Ameer Randolph
Electric vehicles (EVs) are becoming an increasingly popular alternative to traditional gas-powered cars. One of the biggest draws of making the switch is the potential cost savings on fuel. But what exactly does it cost to fuel an electric car, and how does it compare to gas-powered vehicles? In this guide, we'll explore the various factors that impact EV charging costs and how these costs stack up against their gas-powered counterparts. We'll also look at regional variations in electricity prices and the potential for future cost reductions as renewable capacity expands. So, if you're considering making the switch to electric, read on to find out more about the potential cost savings.
Fuel Costs for an Electric Car
| Characteristics | Values |
|---|---|
| Average monthly cost of charging an electric car at home | $56 |
| Average yearly cost of charging an electric car at home | $674 |
| Average cost per mile to charge an electric car | $0.05 |
| Average cost per mile to fuel a gas-powered car | $0.13 |
| Average yearly fuel cost for an electric car (2018) | $485 |
| Average yearly fuel cost for a gas-powered car (2018) | $1,117 |
| Average yearly savings of an electric car driver (2023) | $1,200 |
| Average monthly savings of an electric car driver (2023) | $100 |
| Average yearly savings of a "superuser" (2023) | $4,800 |
| Average monthly savings of a "superuser" (2023) | $400 |
| Cost of installing a Level 2, 240-volt outlet and charger | $2,000 |
| Cost of Level 1 chargers | $300-$600 |
| Cost of Level 2 chargers | $700-$2,000 |
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What You'll Learn
Charging an electric car at home
Installation
To charge your electric car at home, you will need to install a charging point where you park your car. This typically involves wall-mounting the charging point on an exterior wall or in your garage and connecting it to the mains electricity supply. The installation process should take around three hours, but this will depend on your individual requirements and the complexity of the installation.
Charging
Costs
The cost of charging an electric car at home will depend on various factors, including your electricity source, the size of your EV's battery, the type of EV charger you use, where you live, and when you charge your EV.
The average cost of charging an electric car is $56 per month and $674 per year if you only charge at home. You can expect to pay around $0.05 per mile to charge your EV, compared to $0.13 per mile for a gas-powered car.
You can take advantage of lower electricity rates during off-peak hours to reduce your charging costs. Many electric utilities offer lower rates during these times, and many EVs can be programmed to charge automatically during these hours.
Comparison to gas-powered cars
Charging an electric car is typically cheaper than fuelling a gas-powered vehicle. A 2020 Consumer Reports study found that EV drivers spend about 60% less on fuel costs each year compared to gas-powered car drivers. A 2018 study by the University of Michigan's Transportation Research Institute found that the average cost to fuel an electric car was $485 a year, compared to $1,117 for a gas-powered vehicle.
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Cost of electricity vs gas
The cost of electricity versus gas for cars is a complex issue that depends on various factors, including vehicle type, location, and individual usage. However, in general, electric vehicles (EVs) tend to be more cost-effective in the long run, offering significant fuel cost savings compared to gas-powered cars.
Fuel Costs
According to a 2018 study by the University of Michigan's Transportation Research Institute, the average annual fuel cost for an electric car was $485, compared to $1,117 for a gas-powered vehicle. This finding is supported by a 2020 Consumer Reports study, which showed that EV drivers spent about 60% less on fuel costs annually than drivers of gas-powered cars. Furthermore, a nonpartisan policy firm, Energy Innovation, reported in 2023 that every EV model in every state was cheaper to fill than its gas-powered equivalent. These savings are primarily due to the superior efficiency of EVs, which can travel 2.6 to 4.8 times farther than a gasoline internal combustion engine per unit of energy.
Charging Costs
Charging an EV at home will increase your electricity bill, but the amount varies depending on when and where you charge it. Charging during off-peak hours can result in significant savings, with electricity rates often being lower during these periods. The cost of charging an EV also depends on factors such as the electricity source, battery size, charger type, and local electricity rates. On average, it costs around $56 per month or $674 per year to charge an EV at home. In contrast, the average refill cost for a gas car is $1,031 per year.
Vehicle Costs
While EVs may have a higher upfront cost, their overall cost of ownership, including maintenance, fuel, and other expenses, can be lower over their lifetime. This is especially true when considering federal incentives and state and local subsidies for EV purchases. Additionally, EVs typically cost less to maintain and repair than gas-powered cars. However, it is worth noting that EVs currently depreciate faster than their gas counterparts due to their higher initial cost.
Regional Variations
The cost of electricity and gas can vary significantly by region, affecting the overall running costs of EVs and gas-powered cars. For example, New Hampshire is the most affordable state to run an electric vehicle, with an average annual cost of $3,372, while California is the most expensive, at $6,568 per year. On the other hand, New Hampshire is also the cheapest state to run a gas car, at $3,153 per year, and Michigan is the most expensive, at $5,024 per year.
In summary, while the specific costs of electricity versus gas for cars can vary, EVs generally offer long-term cost savings due to their superior energy efficiency and the potential for reduced maintenance expenses. However, it is essential to consider regional variations in fuel and electricity prices, as well as the availability of charging infrastructure, when making a comparison between the two.
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Cost of charging at public stations
The cost of charging an electric car at public stations varies depending on several factors, including the electricity source, the size of the EV's battery, the type of EV charger used, and the location of the charging station.
