One of the most significant advantages of owning an EV is the potential cost savings on energy compared to fueling a traditional gasoline car. However, the actual costs can vary based on electricity rates, charging methods, and driving habits.
Home charging is typically the cheapest option. In the U.S., for example, the average residential electricity rate is around $0.13 per kWh. If an EV consumes 30 kWh to travel 100 miles, the cost would be roughly $3.90 — far lower than gasoline for the same distance.
Public chargers can be more expensive. DC fast chargers often charge per kWh or per minute, and prices can range from $0.30 to $0.50 per kWh. That’s still competitive but may add up during frequent long-distance travel.
In contrast, gasoline prices are volatile and can range widely by region. Fueling a traditional car with a similar range might cost $10 to $15 per 100 miles, depending on fuel efficiency and current pump prices.
Incentives also affect cost. Many regions offer rebates, free charging promotions, or off-peak pricing. Additionally, EVs generally have lower maintenance costs, as they don’t require oil changes or complex engine upkeep.
While public charging is gaining in convenience, maximizing home charging remains the best way to keep energy costs low. Over time, the savings can be substantial, particularly for high-mileage drivers.
