Is it More Expensive to Charge an Electric Car than to Buy Gas for a Combustion Engine?

Electric vehicles (EVs) have gained significant popularity in recent years due to their environmental benefits and potential cost savings. However, a common concern among potential buyers is the cost of charging an EV compared to the cost of filling up a combustion engine (ICE) vehicle with gasoline. This article explores the comparative costs, considering a scenario involving a 40 MPG petrol car and a 4.1 miles/kWh EV.

Comparing Costs: A Practical Example

Let's start with a comparison between a fuel-efficient petrol car with a 40 MPG rating and a 4.1 miles/kWh EV. The cost of petrol is approximately ￡1.35 per litre in many regions, which translates to ￡6.14 per gallon. This equates to 0.15 pence per mile, making it quite expensive to fuel a combustion engine vehicle.

For the EV, assuming an electricity price of 15 pence per kWh, the cost per mile would be 61.5 pence per kWh divided by 4.1 miles/kWh, which comes to approximately 15 pence per mile. This makes the cost nearly the same as filling up a petrol car with the mentioned price, provided the electricity tariff remains consistent.

Charging Costs at Home and Public Locations

At home, the cost of charging an EV can vary widely. For my 2022 Tesla Model X Plaid, my off-peak overnight charging rate is 5.99 cents per kWh. Considering the battery has about 92 kWh of usable capacity, the cost of a full charge is less than $6 for a 300-mile range. In comparison, a similarly sized SUV/CUV with a 20 MPG rating would need 15 gallons of gas for the same distance, which, at a price of $3.19 per gallon, would cost just under $50.

Public chargers, however, can be more expensive, ranging from free to $4 per kWh. Most public chargers fall within the 49-79 cents per kWh range. This can significantly increase the cost of charging, but fortunately, my home charging cost is much lower at 7 pence per kWh.

Cost Analysis Across North America

Across North America, on average, it costs about 4 times less per mile to drive an electric vehicle (EV) than a gasoline-powered car (ICE). This cost differential is primarily driven by the lower cost of electricity compared to gasoline. According to a study by the Union of Concerned Scientists, the average cost per mile to drive an EV is $0.05 to $0.10, whereas for an ICE vehicle, it is $0.20 to $0.30 per mile.

Personal Experience and Savings

My experience with an EV, particularly my Tesla Model 3, has been significantly cost-effective. My electricity bill for the EV is about one-third of the fuel bill for the previous car, which was less powerful and slower. By using a regular 3000 km round trip, and relying mostly on superchargers, the cost is still less than half of what it was with a fuel car. Furthermore, I haven't yet arranged a lower electricity tariff, which would further reduce these costs.

Conclusion

Based on the analysis and my personal experience, it is generally more cost-effective to charge an electric vehicle than to buy gas for a combustion engine vehicle. While the costs can vary depending on local electricity and gasoline prices, the potential savings in the long term are substantial. As the infrastructure for EV charging continues to improve, and electricity prices remain stable, the cost benefits of electric vehicles will only increase.

Key Points: Electric vehicles are generally cheaper to run than gasoline cars. Home charging is significantly cheaper than public charging. On average, it costs about 4 times less per mile to drive an EV in North America. Personal experience shows that even with higher public charging costs, EVs remain more economical.

Consider this information when weighing the economic benefits of switching to an electric vehicle.