The cost of charging an electric vehicle (EV) is significantly lower than the cost of fueling a gasoline-powered car over time, based on current U.S. averages.
Cost Per Mile and Annual Cost Comparison
- Cost per mile to charge an EV: Approximately 4 to 5 cents per mile.
- Cost per mile to fuel a gas-powered car: Around 9 to 15 cents per mile, depending on the vehicle and fuel efficiency.
For example, an average EV costs about 5 cents per mile to charge, while gas cars cost just under 15 cents per mile to fuel.
Given an average annual driving distance of about 13,476 miles:
- Annual charging cost for an EV is around $675.
- Annual fuel cost for a gasoline car is about $2,025.
This results in an annual savings of approximately $1,350 for EV owners compared to gas car owners.
Monthly Cost Perspective
Monthly, the cost of charging an EV averages about $39 to $71, whereas fueling a gas car can range from about $140 to $158, showing that EV charging costs are roughly one-third to less than half the cost of gasoline each month.
Factors Influencing Cost Differences
- Gasoline prices are volatile and tend to be more expensive, especially in some regions, while electricity rates are generally more stable and lower.
- Even in states with higher electricity rates like California, charging an EV is still cheaper than fueling a gas-powered vehicle due to the high cost of gasoline there.
- The specific cost can vary based on the vehicle type, regional electricity and fuel prices, and driving habits.
Additional Considerations
- EV owners may benefit from federal tax credits and incentives, which can offset initial purchase costs and further improve cost efficiency.
- Charging costs tend to be more predictable and less affected by market fluctuations compared to gasoline prices.
Summary Table
| Cost Metric | Electric Vehicle (EV) | Gasoline Vehicle |
|---|---|---|
| Cost per mile | 4–5 cents | 9–15 cents |
| Annual fueling cost | ~$675 | ~$2,025 |
| Monthly fueling cost | $39–$71 | $140–$158 |
Overall, charging an EV over time is substantially more economical compared to buying gasoline for traditional cars, making EVs cheaper to run on a per-mile and annual cost basis.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-charging-an-ev-compare-to-the-cost-of-gasoline-over-time/
