Costco EV Incentives How Retail Stores are Joining the EV Movement
When leaving home to go shopping or popping in for bread and milk on your way home from work, what drives your choice of the store? Is it that it is on your way? Does it have ample parking? Does it stay open late or open early in the morning? Many factors drive our retail choices, but as the sale of electric vehicles increases, the big factor of charging comes into play.
As electric cars become more popular, the ability to quickly charge them becomes an important factor. In 2020 global sales of EVs rose by 43% to 3.2 million vehicles compared with 2.26 million in 2019 despite overall car sales dropping by a 5 th during the coronavirus pandemic. In Europe, sales of electric cars more than doubled in 2020. So looking at these statistics, it makes sense that retailers need to consider the needs of EV drivers. The decision about where to shop for EV drivers will depend on which stores offer charging facilities. It is predicted that 35% of new car sales will be electric by 2040, so it would be in a store’s best interest to accommodate these new-age drivers. Considering most EV owners are in a higher income bracket, they are valuable consumers for retailers to hold on to.
EV Incentives for Retail Shoppers
Most people drive to stores to do their shopping, especially if they plan to do a ‘big shop’ such as monthly groceries. So many people drive, in fact, that market researchers use the number of cars parked outside to estimate and predict shopping trends. So it is a case of killing two birds with one stone if you can charge your car while you’re shopping. With more EV sales, more people will be looking for stores that offer charging and will choose stores accordingly. Retailers have found that the more time shoppers spend in the shop, the more money they spend. So shoppers are more likely to spend more money in a store that offers EV charging as they will spend more time in-store while waiting for their vehicle to charge.
EV Charging Stations
Having an EV charging point can actually drive new customers to your store and put your store on the map. EV drivers use ChargePoint’s mobile app or ChargeHub to locate a place where they can charge their vehicle when needed. If the place on the app happens to be a retail store, drivers will choose this retail store to shop over others nearby to shop and charge at the same time.
Everybody loves a freebie. EV customers can also be encouraged to return to a particular retail store by offering rewards and incentives in the form of loyalty programs. Free charging is an obvious incentive, but some retailers have offered free hotel stays and wine tastings to loyal customers who earn enough points.
Each retailer needs to look at what kind of service they offer and install the correct charge points accordingly. Retailers who sell quick shop items such as groceries or medicines should make sure they have DC fast charging, while places that offer longer stay services such as restaurants or movie theatres should ensure they have Level 1 or Level 2 charging, which needs more time. Places that offer quick shopping and longer stay services should ensure they offer fast and slow charging variances.
Costco Auto Program and EV Selection
Costco is one retailer that has come to the party for electric vehicles. Not only do they offer charging points to customers, but they are also providing electric vehicles in their Costco Auto Program. Although Costco is not actually selling the vehicles, they have prearranged fair with approved dealers and thus have removed the haggle and hassle from your car buying experience. From now until 2 August, members can save 1000 on a 2022 Bolt EV and EUV, 3000 on a 2020/2021 Chevrolet Bolt EV, and 2000 on a Volvo XC40 Recharge Pure Electric. The Costco incentive on the Volvo is the first other than loyalty incentives. Costco has done its homework and found the best deals on many electric cars.
The Volvo XC40 Recharge is a luxury SUV that seats five and moves from 0 to 60mph in a quick 4.3 seconds. Its top speed is limited to 112 mph. It has an MSRP of 55,300, but Costco members can have it for just 46,000. They need to have a tax bill high enough to take maximum advantage of the federal EV tax credit.
The 2022 Chevrolet Bolt is much cheaper than its predecessor. MSRP for the 259-mile 2022 Bolt EV is only 31,995, and the slightly bigger 247mile Bolt EUV is only 33,395. The Chevrolet Bolt is GM’s first long-range all-electric vehicle. It is a compact utility vehicle with 238 miles of range.
Buying an EV at Costco
Remember to read the fine print before jumping into buying an EV through Costco. There are conditions such as you:
- need to have been a Costco member since 1 st March 2021.
- need to register online with the Costco Auto Program.
- must present your certificate’s unique code to the car dealer.
If you are not already a Costco member and you’d like to buy a car through Costco, you can sign up now for, 60 annual membership fee and catch the next incentive. Costco has run special auto incentives for years. Since January 2020, Chevrolet’s Bolt EV and Audi’s e-Tron have been included three times in special offers, and Volvo has participated twice. There are sure to be more in the future. So other than these small conditions, buying an electric vehicle at Costco is easy sailing, or should we say easy driving.
