EV Charging Prices Are Cheaper than Gas

EV Charging Prices Are Cheaper than Gas

An illustration of anthropomorphized gasoline pump and electric extension chord (which represents EV charging prices) boxing in a boxing ring.

 

The Fueling vs. Charging fight might be over.

Green line-drawing icon of an EV charging station.In the green corner, weighing in at 49 KW-hrs per 100 miles with an incredibly unreliable network of charging stations, it’s EV CHARGING PRICES! 

In the red corner, weighing in at nearly $4.50 per gallon, the reigning champion, he’s rude, he’s crude, and he’s in a mood! FUELING!

Soaring gas prices and increased EV visibility have a lot of us asking, “Are EV charging prices cheaper than gas?”

So, Are EV Charging Prices Lower?

A chart showing down EV charging prices verses fueling costs.

Yes.

According to the EPA, a Ford F150 uses 4.5 gallons of gas to drive 100 miles. And the same agency clocked the F150 lightning at 49 kilowatt-hours per 100 miles

(For the purposes of this conversation, a Kilowatt-hour is simply a way of measuring electricity.  There is a real explanation for the meaning, but I don’t know it.) 

So we crunched the numbers ourselves and fueling is about three times as expensive as charging. That starts to pay for the sticker price differences. 

A report from Zeta paints a fuller picture by breaking down the specific price differences for 16 states.

The report also points out that the electric grid is less volatile than the gasoline market.

Here’s what Zeta’s CEO, Joe Britton, has to say, “EV charging costs are not dependent on global oil markets—and are therefore not subject to the same price shocks, disruptions, and supply shortages.”

What About Vehicle Costs?

The other consideration in the price comparison is the cost of maintenance. And, combustion engines have WAY more moving parts than EV engines, so repairs will likely be needed more frequently. 

For more on that, Consumer Reports has a great breakdown of operating and maintenance expenses. To sum it up, operating and maintenance costs can be $1,000 to $3,000 more per year for gas-powered vehicles. 

And with each new EV model hitting the lot, sticker prices are going down. So much so that many industry experts predict prices to be even between EVs and gas-powered cars in the next five years. 

What Do EV Charging Prices Mean for You?

Hopefully, it means you’ll be spending less money on transportation in the coming years. Even if you can’t afford an EV now (most can’t) chances are they’ll be available in every price range soon.

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