The cost of charging an electric vehicle (EV) is significantly lower than fueling a gasoline-powered car when comparing cost per mile and annual expenses.
Cost Per Mile
- On average, it costs about 5 cents per mile to charge and run an EV.
- In contrast, a typical gas-powered car costs just under 15 cents per mile to fuel and operate.
Annual Cost Comparison
- The average American drives about 13,476 miles annually.
- Over this distance, fueling a gasoline car typically costs around $2,025 per year.
- Charging an EV for the same distance costs approximately $675 per year.
- This amounts to an annual savings of roughly $1,350 by driving an EV instead of a gas-powered car.
Monthly Cost Perspective
- Monthly charging expenses for an EV average about $70.72, whereas monthly fueling costs for a gas-powered car average around $158.
Factors Influencing EV Charging Costs
- Charging costs depend on electricity prices, which vary regionally.
- Other factors include the EV’s battery size, charger type, the location of charging (home or public chargers), and climate conditions affecting battery efficiency.
- Despite regional electricity differences, EV charging typically remains cheaper than gasoline, even in states with higher electricity rates like California where gasoline prices are also among the highest.
Additional Considerations
- While EVs often have higher upfront purchase prices, federal tax credits (e.g., $7,500 for qualifying new EVs) and other rebates can reduce the effective cost.
- Over the lifetime of the vehicle, EVs tend to be more cost-effective than gas vehicles due to lower fueling and maintenance costs.
Summary
| Aspect | Electric Vehicle (EV) | Gasoline Car |
|---|---|---|
| Cost per mile | ~$0.05 | ~$0.15 |
| Annual fuel cost | ~$675 | ~$2,025 |
| Monthly fuel cost | ~$70.72 | ~$158 |
| Savings annually | ~$1,350 (vs. gasoline) | N/A |
Electric cars are clearly more economical to “fuel” or charge compared to gasoline vehicles, offering substantial cost savings on energy expenses over time.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-charging-an-ev-compare-to-gasoline/
