Charging an EV vs. Gas: How Much Can You Really Save?
With gas prices fluctuating, many drivers are weighing the costs of electric vehicles (EVs) against gasoline-powered cars. The appeal of an EV extends beyond environmental benefits, especially in the face of rising fuel expenses. But is charging an EV genuinely cheaper than filling a gas tank?
Electric vehicle owners often highlight the cost savings associated with driving an EV.
The answer, based on current US averages, is a resounding yes. While electricity prices also vary, they remain significantly more affordable than gasoline. To give you a clearer picture, lets examine the numbers.
Comparing EV Charging to Filling a Gas Tank: The Math
To estimate the monthly cost differences, it’s helpful to look at the average US driving habits. Let’s assume the following:
- Average miles driven per month: 1,250 miles
- ICE car fuel efficiency: 25 mpg
- Average gasoline price: $3.16 per gallon (as of the provided data)
- EV efficiency: 3 miles per kWh
- Average electricity cost: $0.17 per kWh
The result? The average monthly cost to recharge an EV is $70.72, compared to $158 to fuel a gas-powered car. Annually, it amounts to $848.64 for electricity versus $1,896 for gasoline.
Monthly Cost of Charging an EV
The most budget-friendly approach to recharging an EV is charging at home, typically overnight during off-peak hours. The price hinges on your local electricity rates. Based on this, it usually ends up being around one-half or one-third the cost of filling a gas tank. Public charging stations, however, are usually priced higher.
The Cost of EV Charging: Home vs. Public
Charging at home tends to be the cheaper option. But, there can be setup costs like charger installation and possible electrical panel upgrades. Public charging, on the other hand, can be substantially more expensive. As of February 2025, the average cost of public EV charging was 34.5 cents per kWh, over double the average cost of home charging.
Level 2 vs. Level 3 Charging: What’s the Difference?
Charging speed is a major factor here. Level 2 charging is common for home use, providing between 7 and 11 kilowatts allowing you to add 30-40 miles of range in a couple of hours. Level 3, or DC fast-charging, provides much quicker charging, delivering between 50 and 350 kilowatts. Expect to pay more for this convenience at public charging stations, with prices ranging from $10 to $30 per session.
The Costs of EV Home Charging Equipment
While home charging offers the best value, setting up a charger can also mean initial expenses. A new charger might cost around $700. However, federal and local tax credits and rebates can help offset these expenses. Be sure to compare prices from various retailers and explore all rebates and incentives available.
By taking these details into consideration, drivers can make a well-informed choice about the financial impacts of owning an electric vehicle vs. a gasoline powered one.
