So here’s what it all comes down to: the big question is: what costs more to charge or to fill up a gas or an electric vehicle, especially in this day and age with the very high gasoline prices? The question arises: what does it cost more per mile, gasoline or an electric vehicle?
Cost Breakdown: Gasoline vs. Electricity
Obviously, an electric vehicle isn’t free. You have to charge it up, and you have to pay either your electric bill at your house or pay for a charging station. Let’s take a look at this chart and see what it breaks down to.
Comparative Analysis: Gasoline and Electricity Costs
The way that this was done was to figure out what it costs to have a hundred miles of range, whether it’s gasoline or its equivalent in an electric vehicle. They analyzed different cities and the U.S. national average for the cost breakdown.
The Numbers: Gasoline and Electricity Costs Over Time
The blue line represents gas, while the yellow line represents electricity. As of January 22, for gasoline to go 100 miles, it costs 14.8 cents. Gas prices have fluctuated between 12 and 14 cents for the last year, previously under 10 back in 2020.
Stability of Costs: Gasoline vs. Electricity
Electricity costs have remained much more stable, averaging just over five dollars for a hundred miles. Sources for these figures include electricity rates and gas prices from reliable sources like the U.S. Bureau of Labor Statistics and the U.S. Energy Information Administration.
Electric Vehicle Advantages
Electricity isn’t free, whether it’s from a charging station or at your house. However, the cost of an EV is less than half of the cost of gasoline, almost a third at this point. Plus, while gas prices are likely to increase, electricity remains more stable.
Offsetting Electricity Costs and Future Trends
There are ways to offset some of these electricity costs, like incentives and rebates for electric vehicles offered by many electrical utilities. Moreover, supplementing electricity with solar power could further reduce costs to under five dollars.
Beyond Cost Analysis: Pros and Cons
It’s important to consider that electric vehicles currently have higher purchase prices, potentially slightly higher insurance rates, and lower availability compared to gas vehicles. The landscape is evolving, but driving cost comparisons are becoming increasingly significant.
The Bottom Line: Electric Vehicles vs. Gasoline
This chart serves as a guide, showcasing that the electric range cost per hundred miles is significantly lower than gasoline. As things continue to evolve, the cost of refueling an electric vehicle will become more crucial in decision-making.