What Is the Average Cost of Charging an Electric Vehicle (EV) in the US?

In recent years, an increasing number of Americans have opted for electric vehicles (EVs) over traditional gas-powered cars. This shift is driven by a growing awareness of the need to reduce carbon emissions and the environmental impact of transportation. Additionally, evolving regulations are poised to phase out gas-powered vehicles within the next 15 years. While the environmental benefits are clear, the cost of owning and operating an EV is a crucial factor for many consumers.

The cost of purchasing an EV is a common concern, especially since new EVs tend to be more expensive than their gasoline counterparts. However, when evaluating the overall financial picture, it's essential to consider the running costs, which can significantly impact the long-term affordability of EVs. EVs have the advantage of lower maintenance requirements due to their simplified mechanical structure, but a significant cost factor is the electricity needed to charge them.

Charging at Home

For EV owners with access to a garage or driveway, charging at home is a convenient and cost-effective option. Home charging can be as simple as plugging your EV into a regular household socket, but faster chargers are available for purchase. It's worth noting that the cost of these chargers should be factored into the overall cost of owning an EV.

The expense of charging your EV at home largely depends on your local electricity rates. As of the most recent data, the national average electricity cost per kilowatt-hour (kWh) in the US is around 13 cents/kWh. On average, an EV can travel approximately 3.4 miles on one kWh of electricity. Therefore, if you charge your EV at home at the national average electricity rate and drive 1,000 miles per month, you can expect to pay approximately $44.20 per month for charging.

Charging at Public Chargers

Not all EV owners have the convenience of home charging, and many rely on public charging infrastructure. The cost of using public chargers can vary significantly from state to state and depends on the company providing the charging station. Some employers may offer EV charging as a workplace perk, sometimes even for free, which can further reduce charging expenses.

Battery Capacity and Driving Habits

The size of your EV's battery directly affects its electricity consumption and, consequently, charging costs. Larger batteries can store more electricity, but they also require more energy to charge fully. However, a larger battery provides more power for longer journeys. Other factors, such as the motor's power and driving style, can also influence energy consumption. Many EVs come equipped with economy modes that prioritize energy efficiency, albeit potentially compromising performance.

It's essential to note that EV owners typically don't charge from empty to full since there's often some remaining power. Therefore, having a larger battery doesn't necessarily mean paying more for a full charge.

EV vs. Gasoline Vehicles

One of the most critical questions for prospective EV owners is how the cost of charging compares to refueling a gasoline vehicle. While gasoline prices can vary significantly from state to state, a 2018 study showed that the national average annual cost of gasoline for a conventional vehicle was approximately $1,117. The lowest cost was $993 in Alabama, while the highest was $1,509 in Hawaii.

In contrast, the national average annual cost of charging an EV was approximately $485. The lowest was just $367 in Louisiana, while the highest was $1,106 in Hawaii. These figures suggest that, on average, it's approximately $632 cheaper per year to fuel an EV than a gasoline vehicle. When factoring in the reduced maintenance costs associated with EVs, it becomes evident that the higher initial purchase price of an EV can lead to a positive return on investment compared to traditional gasoline vehicles.

In Summary

Driving an electric vehicle can result in substantial savings compared to a gasoline-powered car, potentially saving hundreds or even thousands of dollars per year, especially for those who frequently drive long distances. It's important to keep in mind that EV technology is still evolving and becoming more cost-effective as it advances. This, combined with the ongoing push for cleaner transportation, makes the switch to an EV a promising and financially prudent choice for many consumers.