Crunching The Numbers: Analyzing the Cost of Electric Car Charging vs Gasoline Refueling

Are you tired of handing over your hard-earned cash to gas stations every time you need to fill up your car's tank? Considering making the switch to an electric car? With the rise of electric vehicles (EVs) being recognized as a much cleaner and eco-friendly alternative to gasoline-powered vehicles, more and more people are making the switch.

Summary:

While EVs are known for being costly upfront, the long-term maintenance cost, including the cost of fueling, makes them a great investment. But what is the real cost difference between charging your EV and refueling your gas-powered vehicle? Let's crunch the numbers and find out.

The Cost Difference Between Charging an EV and Refueling a Gas-Powered Car

Before we dive into the nitty-gritty, let's look at some industry numbers to set the stage:

• The average price of electricity in the US is 13.31 cents per kilowatt-hour (kWh)
• The average price of a gallon of gasoline in the US is $2.88
• The cost of charging an EV can vary based on the vehicle, battery capacity, and electricity rates in your area

With those numbers in mind, let's take a closer look at the cost difference between charging an EV and refueling a gas-powered car.

Charging an EV

Charging an electric vehicle is straightforward. You need to plug it into an electric outlet, a charging station, or a home charging unit – and that's it. With that in mind, let's break down the costs associated with charging an EV.

Cost Per Mile

The cost per mile for an EV varies depending upon the vehicle, the battery capacity, and the electricity rate in your area. However, according to industry experts, the cost of driving an EV can range between 3 and 5 cents per mile.

Vehicle Per Charge Cost

Assuming an average EV battery capacity of 60Wh, charging your EV to a range of 200 miles would require approximately 34 kilowatt-hours. With an electricity rate of 13.31 cents per kWh, the cost of fully charging your EV would be $4.52.

Refueling a Gasoline-Powered Car

Unlike EVs, refueling a gasoline-powered vehicle is a bit more complicated. You need to drive to a gas station, refuel the vehicle with gasoline, then pay the bill. With those steps in mind, let's break down the costs associated with refueling a gas-powered car.

Cost Per Mile

According to the US Department of Energy, the average cost to drive a gas-powered vehicle is approximately 14 cents per mile.

Vehicle Per Refuel Cost

According to the American Automobile Association (AAA), the average cost of a gallon of gasoline in the US is $2.88 as of July 2021. Assuming an average fuel efficiency of 25 miles per gallon, filling up your gas-powered car's tank (let's say, 12 gallons of gasoline) would cost you $34.56.

Key Takeaways

While there is no simple answer when it comes to comparing the cost of EV charging vs. gasoline refueling, there are a few key takeaways:

• EVs are generally cheaper to maintain, making them a good long-term investment despite their higher upfront costs
• The cost of EV charging depends on various factors such as vehicle, battery capacity, and electricity rates in your area
• The cost of gasoline refueling varies based on the cost of a gallon of gasoline and the vehicle's fuel efficiency
• EV owners generally save money on fueling costs over time in comparison to gas-powered vehicle owners

As we move towards a more sustainable future, electric cars and their cost savings will become increasingly more valuable. So, the next time you fill up your gas-powered car, consider making the switch to an eco-friendly and cost-effective electric vehicle.