HomeNewsFilling Up With Gas May Still Be Cheaper Than Charging an Electric Vehicle

Filling Up With Gas May Still Be Cheaper Than Charging an Electric Vehicle

by Victoria Santiago
(Photo by Sean Gallup/Getty Images)

With gas prices rising to an all time high, many are wondering if an electric vehicle is the cheaper option. As it turns out, today’s gas prices might still be cheaper than charging an EV.

At a Glance

  • Gas prices are rising rapidly across the US.
  • The national average gas price on March 9 is $4.25 per gallon.
  • The national average cost to charge an EV is $0.13 per kilowatt-hour.
  • However, faster EV charging can go up to $0.43 per kilowatt-hour.
  • Depending on the car, gas could still be cheaper than those prices.

Gas Prices Can Be Cheaper Than Charging Electric Vehicles

Due to ever-rising gas prices, many are praising EVs for being an alternative option. In fact, even Transportation Secretary Pete Buttigieg thinks they could be the answer for families in need. However, depending on the model of car and where you choose to charge it, that may not be true.

The national average for a gallon of gas officially hit $4.25 on March 9, which is up almost 10 cents from the day before. Prices are expected to keep rising.

According to the EPA, the national average for a kilowatt-hour of electricity is 13 cents. This covers at-home chargers, or “destination” chargers in office and shopping center parking lots. These charges can easily take up to eight hours.

There are faster chargers available, though. Chargers like this are convenient – and expensive. Fast-charge rates can get as high as 43 cents per kilowatt-hour in some states. That price can be reduced to 31 cents by enrolling in a membership with a monthly fee.

Unlike gas prices, which are at the mercy of many different things, electricity prices in the U.S. are somewhat stable. In most states they’re heavily regulated. The cost to charge an EV is lower than filling up at the pump, but only if you charge at home or at the office. If you need a quick charge, you’ll most likely be paying more than your gas-powered peers.

Gas vs. Electric Costs For Popular Models

Here’s a comparison.

If you had the entry-level version of the Ford Mustang Mach-E, it would cost you $2,100 per year to fast-charge your car. It would cost you only $1,500 to charge your car at 31 cents per kilowatt-hour. That price goes down to just $650 if you exclusively charge your EV at home.

We’ll compare the Mach-E to the Ford Escape Hybrid, which is close in size. At the national average of $4.25, the Escape Hybrid only needs $1,550 worth of gas each year. For the nonhybrid version of the car, Fox Business reports that the cost goes up to $2,100 per year.

This comparison is made using national averages. The actual annual cost would depend on your local gas and energy prices. However, we can see that depending on the model and charging method, gas can easily be cheaper, even as prices continue to rise.