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.
What does it cost more to drive per mile gasoline or electric vehicle? And obviously, electric vehicles aren’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. So it’s not a free driving experience, but let’s take a look at this chart and see what it breaks down to. The way that this was done is they figured out what it costs to have a hundred miles of range whether it’s gasoline or it’s an electric vehicle equivalent. They did it in a couple of different cities but they broke down the cost for this month and they went back actually two years. The blue here is gas and the yellow line here is electricity.
As you can see, as of January ‘22 for gasoline, to go 100 miles costs $14 and 8 cents. And it’s been, you know 12 to $14 range really for the last year. Back in 2020, it was under $10 but most of the time it’s between 10 and 12 10 and, you know $13. What about electricity? Well, electricity has remained much more stable in about the $5 range right now just over $5. The sources used for electricity rates and gas prices are the US Bureau of Labor Statistics and the US Energy Information Administration. So this is a good breakdown.
Obviously, you’re going to have to pay some money. Either way, electricity isn’t free, whether it’s at a charging station or at your house. But the cost of an EV is less than half of the cost of gasoline, almost a third at this point. And gas is likely going to go up. Electricity normally stays closer to the same trading range. In addition, there are ways to offset some of these electricity costs.
As you’ve seen in other videos many electrical utilities have incentives and rebates for electric vehicles that may actually offset this to a lower amount under $5. You may be able to supplement some of your electricity with solar on your house. Again there are pros and cons to electric and gas vehicles, it’s beyond just the cost of driving electric vehicles currently are more money in the purchase price. They may have slightly higher insurance and there’s less availability. You know 99% of the vehicles on the road right now are gas vehicles. Where it’s 1 to 2% or for electric. So as these things change, the driving cost to refuel, so to speak an electric vehicle will be more important. But using this chart as a guide shows you that the electric range cost per hundred miles is significantly lower than gasoline.