⚡ The Hidden Costs of Buying an EV: What Maryland Buyers Should Know Before Plugging In

Electric vehicles (EVs) are everywhere right now—from flashy Teslas to practical Chevy Bolts. With rising gas prices and government incentives, it’s no surprise more Maryland drivers are thinking, “Is it finally time to go electric?” 

EVs are often promoted as the cheaper, cleaner, smarter choice—and in many ways, they are. But before you make the switch, it’s important to understand what most dealerships and headlines don’t talk about: 

👉 The hidden costs of owning an EV. 

Let’s break down what’s beyond the sticker price—and what you should plan for as an EV owner in Maryland. 

💵 1. Higher Upfront Price (Even After Incentives)

EVs generally cost more than their gas-powered counterparts. While the federal tax credit can help (up to $7,500), many vehicles don’t qualify, and state rebates are limited. 

• Entry-level gas SUV: ~$28,000
• Entry-level EV SUV: ~$35,000+
• Even with incentives, you’re still likely paying more upfront—and that affects your financing, taxes, and insurance. 

🔌 2. Home Charging Installation

If you want the convenience of charging at home (and trust me, you do), you’ll need to install a Level 2 charger. In Maryland, that means: 

• Home electrical upgrades (panel work, permits, GFCI protection)
• Installation costs from a licensed electrician 

💡 Typical cost: $1,000–$2,500....This is often overlooked when budgeting for your EV.

 🚘 3. Higher Insurance Premiums

Many Maryland EV owners are surprised to find their car insurance is 10–20% higher than for similar gas models. Why? 

• Higher vehicle value
• Specialized repair costs
• Battery-related risks

Pro Tip: Always get insurance quotes before you buy, not after. 

🔧 4. Battery Replacement Down the Road

EVs require less routine maintenance—but when something big fails, it’s costly. The most expensive component? The battery. 

• Out-of-warranty battery replacement: $12,000–$20,000+
• Most EV batteries are warrantied for 8–10 years, but degradation starts sooner 
• Even if you never replace the battery, it affects resale value—especially if it’s no longer holding a strong charge. 

🛣️ 5. Public Charging Isn’t Always Cheap or Easy

• Many buyers assume charging is free or super cheap. That’s true at home—but public charging comes with costs:
• Fast charging stations like Electrify America or EVgo can cost $15–$25 for a full charge.
• Maryland’s public charging infrastructure is growing, but still spotty outside metro areas.
• Charging at peak hours may cost more—or come with wait times. 

💼 6. Unexpected Fees and Registration Costs

In some states (and possibly Maryland in the future), EV owners face additional fees to offset lost gas tax revenue used for road maintenance. 

• Maryland currently has a lower registration fee for electric vehicles, but this could change as EVs become more common.
• Also, EVs are heavier, which increases road wear and tear—and policy makers are starting to respond with new fees.

🧠 Should You Still Buy an EV?

Absolutely—but with eyes wide open. EVs are great for the environment and can save you money long-term if you account for the full picture. Here’s how to make a smart decision: 

• Get quotes for home charging installation
• Compare insurance premiums
• Ask about battery warranty and resale value
• Understand how you’ll use the car: daily commuter? Long trips? 

⚡ Final Thought

Buying an EV isn’t just about going green—it’s a financial decision that requires research and planning. If you’re thinking about switching to an EV in Maryland, take time to run the numbers. The more you know upfront, the smoother your experience will be. 

Have questions about preparing your home for an EV charger or budgeting for ownership? I’d be happy to connect you with a trusted local electrician or auto consultant to help you get started the right way.

Sean Tavalozzi ~ Realtor
Keller Williams Flagship of Maryland
Danmar Properties Group
Personal Cell: 203-233-8445
Main KW Office: 410-729-7700
Work Phone: 301-945-8697