Important terms and vocabulary
Before jumping into the math for three of the Tesla models, let’s make sure we’re on the same page by defining what different terms mean for our calculations and general understanding.
- kW: An abbreviation for kilowatt, a unit of energy used to measure electrical energy.
- kWh: An acronym for kilowatt-hour, the amount of electrical energy consumed when 1,000 watts are used for an hour. Tesla battery pack sizes are measured in kWh, similar to gas-powered car’s fuel tank sizes. Generally speaking, the bigger the battery capacity in kWh, the more energy and longer range your electric car might have.
- kWh battery: Each Tesla vehicle comes with a battery that typically ranges from 50 kWh to 100 kWh. The efficiency at which your battery charges depends on the type of charging station you use.
- Level 1 charging: Home charging is made available with your typical three-prong 120-volt outlet that’s commonly found in most houses. Your Tesla should come with a mobile connector and adapter for this type of charging. This isn’t a fast charger option. It’s the slowest and often most inefficient charging option for Tesla vehicles, typically providing 3-5 miles of range per hour of charging.
- Level 2 charging: Using a 240-volt Wall Connector, this type of charging is often the fastest available for home or office locations to charge a Tesla vehicle. A Wall Connector can provide up to 44 miles of range per hour of charging, though it’s not as fast or efficient as a Tesla Supercharger. Wall Connectors have to be ordered and should be installed by qualified electricians. You might also be able to use an adapter to connect to an existing 240-volt outlet.
- Level 3 charging: Tesla Superchargers are the fastest and most efficient charging option available. They’re connected directly to the grid and offer 480 volts of power. Superchargers can provide enough charge for up to 1,000 miles of range per hour of charging. Over 30,000 supercharger stations are found on the global supercharger network, providing fast charging for Tesla customers.
- Destination charging: A network of businesses and other locations that make Wall Connectors available for public charging. This type of charging network could make sense when traveling away from home, such as on a road trip.
- Tesla models: Current plug-in electric Tesla models include the Model S, Model 3, Model X, and Model Y vehicles.
How much does it cost to charge a Tesla Model X?
The Model X currently on the road comes in two trims, the Long Range and the Plaid. Both options have a 100 kWh battery. The Long Range has an EPA-estimated 360 miles of range, while the Plaid has an estimated range of 340 miles.
According to the U.S. Energy Information Administration, the current (as of January 2022) national average price of electricity for residential usage is 13.72 cents per kWh, with the lowest price of 9.43 cents in Nebraska and the highest of 37.33 cents in Hawaii. For ease of calculations, we’ll round the national average to 14, a nice, even number.
So, how much does it cost to charge a Tesla at home? If we multiply the size of the Model X battery by the average electricity cost, we end up with about 14 (100 x
How much does it cost to charge a Tesla Model S?
The Tesla Model S is similar to the Model X in that it also has the Long Range and Plaid currently on the road. Both of these options come with a 100 kWh battery, which is also the same as the Model X. However, the total estimated mileage range is different on the Model S trims compared to the Model X. Here, the Long Range has a 405-mile estimate, and the Plaid has a 396-mile estimate.
Using the same information about the average cents per kWh for residential usage, we can calculate how much it would cost to charge a Model S battery from 0% to 100%. Here’s an estimate of how much it costs to charge a Tesla Model S at home with 85% efficiency for Level 1 and 2 charging and at a charging station with 100% efficiency for Level 3 charging:
- Level 1 and 2 charging: About 16.10
- Level 3 charging: 26.00
These numbers end up being exactly the same as the Model X because you have the same 100 kWh battery in the calculation. However, you can expect the cost per mile to be different since the ranges of the vehicles are slightly varied.
Here’s what the cost per mile looks like on the Model S Long Range and Plaid:
The Model S Long Range also beats out the Plaid here because of its longer estimated range, which slightly decreases your cost per mile. However, the more powerful Plaid’s range is only an estimated nine miles less than the Long Range — so the difference in cost per mile isn’t huge.
Tesla also plans to drop the Long Range moniker from the next Model S trims along with the estimated range. The upcoming Model S will be available by September 2022 and will have 375 miles of range. While the updated Plaid trim will have 348 miles of range.
.14 = 14) total to charge your Model X battery from 0 to 100%.
