Top line:
Back in 2022, when gas prices were high and charging an electric vehicle was about 70% cheaper than filling up at the pump, it was easy to make the case for the low cost of charging electric vehicles. But now that the price of gas is dropping below $3 a gallon, is it still cheaper to fuel a car with electrons instead of gasoline? The answer is yes—by a lot.
Price breakdown: In most parts of the country, charging an electric vehicle is equivalent to $1 to $2 per gallon of gasoline. The national average is $1.41 per eGallon, which is less than half the current price of gasoline of $3.09 (as of January 5, 2024).
Read more … to view a map showing costs in the US
This story was originally published by Yale Climate Connections and is part of Current reporting on climatea global journalistic collaboration that strengthens reporting on climate issues.
Back in 2022, when gas prices were high and charging an electric vehicle was about 70% cheaper than filling up at the pump, it was easy to make the case for the low cost of charging electric vehicles. But now that the price of gas is dropping below $3 a gallon, is it still cheaper to fuel a car with electrons instead of gasoline? The answer is yes—by a lot.
By far the most cost-effective and environmentally friendly option is to get around on foot, by bike or by public transport. However, if you need your own vehicle, electric vehicles are cheaper compared to a comparable petrol-powered vehicle and also produce fewer CO2 emissions.
The map below shows the price of charging an electric vehicle in “eGallons,” which is the cost of charging an electric vehicle with an amount equivalent to one gallon of gasoline. In other words, the map shows how cheap gasoline would have to be to compete with the cost of charging an electric vehicle at home.
How much does it cost to charge an electric vehicle?
In most parts of the country, charging an electric vehicle is equivalent to $1 to $2 per gallon of gasoline. The national average is $1.41 per eGallon, which is less than half the current price of $3.09 for gasoline (as of January 5, 2024).
Washington and Louisiana have the lowest residential electricity rates, so they are the states with the cheapest cost to charge an electric vehicle, costing less than a dollar per gallon. Electric cars are especially cheap in Washington state, where gasoline costs over $4 per gallon, making charging an electric vehicle less than a quarter of the price of gasoline.
Electricity prices are relatively high in Hawaii and California, so charging an electric vehicle in those states costs significantly more than in other parts of the country. On the other hand, gasoline is also expensive there, so charging electric vehicles is still cheaper.
Some details behind the mathematics
- These comparisons were made by calculating a “gallon equivalent” for electric vehicles. This number is based on three factors: the average kilowatt-hour per mile for driving an electric vehicle, the average miles per gallon for a comparable gasoline-powered vehicle, and the price of electricity. Multiplying these three numbers together gives the cost of driving an electric vehicle the same distance that a conventional car would travel on a gallon of gasoline. The Department of Energy calls this number the “eGallon” and explains the calculation to those interested.
- The car used for the comparison is the Hyundai Kona, which conveniently comes with either a gasoline engine or an electric powertrain. Fuel economy data for the gasoline and electric Kona comes from FuelEconomy.gov. A comparison of the electric and gasoline models of the Ford F-150 pickup truck yielded similar results.
- The cost of charging an electric vehicle depends on the price of electricity. The Energy Information Administration tracks the average residential electricity price in each state. Gasoline prices fluctuate faster and more than electricity prices, so the basis for comparison between the two types of vehicles is constantly changing.
- Several utilities offer discounted off-peak EV charging, and of course charging an EV with your own solar panels is free. These variables are not captured in this map.
- Public charging is generally more expensive than charging at home. Costs also vary depending on location, time of day, charging speed, and free or discounted rates offered by some car manufacturers. For simplicity, and because most EV owners charge at home, this analysis only considers home charging for comparison.
- For more information on electric vehicle and gasoline prices, see Driving on Electricity Is Much Cheaper Than Gasoline, but keep in mind that the price of gasoline was $4.67 per gallon at the time of this writing.
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