Driver details
- Jay, an Enphase employee, lives in Saratoga, California, and has an Enphase Energy System at home. He added an IQ EV Charger to save money by charging his EV at home using solar energy.
- He drives an average of 40 miles per day with an average efficiency of 4.4 miles per kWh, and primarily charges his EV at home during the day with excess solar.
- His home utility plan charges at an off-peak rate of $0.38/kWh from June to September and $0.33/kWh from October to May.
IQ EV Charger savings and benefits¹
- The IQ EV Charger may pay for itself in 1-2 years.
- Over $5,600 can be saved on energy costs over 5 years by smart charging with excess solar at optimal times.
- Actual savings may be higher when additional state and utility rebates and incentives are applied to IQ EV Charger purchase and installation costs.
- Energy costs can be further reduced by always utilizing the Self-Consumption profile in the Enphase App when charging.
Jay’s estimated costs and savings over time²
Financial modeling
Buying and installing an IQ EV Charger involves fixed product and installation costs. Typically, EV charging involves variable energy costs when charging from the grid versus charging using solar energy. To understand the value of an IQ EV Charger, it is important to calculate the total energy required for EV charging and then evaluate the charging options available to meet the energy requirement.
Energy calculation for EV
| Metric | Value |
|---|---|
| Miles driven per day | 40 |
| Miles driven per year | 14,600 |
| Vehicle efficiency | 4.4 miles/kWh |
| Total energy required in a year | 3,318 kWh |
Fixed costs
| Metric | Value |
|---|---|
| Average cost of IQ 40 or IQ 50 EV Charger | $750 |
| Cost of installation | $1,000 |
| Total fixed cost after the 30% federal tax credit | $1,225 |
Variable cost
| Options for EV charging | Cost per kWh | Total variable cost for 1 year | Total variable cost for 5 years |
|---|---|---|---|
| Home charging with any other EV charger | $0.35/kWh | $1,150 | $6,280 |
| Home charging with IQ EV Charger and Enphase solar | $0.04/kWh* | $119 | $597 |
*When only solar energy is used for EV charging, the variable cost is $0. Usage data from April 2024 to July 2024 was analyzed from the Enphase App.
The variable cost of EV charging was calculated using data from the Session History section.
Customer usage data
| Metric | Value |
|---|---|
| Total cost of EV charging from April to July | $46.30 |
| Total energy consumed for EV charging from April to July | 1,287 kWh |
| Cost per kWh | $0.04/kWh |
Assumptions:
- Customer owned an Enphase Energy System before buying the IQ EV Charger, so the cost of the system is not included here.
- Calculation for home charging using an IQ EV Charger and Enphase Energy System is based on actual usage data from April 2024 to July 2024.
1As of September 2024, assuming all variables shown below remain constant over the next 5 years. Actual results may vary.
2Refer to financial modeling for more information.
