Cost of Charging EV’s vs Gas Prices

May 18, 2022

Is EV charging cheaper than gas? Yes, recharging your car is cheaper than filling up a traditional vehicle with gasoline. If you are looking at an electric car vs. a gas car, doing some upfront research on charging compared with gas costs will help you make an informed decision.

Do Your Calculations

As much as 90% of electric car charging is done overnight at home. For the most accurate estimate for home charging, you’ll want to reference a recent electric bill. You’ll need to divide the number of kilowatt-hours you used into the bottom-line dollar total. That will give you the price you paid per kWh. The average U.S. household pays approximately 14 cents per kWh.

How Much Does It Cost to Charge an EV in kWh?

A conservative rule of thumb is that an electric car gets 3 to 4 miles per kWh. So, divide the total miles you drive each month by 3 to get the kWh you would use monthly. Multiply that number by your cost per kWh. The dollar amount you get will most likely be lower than what you pay each month to buy gasoline.

Let’s say you drive about 1,183 miles per month (Americans drive an average of about 14,200 miles annually). For an EV, you will use about 394 kWh over the course of the month. Using the U.S. household average of approximately 14 cents per kWh, it would cost about $55 per month to charge an electric car.

How Does the Recharge Cost Compare to Filling the Tank?

Today the average price of gas is around $4.25 per gallon. So, filling up a small car’s 12-gallon gas tank currently costs about $51. The bigger the tank the higher the cost to fill.

Suppose you’re driving an economy car that brings a combined average of 30 miles per gallon during a mix of city and highway driving. Using that same 12-gallon tank as a reference point, you’ll have 360 miles of driving range for each fill-up. If you’re driving the same 1,183 miles per month, you’ll need to refuel just over three times each month and spend about $167 ($51 x 3.28).

Charging an EV at Home

Electricity rates are subject to many factors, including the region where you live, the time of year, and even the time of day when peak charges apply. Generally, electricity usage and costs are at their lowest late at night.

The cheapest way to charge your electric car is almost always at home, overnight. Some utilities have special low rates for the overnight period when their demand is lightest.

Cost of Level 2 and Level 3 Charging

When talking about public Level 2 charging and Level 3 fast-charging systems, the prices are harder to narrow when compared to standard at-home costs. That’s because charging networks vary in price, not to mention availability around the country.

You can always opt to have a Level 2 charger installed in your garage although the cost is not cheap. About $2,000 for parts and installation is a reasonable estimate. Moving up to Level 2 means you’ll cut your charging time sometimes by half.

Every electric car can use public Level 2 stations.

Finding the Right Plug to Charge an EV

The majority of fast-charging locations have both Level 2 and Level 3 chargers, with a different cable on each side of the station. It’s like the same gas pump could dispense both regular gasoline and diesel fuel from different hoses.

Faster Charging Equals Higher Rate

Unlike a typical 240-volt Level 2 home recharging system, you will find Level 3 chargers in commercial settings because they’re prohibitively expensive for a private individual to get installed at home.

Home charging is the best option for anyone considering an electric car. Yet, equally important is knowing where to find EV perks close to home.

Some workplaces offer charging for employees’ cars, but electric-car owners quickly learn which public stations near them are free, which charge for charging, and how much they cost.

Summing It Up

EVs are cheaper to run which makes switching to electrification more and more attractive especially as gas prices rise.

When all is said and done it is up to you what kind of car you purchase next. While you are here make sure to check out our amazing selection of EVs for sale as well as our huge collection of New Cars and Trucks & Used Gas filed cars and trucks on our lots or coming soon.