Summary
– Combustion engines run on fuel, while electric vehicles use electricity
– Charging an electric vehicle is typically cheaper than filling a fuel tank
– The cost to charge an EV depends on factors such as location, how you charge it, and when you charge it
– Rates for electricity can vary greatly across different states
– Charging at home during off-peak hours is typically the most cost-effective option for EV owners
Article
Electric vehicles (EVs) have become increasingly popular as an alternative to traditional combustion engine vehicles due to lower operating costs and environmental benefits. One of the main selling points of EVs is the lower cost of charging compared to filling up a fuel tank. The cost of charging an EV varies depending on individual choices and factors such as location and charging method. For example, a full charge of an 85 kWh battery pack in a Chevy Blazer EV would cost around $14.18 at an average electricity rate of 16.68 cents per kWh.
Location plays a significant role in determining the cost of charging an EV, similar to gasoline prices. Electricity costs can vary greatly across different states, with rates ranging from 10.44 cents/kWh in North Dakota to 45.25 cents/kWh in Hawaii. How and where you choose to charge an EV also affects the cost. Charging at home with a Level 2 charger is generally cheaper than using a commercial Level 3 fast charger, which may come with additional service charges. While free public chargers are available in some locations, they are often slower and not practical as the main charging method.
The time of day when you charge an EV can also impact the cost. Electricity is typically more expensive during peak hours, such as afternoon and early evening, while rates may be lower late at night or early in the morning when demand is lower. Some EVs with vehicle-to-home charging capabilities can send power back to the house during peak hours to reduce costs, a strategy known as “peak shaving.” Overall, charging an EV at home during off-peak hours is generally the most cost-effective option.
In comparison to traditional combustion engine vehicles running on gasoline, EVs offer significant cost savings. While the average cost of a gallon of gas in America is $3.59, driving the same distance in an EV would cost around $1.36 at an average electricity rate of 16.68 cents/kWh. Tesla even includes estimated gas savings in the prices of its vehicles on its website. Ultimately, the cost of charging an EV is dependent on various factors such as location, charging method, and time of day, but in almost any scenario, powering an EV is cheaper than fueling a combustion vehicle.
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