installing a solar panel for home
Solar power has been proven to be the cheapest charging option for electric vehicles in the long run. In fact, solar panel installation done at your home premises can cost half of what you have been spending to fuel up your vehicles in the first place. Also, it is about five times less than fueling an EV at the public chargers.
What Makes an EV with Solar Energy the Most Affordable Option?
Utilizing the on-grid solar system to charge your electric vehicles is one of the affordable ways to refuel them.
Charging your EV through solar energy leads to:
Reduced Energy Consumption and Costs:
Post the solar panel installation at your home, solar power comes as a handy and affordable resource. With its capacity to generate the required set of electricity directly from the sun, your utility bills are about to get reduced, resulting in long-term savings.
Grid Independence:
By generating power through solar EV charging right at your place, you are about to eradicate the burdens of facing fluctuating electricity rates.
Long-Term Savings Possibility:
There’s no need to worry about investing in solar power systems for EV charging. With EMI loans available at just 7% interest and no collateral required, the financial burden is significantly reduced. Over time, the savings on energy costs will easily outweigh the initial investment.
Net Metering Potentials:
Many utility providers offer a net metering facility, letting you send out the excess power back to the grid itself. This way, you earn credits for the unused and saved resources, further eliminating your dependence on charging EVs through grid electricity.
Environmental Benefits:
EV charging units powered using solar energy systems get rid of the gas emission that usually gets involved in the generation process. This way, you are about to reduce your carbon footprint and support sustainable mobility.
Cost Comparison Between Grid and Solar Power Panels for EV Charging
One of the most economic benefits of solar EV charging stations is the possibility to reduce running and consumption costs associated with it when compared to grid power.
The cost per unit consumption of solar power has been significantly reduced in the past few years and it’s mainly due to increased production, the arrival of the latest technology advancements, and the economics of it on a global scale.
- Solar Power Generation Costs: As of 2024, charging your EV with solar power costs nothing. The energy comes directly from your solar panels. This eliminates fuel charges and utility bills for charging. Over time, you can recover the cost of your solar panel installation and save money in the long run.
The overall lifespan of solar panels typically lasts anywhere between 25 to 30 years. With such long years of power generation possibilities, installing a solar panel for home and EV charging will be an informed financial decision.
- Grid Power Costs: The electricity cost from the grid does vary based on the state premises and the power source. The average grid electricity cost in India is more than ₹10 per kWh for commercial usage, and ₹8 to ₹9 per kWh for residential usage.
With such a higher cost per kWh, you will only end up paying more for it compared to utilizing the solar panels at your home or commercial place for the same purposes.
Financial Incentives and Subsidies for Installing EV Charging Units
The Indian government offers various subsidies along with financial incentives to further enhance the economic viability of solar panel power EV charging stations.
- Government Subsidies: The Indian government has been offering subsidies for solar panel-induced EV charging stations for both residential and commercial purposes. These subsidies help in recovering a major part of the solar panel installation investment, making the transition to solar panel power resources more affordable.
- Tax Incentives: Individuals and businesses investing in solar-powered EV charging infrastructure can benefit from tax incentives, in the form of tax credits, accelerated depreciation, and rebates. Such incentives further reduce the installation cost and yield a valuable return on investment as soon as possible.
- Loans and Grants: Financial institutions and banks offer low-interest loans and grants for renewable energy projects. Such financial products will make it easier for both individuals and business owners to finance the solar-powered EV charging station at their respective places.
The Indian government launched several initiatives in the last years to promote solar energy consumption and EV adoption in the country. The National Renewable Energy Mission aims to achieve 500 GW or more solar capacity by the year 2030.
The FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme offers numerous incentives for every EV purchase and for solar energy power infrastructure development.
Conclusion
With improved finances, loans, and incentives, installing a solar-based EV charging station to charge your electric vehicle will help recover the initial investment costs in a short period.
The control to generate, store, and resend them for valuable credits through solar panels does reduce your EV charging costs to a greater extent.
EL SOL, the best solar company in Kerala, specializes in installing top-quality on-grid solar systems to reduce your carbon footprint and energy bills in one place.
Reach us now to find valuable solar panel installation possibilities given your need to charge EV vehicles.