However, we also have to account for the type of charging station because some chargers are more efficient than others. Level 1 and Level 2 chargers can often fluctuate between 80% to 90% efficiency, which means it’s taking 10% to 20% additional power to charge the battery. Let’s say these chargers average about 85% efficiency, then a full charge requires 15% additional power.
Level 3 chargers are much more efficient, so we won’t consider them using any additional power to charge Tesla batteries. Superchargers do, however, come at different prices. It’s not uncommon to see of 26 cents per kWh, so we’ll use that number for our calculations to answer how much it costs to charge a Tesla at a charging station.
So, how much does it cost to fully charge a Tesla Model X? Getting a Tesla Model X battery from 0% to 100% with each type of charger would cost:
- Level 1 and 2 charging: About 16.10
- Level 3 charging: 26.00
And here’s about how much you’d be paying per mile for each trim:
Overall, the Model X Long Range slightly beats out the more powerful Plaid when it comes to cost per mile, especially if you use Level 1 and 2 charging options.
Moving forward, Tesla announced that the upcoming Model X will drop both the Long Range moniker and its actual range. The Model X, available by March 2023, will have 332 miles of range. While the Model X Plaid, available by October 2022, will drop its range to 311 miles.
How much does it cost to charge a Tesla Model Y?
The Tesla Model Y weighs less than both the Model S and Model X, which is possibly why it’s equipped with a smaller battery. Both the Model Y Long Range and Performance trims come with a 75 kWh battery. The Long Range has an estimated 326-mile range, while the Performance has an estimated 303-mile range.
Since these numbers are different from what we’ve seen on the Model X and Model S vehicles, we should see a big difference in the total cost of a charge, as well as the cost per mile. Here’s what a full charge from 0 to 100% would look like on the Model Y depending on the charging station:
- Level 1 and 2 charging: About 12.08
- Level 3 charging: 19.50
The total charging cost ends up being lower on the Model Y compared to the Model X and Model S because it has a smaller battery. This is similar to how a car with a smaller gas tank would likely cost less to fill up than a car with a larger gas tank.
Here’s the breakdown of the cost per mile on the Model Y:
Overall, the numbers indicate that the Model Y has the lowest cost per mile among the three Tesla vehicles we’ve looked at. And not surprisingly, the Long Range trim is more cost-effective than the Performance. This is because they have the same battery, but the Long Range has more range.
While the newer Model X and Model S trims available later this year and early next year will have noticeably shorter ranges than their current versions, the upcoming Model Y will mostly stay the same. The Model Y Long Range that will be available in January 2023 will only drop 8 miles to a range of 318 miles. While the Performance trim, which should be available by July 2022, will have the exact same range as its previous version at 303 miles.
Additional costs that surprise Tesla owners
The cost of using a Tesla isn’t all about charging your car at home. Fuel costs are one consideration to keep in mind when comparing the math of using a traditional car and using a Tesla, but you should also research the additional costs that Tesla owners might have.
Here’s a look at a few extra expenses you might not have thought about:
- Home chargers: If you want the Wall Connector charging option, it will set you back at least 500 just to buy it. And then you have to hire someone to install it, which could easily run over 450,000 depending on the work that needs to be done with your existing electrical system. The NEMA 14-50 adapter for existing 240-volt outlets costs 45, but you would need to pay for the outlet to be installed if you don’t already have one — which could be similar in price to installing a Wall Connector.
- Insurance rates: The average car insurance cost in the U.S. is close to 450,500 per year (as of March 2022), though this can vary widely depending on a variety of factors. The average car insurance cost for Tesla owners often ranges from about 5000,000 to over 4,000. To find the coverage you need, compare options on our page for the best car insurance.
- Supercharger pricing: Using a Supercharger to charge your Tesla quickly sounds nice, but you’ll likely pay for the experience. The cost to charge at a Supercharger is often much higher than charging at home.
- Sticker shock: Most Tesla vehicles aren’t cheap, so you have to think about your initial investment if you’re interested in buying one. For example, the average U.S. car price is around 46,000, according to Kelley Blue Book (for February 2022). The Tesla Model S with the longer range (available September 2022) starts at almost 100,000, while the Tesla Model X with the longer range (available March 2023) starts at about 115,000. The Tesla Model 3 is more affordable at around 47,000, but that’s also the price point for many trucks and SUVs with more space and amenities.
- Car maintenance: Tesla car maintenance should typically be pretty low as long as everything is functioning properly. But if you need to replace something, such as the battery, you might be looking at some hefty fees. In fact, a battery replacement could cost over 10,000.
