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It's not yet cheaper to charge many electric cars than it would be to fuel their gas-powered counterparts up with gas, a new study indicates, especially once things like registration fees and installation of home-charging equipment are factored in.
The cost of filling up at a gas station versus plugging in — and whether those two match up — largely depends on the segment and price, a new study from Anderson Economic Group suggests.
On average, pickup trucks cost about the same to fuel and charge, while entry and midlevel cars and SUVs cost more to charge at home and in public than they do to fuel at a gas station, the group found. Luxury cars and SUVs fall somewhere in the middle.
The study was based on the latest information on average gas and residential electricity prices, commercial charging rates, taxes on fuel and electric cars, fuel economy details, and other estimates to compare the costs of driving 100 miles in comparable vehicles.
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Unlike some other studies that simply compare gas and electricity costs, the AEG study amortized other costs, like charging installation and EV registration fees, as part of the cost of home charging, as well as "deadhead miles" — or time spent driving to and waiting at a station — as a cost part of commercial charging.
Of course, gas and electricity prices can fluctuate widely by region depending on time of year, oil prices, generation method, and more.
Cost parity between electric vehicles and internal-combustion engine cars is largely lacking; that is, EVs are generally more expensive (with an average transaction price of $53,438 in June, Kelley Blue Book reported) than gas ones (averaging $48,808).
Reaching cost parity is going to be a crucial part of boosting EV adoption, and it is improving — but that's not the end of the story. How much it costs to fuel versus charge vehicles is something consumers are taking into consideration, too.
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Here's how the costs break down, on average, by segment — according to the study:
Like their gas-powered counterparts, electric trucks cost more to charge than a lighter-weight vehicle.
Ford
For trucks, it roughly costs the same to fuel and charge, once other factors like registration fees and installing home-charging equipment are taken into account, the firm estimated. Whether you're fueling a Ford F Series, Ram 1500, or Chevrolet Silverado, it costs about $17.58 for every 100 miles. Trucks that take diesel cost about $17.10 to fuel for the same mileage. If you have a Rivian R1T or GMC Hummer, the cost to charge at home isn't much different; it's about $17.70 per 100 miles.
The cost to charge, however, skyrockets 48% to about $26.38 if a driver is mostly charging at public plugs —the most expensive way to charge, regardless of vehicle.
A driver might pay 64% more to charge their entry-level EV at a public charger than they would to fuel its gas-powered equivalent at a gas station.
Chevrolet
If a driver owns a Nissan Versa, Hyundai Elantra, or Kia Forte, it's set to cost them about $9.78 in gas for every 100 miles.
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But switch to a Nissan Leaf or Chevrolet Bolt, and that increases to about $12.55 in home-charging expenses. Head to a commercial charger, and a driver is looking at nearly $16 — 64% more than if you stuck with a gas-powered car in the same segment.
Luxury-segment EVs may cost less to charge at home than their gas counterparts would cost to fuel.
Mercedes-Benz
The luxury segment is interesting in that it actually might cost less to go electric — so long as you plug in at home.
It costs about $17.56 for every 100 miles for a gas-powered Lexus ES, Porsche Macan, Mercedes-Benz GLE, or similar vehicle.
The Porsche Taycan, Tesla Model X and Model S, and Mercedes-Benz EQS may cost about $13.50 if you're juicing up in your garage, saving you about 23%.
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But if you drive one of these EVs and you mostly use public charging, you're back to square one, paying about $17.81 per 100 miles.
Charging a mid-level EV at home would cost about $12.62 per 100 miles, the Anderson Economic Group found.
Kia
For now, drivers will probably pay more to charge their Ford Mustang Mach-E, Kia EV6, or Volkswagen ID.4 than to fuel their internal-combustion engine counterparts like the Chevrolet Equinox, Nissan Altima, or Subaru Outback.
Charging any of these vehicles at home will run about $12.62 per 100 miles while fueling one at a gas station may run about $11.08. That difference, while not incredibly substantial, may add up — and when these drivers go to a public charging station, they're likely to pay about $16.10 per 100 miles.
Have you bought a vehicle and its electric equivalent (such as a Ford F-150 and the Lightning)? How much does it cost to charge compared with what you paid for fuel? If you have a tip or opinion to share, contact this reporter at astjohn@businessinsider.com.
Among the top concerns from consumers about electric cars is what they will spend to charge the vehicle.
To answer the question of cost, if comparing an electric car vs. a gas car, consumers can make an informed decision including recharging costs compared to traditional refueling by doing some basic upfront research, starting with some basic math.
To accurately estimate the cost to charge an EV, it helps to have a recent electric bill for reference. For home charging, find your electric bill, then divide the [number] of kilowatt-hours you used into the bottom-line dollar total. That’ll give you the price you paid per kWh. 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.
To put this into perspective and make it simpler, let’s use some averages to calculate what should be the average cost of EV charging. Suppose you drive at the American average of 1,124 miles per month. If using an EV, which gets an average of 3 to 4 miles per kWh (let’s use 3 in this case), you will use about 375 kWh a month. Using the U.S. household average of about 16 cents per kWh, charging an electric car at home would cost nearly $60 per month.
This amount is most likely lower than what you pay each month to buy gasoline.
Because this area is a little difficult as cars and trucks use vastly different amounts of fuel, it is again easier to use some averages and some assumed numbers to illustrate how charging costs compare to gasoline costs.
If assuming the average price of gas at $3.60 per gallon, filling up a 12-gallon gas tank would cost about $43. If you’re driving a car that brings a combined city and highway driving average of 30 miles per gallon, 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 1,124 miles per month, you’ll need to refuel three times each month and spend about $129 ($43 x 3).
Again, this is only an estimate since fuel prices and mileage vary. But considering few vehicles come close to delivering a 30-mpg combined average, this conservative scenario makes it clear that recharging will cost less than refueling a car. The financial gap narrows with a more fuel-efficient gasoline vehicle, it never matches electric vehicle costs
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. For the most part, electricity usage and costs are at their lowest late at night when some utilities have special low rates for when their demand is lightest. That’s good news for anyone considering an EV.
Many consumers worry about access to public charging stations while out and about. But as much as 90% of electric car charging is done overnight at home, which is almost always the cheapest way to charge an electric car.
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.
If you have a 240 outlet in your garage you can benefit from Level 2 charging, which is much faster than Level 1 charging. Many EV owners with a 240 outlet in their garage opt to install a Level 2 charger which offers even faster charging. The cost isn’t cheap - about $2,000 for parts and installation. Many states, local municipalities, and utility companies offer rebates and incentives for electric car owners to install home chargers, which help lower costs further.
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. Unlike a typical 240-volt Level 2 home charger system, you will find Level 3 chargers in commercial settings because they’re prohibitively expensive for a private individual to install them at home.
Tesla uses its dedicated Supercharger network with more than 45,000 across the globe. But the rates can vary widely depending on region, timing, the Tesla model you’re charging, and the tier you choose for your recharge speeds. Tesla offers four charging tiers. One important caveat: Select Tesla Superchargers now work for non-Tesla vehicles.
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