The cost comparison between fast charging an electric vehicle (EV) and fueling a gasoline car varies significantly depending on the type of charging and local gasoline prices, but overall fast charging tends to be cheaper than gasoline per mile, though not as cheap as home charging.
Home EV Charging vs. Gasoline
- Home charging an EV typically costs about $0.13 to $0.18 per kWh. For 1,000 miles driven, this equates to roughly $39 to $47 per month, assuming around 300 kWh used per 1,000 miles.
- In contrast, a gas-powered car that gets about 25 miles per gallon requires 40 gallons to drive 1,000 miles. With gasoline prices around $3.50 per gallon, the monthly fuel cost would be about $140.
- This means home EV charging can cost about one-third or less of what gasoline costs for the same distance, providing significant savings over time.
Public Fast Charging vs. Gasoline
- Fast charging (DC Fast Charging) can cost 2 to 3 times more per kWh compared to home charging, with prices ranging from $0.30 to $0.55 per kWh depending on the charging network.
- For example, a 42 kWh charge at home may cost about $7.50, but using public fast chargers could cost between $12.60 to $16.00 for the same energy.
- When converted to a “cost per gallon” gasoline equivalent, fast charging prices still often compare favorably or are roughly competitive with gasoline costs for a car getting 25 mpg.
- However, fast charging is more expensive than home charging, which narrows the cost advantage EVs have over gasoline.
- By comparison, gasoline at $3.50 per gallon remains more costly for the equivalent energy consumed per mile than most public fast charging rates, but by a smaller margin than home charging offers.
Summary
| Fuel Type | Energy Cost per 1,000 miles | Monthly Cost Estimate | Notes |
|---|---|---|---|
| Home EV Charging | ~$39 – $47 | $39 – $47 | Cheapest option; significant savings versus gas |
| Public Fast Charging | ~$70 – $85 | $70 – $85 | More convenient but more expensive than home |
| Gasoline (25 mpg) | ~$140 | $140 | Most expensive per mile of the three options |
Over time, while fast charging is more expensive than home charging, it still tends to be cheaper or roughly comparable to fueling with gasoline, depending on local electricity and fuel prices. The convenience of fast charging comes at a higher energy cost but generally remains a cost-effective alternative to gas for many drivers.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-fast-charging-compare-to-the-cost-of-gasoline-over-time/
