Did you make the switch to an electric vehicle? Good for you! There are many reasons why more drivers are making this choice, and the cost of fuel is one of them. From January 2022 to June 2022, the price of regular motor gasoline rose 49 percent. Fuel prices have been steadily increasing since the start of the pandemic when many states adopted stay-at-home orders in response to COVID.
However, it’s not just fuel that’s increasing in price. Electricity is, too. Here in California, residents spend an average of $215 per month on electricity. If you have an electric car, you might be worried that rising electric prices will make charging your vehicle just as expensive as filling it with gas. But rest assured that this is NOT the case.
Yes, Charging an EV is Cheaper than Filling with Gas
It has been true for years: mile for mile, it’s cheaper to charge an EV than it is to fill a car with gasoline. This has been a major selling point for electric car manufacturers like Tesla.
The graphs posted in this CNBC article show the costs for gas and electricity. Even though electricity prices do rise, they do so gradually. Gas prices, on the other hand, have major dips and spikes. So, even with regional surges in the price of electricity, it’s still much more expensive to fill your gas tank as it is to charge your EV.
Will this change? Not in the near future.
Oil prices have fallen a bit, but it’s unlikely that the price of electricity will be high enough to make EVs less affordable than gas-powered vehicles. In fact, it’s estimated that the total lifetime cost of ownership of an EV is about $4,700 less than that of a gas-powered vehicle. This cost difference is actually expected to increase as more EVs come onto the market and battery prices fall.
How Much Does it Cost to Charge an EV?
So exactly how much can you expect to spend on charging an EV? It costs an average of $55.70 to charge an EV for a month and $668.40 to charge for a year if you’re only charging at home. This is key. If you’re using public charging stations, you’re going to pay more.
In general, EV charging is about 3.5 times cheaper per mile than the cost of putting gasoline in a car. Plus, EVs are cheaper to maintain over their lifetime because they don’t use gas, saving you even more money. However, the cost of charging does depend on the electricity source, the type of charger you use and your location.
To save the most money, you’ll want to install a Level 2 charger in your home. Your EV comes with a standard Level 1 charger, but Level 2 chargers are much faster and more efficient, and they give you more driving range per hour of charge. For further savings, you can charge your vehicle at night when rates are lower.
Get a Free Estimate for an EV Charging Station
EV charging is definitely much cheaper than gasoline. But to get the biggest bang for your buck, you’ll want to install an efficient Level 2 charging station in your home. For a free, personalized estimate for a home charger, contact EV Home Charging today.
