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As the shift to electric vehicles (EVs) continues, a fundamental question remains: what does it cost to charge an EV? On average, it costs $0.05 per mile to charge your EV, but the price you pay depends on where you live, your electricity source, your EV battery, and more.
While you likely have experience filling up a gas tank, charging an EV battery is a totally different experience. We''ve created this guide to help you understand the various factors that impact your EV charging costs and how these costs compare to similar gas-powered cars.
You can expect to pay around $0.05 per mile to charge your EV compared to $0.13 per mile to fuel your gas-powered car.
You''ll likely pay more upfront for an EV than a comparable gas car, but EVs are typically more cost-effective over their lifetime.
The cost of charging an EV depends on several factors, including your electricity source, the size of your EV''s battery, the type of EV charger you use, where you live, and when you charge your EV.
You''ll need to understand two key data points to calculate your EV charging costs: the electricity required to charge your EV''s battery and the price per kilowatt-hour (kWh) of electricity. The simplest way to calculate this is to use your utility''s electric rate and your EV''s battery capacity, but keep in mind that the amount of energy needed to charge your EV is greater than the battery size. Not every unit of electricity recruited to charge your EV makes it to the battery, meaning that some energy is lost during the charging process.
The total amount you pay to charge your EV depends on the type of charger you use, where you live, when and where you charge, and more. On average, you can expect to pay around $0.05 per mile in EV charging costs. Let''s break down the charging costs of popular EV models using the average cost of electricity in the U.S. (16.19 cents) and recharge event energy data filed with the Environmental Protection Agency (EPA).
Charging your EV is typically cheaper than filling up your gas-powered vehicle; you''ll pay around $0.05 per mile to charge your EV compared to about $0.13 to fuel your gas-powered car.
As of February 19, 2024, the average gas prices are $3.28 per gallon for regular gasoline and $4.06 per gallon for premium. In addition to where you live, the cost of fueling a gas-powered car depends on the size of the gas tank and the type of gas required. You''ll pay more for gas if your car is less efficient (meaning it travels a shorter distance per gallon of gas) and if you''re driving more in the city than on highways.
*The Porsche Macan requires premium gas. All other vehicles listed use regular gasoline.
Charging an EV is usually cheaper than filling up a gas tank, but the price difference depends on several factors.
Charging your EV with grid-produced electricity will typically cost you more than with a home solar energy system. Additionally, programs like community solar, community choice aggregation (CCA), or a green power plan (GPP) can reduce your electricity costs and, thus, your EV charging costs.
The larger the battery, the more you''ll pay per charge. At the same time, a bigger EV battery usually translates to a longer range and lower cost per mile. Using our calculations from above, it''s almost $4 cheaper to fully charge a Nissan Leaf compared to a Tesla Model 3, but when you consider range, the Nissan Leaf actually costs more per mile.
Charging your EV is more complicated than the energy storage capacity of the battery itself. Some energy is lost as heat, some keeps the battery at an adequate temperature, and some escapes as transmission loss. The type of charger you use can impact the amount of energy expended on a charge.
EV chargers are classified as Level 1 (L1), Level 2 (L2), and Level (L3). Level 1 chargers (120-volt chargers, using a regular outlet) and Level 2 chargers (240-volt standard home EV chargers) convert alternating current (AC) electricity from your home into direct current (DC) electricity that your EV''s battery can store and use. The heat produced by this AC-to-DC conversion causes some energy loss.
Level 3 chargers (400+ volt chargers found at charging stations) provide DC electricity, so no conversion losses occur. While L3 chargers are more efficient, their rapid charging capabilities can cause battery degradation. If you can, it''s best to save your L3 charging for long road trips or when you need a quick charge in a pinch.
Electricity costs vary across the country. Many Northeastern and Western states have the highest electricity costs, while some Midwestern and Southeastern states have the lowest.
Temperate climates are ideal for EV charging. If you live in a particularly hot or cold climate, it''ll require more energy to keep your battery at a safe temperature, leading to greater energy losses.
Certain utilities have rate structures that adjust over the course of the day or year based on demand. Known as time-of-use rates or time-varying rates, these rate structures generally charge more when electricity demand is high, like in the middle of the afternoon on a hot day.
EV charging infrastructure is expanding in the U.S., creating more options for public charging. Most public chargers are either Level 2 or Level 3 and range in price from free to an hourly or per kilowatt charge, depending on the charger and location.
You may be subject to parking charges at a parking meter or deck in addition to charging costs. Usually, you can check apps like Plugshare or ChargePoint to see the price, availability, and even the charger''s status (such as tips from other EV drivers who have used it and any issues with charging there).
The range of your EV depends on the make, model, and any upgrades you choose. EVs generally can''t travel as far as traditional gas-powered cars, but EV ranges are becoming more competitive as battery technology advances.
Thanks to the Clean Vehicle Tax Credit, if you meet the following requirements, your new EV may be eligible for a $7,500 tax credit:
Joint tax returns less than $300,000
Head of household tax return less than $225,000
Single taxpayer return less than $150,000
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