Public charging stations typically have fees that are higher than home charging costs. These fees can vary depending on the charging network and the specific station. Some charging networks offer subscription plans or membership programs to help reduce charging costs for frequent users. It is worth noting that many new electric vehicles (EVs) come with a limited amount of free charging at public stations, which can further reduce the cost of charging at these stations.
The type of charger used can also impact the cost. For example, a 240-volt (Level 2) charger may offer a fixed hourly rate or charge based on the amount of electricity transferred to the EV. Level 3 chargers, which provide faster charging, can be even more expensive, with retail electricity costs that are higher than gasoline-powered journeys.
The location of the charging station also plays a role in the overall cost. Electricity rates vary by region, and there may be differences in costs between states due to factors such as state EV taxes and the availability of local and state incentives. Additionally, charging during off-peak hours can result in lower electricity rates, similar to how gas prices can vary based on peak and off-peak demand.
Overall, while the cost of charging at public stations can vary, it is generally more expensive than charging an EV at home. However, with the inclusion of incentives, subscription plans, and free charging options, public charging can become a more cost-effective option for EV owners who need to charge their vehicles away from home.
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Cost of installing a home charger
The cost of installing a home charger for an electric car varies depending on several factors. The type of charger, the labour and materials required, and the specific site conditions can all impact the overall cost.
Level 1 chargers are the simplest and cheapest option, as they only require a standard 120-volt outlet. These chargers are often provided free of charge with the purchase of an electric vehicle. However, their slow charging speed makes them less practical for daily use, as it can take up to a few days to fully charge a vehicle.
Level 2 chargers offer faster charging speeds and are more common for home installations. They require a 240-volt outlet and can charge a battery electric vehicle to 80% in four to ten hours. The cost of a Level 2 charger typically includes labour and materials, ranging from $1,200 to $2,200, plus an additional $400 to $800 for the charging station itself.
Level 3 chargers are the fastest option and are typically found in public charging stations. Installing a Level 3 charger at home can cost tens of thousands of dollars, depending on the equipment, location, and property. These chargers require significant infrastructure setup and may include additional costs for charging pedestals, outdoor chargers, and trenching for detached garages.
It is important to note that the cost of charging an electric car at home will also depend on factors such as electricity rates, when you charge your vehicle, and where you live. Additionally, some automakers may include installation or provide credit towards installation with the purchase of an electric vehicle.
Overall, while the upfront cost of installing a home charger can vary, the long-term savings on fuel costs by avoiding pricey trips to the pump can make it a worthwhile investment for electric car owners.
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Cost of charging by state
The cost of charging an electric car varies across the United States. This is due to differences in local electricity rates, the availability of incentives, and the ratio of gasoline-to-electricity prices.
In Washington State, for example, electricity is very cheap and gasoline is expensive, resulting in the highest savings margin in the country for electric vehicle (EV) owners. On average, they can save up to $14,480 over the life of their vehicle compared to gasoline-powered cars. Hawaii, on the other hand, has the highest additional costs for electric vehicles, with an estimated $2,494 more in expenses over 15 years.
The Department of Energy (DOE) offers a vehicle cost calculator that estimates the cost of owning, operating, and charging an EV. For instance, a 2024 Tesla Model Y Performance AWD EV in Texas costs approximately $469 to charge annually, whereas a 2024 Honda Pilot FWD consumes about $1,704 in gasoline per year in the same state. This results in a potential savings of $1,235 in fuel costs annually for a Texas resident who switches to an EV.
It's important to note that public charging stations are generally more expensive than charging at home, and fast public chargers can be two to three times as costly. Additionally, the efficiency of EVs varies, affecting how far they can go on the same amount of electricity. To estimate charging costs, one can multiply an EV's kilowatt-hour (kWh/100) mileage rate by the electricity rate, found on monthly bills.
While upfront costs for electric vehicles can be high, they can be offset by fuel cost savings, federal tax credits, and state and utility incentives. The federal Clean Vehicle Tax Credits are available for those investing in clean vehicles, and some states and utilities also provide incentives.
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Frequently asked questions
It costs an average of $56 to charge an electric car monthly and $674 a year if you only charge at home. The cost of charging an electric car depends on several factors, including your electricity source, the size of your EV's battery, the type of EV charger you use, where you live, and when you charge your EV.
It is generally cheaper to fuel an electric car than a gas-powered car. A 2020 Consumer Reports study showed that EV drivers tend to spend about 60% less each year on fuel costs compared to drivers of gas-powered cars. A 2018 study by the University of Michigan's Transportation Research Institute found that the average cost to fuel an electric car was $485 a year, compared to $1,117 for a gas-powered vehicle.
The cost of installing a home charging station for an electric car can vary depending on the type of charger and the electrical infrastructure in your home. Level 1 chargers are on the cheaper end, with average prices between $300-$600, while Level 2 chargers, which charge EVs faster, can cost between $700-$2,000, including labor costs.
Yes, there are incentives and subsidies available to offset the cost of fueling or charging an electric car. Some states and local utility companies offer incentives to offset the cost of installing home charging stations, and charging networks typically offer subscription plans that help reduce charging fees. Local, state, and utility incentives are also available to subsidize the cost of electric cars themselves.
