So you‘re an Indiana driver thinking about ditching gas for a cleaner, greener electric ride. Smart thinking! As an EV analyst in the midwest, I evaluate the EV ownership experience in Indiana quite favorably compared to nearby states. With the current infrastructure, incentives, and charging costs available, there‘s never been a better time consider joining the EV movement.
Let‘s explore everything you should know about owning an electric vehicle in the Hoosier state!
Overview of EV Ownership in Indiana
Many drivers don‘t realize Indiana has the 5th highest concentration of EV charging stations amongst U.S. states at about 51 stations per 100,000 people. For comparison, forward-thinking California only ranks 7th nationally according to 2021 data from the Department of Energy.
The tables below summarizes Indiana‘s growing charging station footprint:
| City | Number of Charging Stations |
|---|---|
| Indianapolis | 679 |
| Fort Wayne | 210 |
| South Bend | 104 |
| Bloomington | 75 |
| Evansville | 71 |
Indiana is set to expand its station count even further thanks to over $100 million allocated from 2021‘s National Electric Vehicle Infrastructure (NEVI) program. For context, neighboring Kentucky received less than half that amount which will allow Indiana to widen the infrastructure gap considerably over the next 2-4 years.
While the upfront cost of EVs continues dropping, Indiana drivers can also take advantage of very favorable charging rates compared to nearby states. The average residential electricity price sits at only $0.17 per kWh – tied for the 7th lowest in the midwest.
Let‘s take a deeper look at what owning an EV in Indiana actually costs from charging and vehicle ownership perspectives.
EV Charging Infrastructure Across Indiana
As an EV owner, easy access to charging stations (especially fast chargers) can make or break your ownership experience. Here‘s an overview of charging options available across Indiana:
| Charger Type | Details | Cost |
|---|---|---|
| Level 1 | Plugs into 120V household outlet; 2-5 mi range/charging hr | Lowest cost option; limited range gain |
| Level 2 | Plugs into 240V outlet like laundry dryer; 10-20 mi range/hr | Faster home charging; requires 240V outlet |
| DC Fast Charge | 60-100 mi in 15-30 min | Rapid charging for travel; electricity costs are higher |
The map below from the Department of Energy shows the network of 920+ public charging stations located along major highways and population centers in Indiana:
While coverage is ample statewide, rural drivers should still consider range limits when planning trips in more remote parts of the state. Having a Level 2 charger installed at home for overnight charging is highly recommend to mitigate any range anxiety issues.
Cost to Charge an EV in Indiana
Below I‘ve summarized average electricity rates for home and public charging based on 2022 data from the U.S. Energy Information Administration:
| Charging Type | Average Cost (Indiana) | Notes |
|---|---|---|
| Home (Level 1/2) | $0.17 per kWh | Up to $17 for full charge |
| Public (Level 2) | $0.25-$0.35 per kWh | $15-$21 for full charge |
| Public (DC Fast) | $0.33 per kWh | $20 for 60 kWh battery |
With gas prices averaging $2.85 per gallon statewide, EV drivers in Indiana save over $1,500 per year on fuel costs according to experts. Maintenance savings add to that discrepancy as EVs require far less routine repairs and service than internal combustion cars.
Now let‘s explore exactly how much it costs per month and year to own today‘s most popular EVs in Indiana using real pricing examples…
Cost Analysis of Top Indiana EV Models
To demonstrate actual ownership costs, I‘ve highlighted 4 top-selling EVs in table below alongside estimated charging expenses:
| EV Model | Base Price | Range | Battery Size | Charging Cost |
|-|-|-|-|
| 2023 Chevy Bolt EV | $27,495 | 259 mi | 65 kWh | $11 per full charge |
| 2023 Kia Niro EV | $39,990 | 239 mi | 64 kWh | $11 per full charge |
| 2023 Audi e-tron | $74,400 | 225 mi| 95 kWh battery | $16 per full charge|
| 2023 Rivian R1S| $84,000 | 316 mi| 135 kWh battery | $23 per full charge |
Focusing specifically on the Chevy Bolt, financing the $27,495 sticker over 6 years at 3.99% APR results in a $449 monthly payment. Factoring in the average EV driver‘s 1,250 miles monthly, electricity costs would amount to $102 per month for charging.
Total Monthly Cost: $551
Which over the course of 6 year loan term totals $39,732 – this includes all charging costs and taxes as well. Very reasonable indeed!
Indiana Charging Incentives and Rebates
I‘ll be first to admit Indiana lags behind leading EV states like California and New York in terms of electric vehicle incentives. But admirable rebates and charging discounts are available if you know where to look!
Here are two prime savings opportunities in Indiana I recommend all prospective buyers evaluate:
- Indiana Michigan Power offers special TOU rates for home charging under their PowerForward program. This provides cheaper overnight charging when grid demand is reduced.
- Installing a Level 2 charger from ChargePoint qualifies for a $250 hardware rebate plus 5 years of charging credits. Similar terms from other utilities also available.
The Federal EV tax also credit remains available up to $7,500 for qualifying models – so be sure to jump on that bonus while you can!
I hope this guide has adequately showcased everything great about being an EV owner in the forward-thinking state of Indiana. Let me know if you have any other questions coming to mind at this stage! I‘m always happy to chat more about my favorite subject.
To a greener, friendlier road ahead!
Mike
[EV Analyst and Indiana Driver]
P.S. For more charging station details, be sure to download apps like PlugShare and Chargepoint to locate stations along your common routes.
