EV Charging + Energy Management = Cost Savings

Updated: Mar 22

Fleet and multifamily property owners can have 20, 50, 90 or more vehicles charging at one time, which brings a unique set of challenges when it comes to managing costs associated with charging electric vehicles. Adding that kind of demand for electricity can add hundreds to thousands of dollars to an electricity bill every month. So, when fleet or multifamily property owners decide to go electric, there are specific factors to consider.

This overview demonstrates how energy management, used in combination with an EV charging system, can mean the difference between charging a car for $18 or $4761 a month.

Atom Power’s Advanced EV Charging solution dynamically adjusts and manages EV charging by regulating vehicle charge rate, time of day, length of time, and overall energy an EV can use over the course of a given day. The system monitors real-time building load and in combination with the historical baseline peak demand in the given month, targets EV charging rates and times so that the current month peak demand will not be exceeded.

How EV Charging Affects Utility Bills

Residential utility bills are typically broken down in terms of energy consumption, or the amount of energy you use in kilowatt hours (kWh) during a given billing period. It’s straightforward as there is a 1:1 relationship between the price you pay each month and the amount of energy you consume. Utility bills for multi-family owners, commercial property owners, and fleet operators add another variable, energy demand. To an electric utility, demand represents the amount of power that needs to be generated at any given time during the day to cover the maximum amount of energy needed by its customers. The highest demand point over the course of a month is the “peak demand.” As demand increases, the utility must seek out additional energy sources, which can be very expensive. In many markets, peak demand accounts for the single largest cost on utility bills.

Installing EV charging infrastructure adds a significant additional load to one’s electric service, subsequently increasing demand. Now imagine the impact of adding multiple EV charging spaces to a multi-family residence and the effect it will have on peak demand and the utility bill.

How it Works

Say a New York City property owner adds 20 EV charging stations to their apartment building’s parking lot. Residents typically charge their vehicles after they come home from work, starting between 4 – 6pm. Assuming each EV charges for an average of 2 hours per day at 10kW, an additional 200kW is pulled from the utility grid. Without energy management, the building’s demand will spike above the historical peak by up to 200kW, which will dramatically increase electricity costs. At a demand rate of $45.79 per kilowatt, the demand charge will increase by $9,158.69 per month. If the property owner uses a dynamic energy management solution with the EV charging system, the only increase on their utility bill would be the electricity consumed for charging. At a rate of $0.0824/kWh, the increase would be $988.88 per month for 20 vehicles ($49.44 per vehicle).