Is It Expensive To Charge a Tesla at Home?
In the United States, the cost of electric utility services varies greatly depending on your location. For example, consumers in Idaho pay just over
How Much Does It Cost To Charge at a Tesla Supercharger?
Tesla Superchargers are the next big thing in electric vehicle charging and although Tesla doesn’t share its pricing, several reviews suggest it costs an average of 25 to fill up at Tesla Supercharge stations. Tesla currently operates more than 40,000 Level 3 Superchargers around the world. They’re capable of extra-fast charging speed, giving Tesla drivers between 162 and 200 miles of range in about 15 minutes.
Unfortunately, Tesla doesn’t share the fee it charges at its Supercharger stations, likely because that fee changes by location. Nonetheless, Tesla charges by the minute, and the rate per minute depends on which of the four charging speed tiers it offers.
.11 per kWh while consumers in California pay over
How Much Does Charging a Tesla Affect Your Electricity Bill?
The effect charging your Tesla will have on your electric bill largely depends on two factors:
Simply put, the more your energy company charges you for electricity, the more it will cost you to charge a Tesla at home. over, the more you drive, the more you’ll need to charge.
The average American drives about 1,200 miles per month. Teslas have between 50 and 100 kWh batteries with the average Tesla range being around 267 miles. With the average cost per kWh in the United States being
Final Take
Considering that the average size of a gas tank is between 13 and 16 gallons and the national average cost of gas according to AAA is 3.45 per gallon as of Feb. 9, 2023, it costs between 44.85 and 55.20 to fill up a car with gasoline. As such, it’s significantly cheaper to charge most Teslas. You may want to consider going green and saving a few bucks on transportation in the process.
FAQ
- How much does it cost to charge a Tesla for one hour?
- The cost per hour largely depends on where you charge. If you’re at a Supercharger, it wouldn’t make sense to charge for one hour, as you’ll likely fill up in about 15 minutes. What really matters is the cost per kWh, which varies based on your geographical location and whether you charge at home or use a charging station.
- You can charge Teslas at various other charging networks in addition to the Tesla Charging network. However, you may need an adapter to do so.
- It is typically cheaper to charge a Tesla at home than it is to charge your vehicle at a Supercharger or any other charging station. That is, unless the charging station is ad- and retail-supported, making it free to use.
Jessica Moore contributed to the reporting for this article.
Information is accurate as of Feb. 9, 2023.
.16, the average increase to your electric bill if you charge your Tesla at home 100% of the time would be somewhere between 35.92 and 71.84.
Keep in mind that these are broad averages. Drawing on the examples presented, if you live in California, you’ll likely see a much higher increase to your electricity bill than someone who lives in Idaho would.
.25 per kWh. However, the national average cost of electricity per kWh is.16. Considering this average cost:
- A 50 kWh Tesla battery costs about 8 to charge.
- A 100 kWh Tesla battery costs about 16 to charge.
On the other hand, if your home has solar power, your cost will be substantially less.
You can now buy your Audi e-tron through Costco and save 5000,500 [US only]
Who doesn’t enjoy a quiet Sunday afternoon visit to the local Costco to enjoy the most expensive hot dog in the world? In what may be an attempt to boost lagging sales, everyone’s favourite retailer is now offering a decent discount if you’re in the market for an electric Audi e-tron.
For those lucky Costco members in the market to purchase an EV, until March 31, 2020 you can use your membership to receive a 5000,000 cash bonus and a 500 Costco gift card on all version of the 2019 e-tron. You must purchase or lease the Audi through the Costco Auto Program.
With other incentives available in various parts of the US, you could save up to 13,000 off the price of the e-tron.
This offer is only available in the US. Costco does have a similar “Costco Vehicle Program” in Canada, but the only vehicles on offer are a variety of gas guzzling ones from Buick, Cadillac, Chevrolet, and GMC. You also don’t know what kind of discount you’ll be getting as you have to visit a dealership to get “Costco Member Pricing”.
I think I’ll stick to ordering my Tesla online in 3 minutes, thanks.
Are you buying a Tesla? If we helped, click here to earn referral credits to redeem for Supercharger credits, merchandise, accessories, and even software upgrades. For a limited time you can also get three months of Full Self-Driving and a 450,300 discount on a Model S/X purchase.
Senior Contributor. White Long Range AWD Model 3 owner since October 2018. EV fan since 2012 with my first Nissan Leaf | Mike@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on @DriveTeslaca
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