This article is part of a series exploring the ABCs of EVs: Affordable, Better, Convenient.
Meet Kathleen, an EV driver from Clearwater, Florida.
Kathleen’s enthusiasm as an EV driver is a common sentiment. As the cost of living continues to increase, consumers are grappling with the significant expense of fuel.
Jump in as we break down the cost savings from fueling a vehicle on electricity rather than gasoline.
Fuel Cost Comparison
To drive 275 miles (what the average American drives per week), it costs about $14.14 in electricity. This assumes your EV gets 3.5 miles per kWh (a common efficiency for electric vehicles) and you pay $.18 per kWh for electricity.
To drive the same 275 miles in a gas car with a fuel efficiency of 25 mpg (miles per gallon), it would cost $33.00 if gasoline is $3.00 a gallon.
To drive a longer trip of 1,100 miles (the average American’s monthly mileage) would cost $56.57 to drive electric. It would take $132.00 to travel those same miles in a gas vehicle.
Cost of an eGallon
Most folks who drive a gas car don’t think about their monthly fuel bills in terms of the cost per mile. They gauge the cost of driving by the price of a gallon of gas, so we’ve demonstrated the costs that way too. An eGallon is a measure of how many miles you could drive using the amount of energy that is roughly equivalent to what you get from a gallon of gas.
To calculate the comparative cost of electricity per gallon of gasoline (or eGallon), you multiply the fuel efficiency of a gasoline engine by the average efficiency of an EV and the cost of electricity.
For electric-car fueling to come close to the cost of gasoline at $3 per gallon, the price of electricity per kWh would need to be $.42. Remember, the average cost for residential customers is around $.18 per kWh.
Home Charging vs DC Fast Charging
Most charging happens at home, and more than 62% of US residential customers have access to a time-of-use (TOU) rate. TOU pricing encourages use when demand is lowest for the electrical grid. This can dramatically reduce the cost per kWh of electricity by plugging in when the costs are lowest, usually overnight.
While home charging can be done using a standard 120V plug, many EV drivers install a home charging unit that uses a 240V outlet (like a dryer) that charges more quickly. Another compelling aspect of home charging is that it can be supported with rooftop solar panels, making the savings even more dramatic.
Additionally, when traveling, EV drivers rely on direct current fast chargers (DCFC), which are typically found in proximity to highway corridors. While these offer the fastest charging time, this is the most expensive way to charge an EV. DCFC rates typically fluctuate based on time of use, averaging $.40-50 per kWh, which comes close to the cost of gasoline. However, most EV drivers are only using these faster (more expensive) chargers while on a road trip.
Calculate Your Own Savings
Obviously, how much you drive, where you’re located, time-of-use rates, and the efficiency of your vehicle change the details, but the fundamental math remains: driving an electric vehicle is cheaper. You can calculate gas savings by ZIP code, compare home charging savings and public charging savings, and estimate maintenance savings with the EV Savings Calculator by Veloz, which is state- and vehicle-specific.
Coltura’s Cost Savings Index allows you to compare per-mile, monthly, and annual savings for switching from a gas-powered vehicle to an electric model. The tool can show both fuel and maintenance savings.
You can compare specific electric and gas-powered models using ZETA’s Electricity vs Gasoline Calculator, which also filters by state and annual miles to estimate yearly fuel savings.
ABCs of EVs
If you are interested in lowering your transportation bills this year by switching to electric, learn more about electric vehicles in our “ABCs of EVs” Factsheet. It is full of links to additional information about why EVs are more affordable, better, and more convenient than their gas counterparts.
This article covered cost savings from powering a vehicle with electricity versus gas, and that’s just what you’ll save “at the pump.” It’s the tip of the iceberg when it comes to how much driving an EV can save you. Buckle up — next, we break down why used electric vehicles are cheaper than comparable gas-powered vehicles. And with more inventory than ever before, EVs deliver on consumer choice. Check it out! Go Electric, Go Affordable: Why a Used EV is Your Best Bet
Join the Clean Energy Generation
Across the Southeast, people like Kathleen are saving money by embracing cleaner, cheaper energy solutions, like driving electric, installing solar, making home energy upgrades, or speaking up for clean energy in their communities. People and communities across the Southeast are building momentum as the Clean Energy Generation that’s taking action, sharing solutions, and celebrating successes as we transition from polluting, costly fossil fuels to affordable, reliable clean energy. Join the Clean Energy Generation to connect with others making a difference and get monthly updates with helpful resources, inspiring stories, and ways to take action.
Resource
Road and Track | What It Really Costs to Charge an Electric Vehicle
