Driving Electric Is Cheaper: Let’s Do the Math

Driving Electric Is Cheaper: Let’s Do the Math

Some say gas cars are more affordable than electric cars. Some say that the acceleration of an electric car is way better than the acceleration of a gas car. There are so many factors to consider that it would be challenging to find the answer.  Some skeptics will argue that EV car is more of an investment; as time goes on, you end up saving a lot of money on what could have been gas. Some people say electric cars are pricier than gas cars, and it doesn’t matter the type of electric vehicle. It’s true, the cost of an electric car upfront is more expensive than gas cars. According to Nrdc.org, EVs cost $19,000 more than gas cars. But, electric vehicles also have lower maintenance costs than their gas counterparts because drivers do not need to shed money on oil, cooling, and transmission fluid.

Since electric cars are a new type of vehicle, there are fewer recharging stations when it comes to fuel. But gas stations are all over the country.

The great debate between electric cars and gas cars has always been in existence. So it is no surprise that electric cars are the future, and it has to be if people care about the environment. Not to mention, it takes gas cars a few minutes to fill up. But it takes an hour or more to recharge an electric car fully. So let’s examine these calculations further by looking at gas and recharge prices. To see if driving an electric car is cheaper than a gas car.  In addition, we will investigate the cost using an array of credible sources.

In looking at the Tesla 2021, there are three versions and, for the sake of this article, I will focus on the Tesla Model S long range. The S model covers  412 miles and costs $15.29 to fully charge based solely on the electricity prices, which are $0.13 kWh. According to Solarreviews.com, this gives you a charge of 0.37 per mile, which is $3.70 per 100 miles. A close contender to the Tesla Model S class is the 2021 Volkswagen. The price for a full charge is at an affordable rate of $10. So for every 250 miles, every mile costs $ 0.04. Plus,three-year unlimited recharging from Volkswagen.

A rule of thumb concerning electric cars and recharging prices. The car should get 3-4 miles per kWh simply divided the total miles by 3 for each month driven, to get the kWh used every month, then multiply the answer by the cost- Marketwatch. The final amount should be lower than buying gas.

Now, let’s look at this further. A study from the U.S Department of energy reveals the total cost of gasoline compared to electric vehicles is approximately $0.4 per mile. This includes oil changes, brake pads, new wiper blades, and including all repair coast according to Insidehook.

Significant factors that will determine EV and Fuel cost based on location

Another major factor that will determine how much in EV vs. gasoline fuel car is based on location.  The U.S Energy Information Administration in the average price across the country is 13.85 cents per kWh. In comparison, the price in Nebraska is 11.35; in New Jersey, the price is 16.43; in Hawaii, the price is $32.75.

The national average of gas prices across the country is approximately $3.175. Since a good portion of the country uses diesel. Diesel is .priced at $4.845 AAA Gas Prices.

Norway, Iceland, Netherlands, Sweden, Finland, Denmark, and many more are all fortunate countries that use time-of-use (TOU) to price electric cars. TOU is used to help electric car users shift the usage to other areas when a price signal is provided. The company even offers discount charging. 

The tesla is already ahead of the game, with at-home charging stations established for customers. Tesla also offers its customer free supercharging stations for road trips, emergencies, and out-of-state trips.  For example,  metropolitan areas like New York, New Jersey, Washington DC, and many others have charging stations located at some gas stations. As a result, Tesla users are saving by using supercharging fillups instead of constantly buying to recharge.

To compare the cost of electrons to gasoline, We have to look at the value of fossil fuels and how much they cost. AAA gas prices state that the price of gas nationwide is currently $2.22 per gallon.  It’s vital to take into consideration that prices will fluctuate depending on the state. Gas prices in the Southern and Midwest are at $2.72, the lowest in America. In comparison, California has the highest tax rate on gas, with gas prices at $3.38 per gallon. 

In Mississippi, people pay $2.44, the cheapest in America. Whereas in the district of Columbia, gas prices are $2.97. But it is still cheaper to own an electric car and simply recharge at night than to drive a gas car.

So you’re better off in a state that accommodates electric cars. It just may be more beneficial to invest in an EV and save more money in the long run. While gas prices can change due to supply demands or natural complications, electric prices remain the same. 

For more in-depth understanding, check out this article by afdc.energy.gov.  At the bottom of the page, Electricity cost and charging. There you will find information on calculating kilowatts per mile and the cost per mile.  Also, to compare the fueling cost of specific models, check out Vehicle Cost Calculator.

Ultimately, in the long run, recharging prices for EV car owners are lower than gas prices. For Tesla users, home charging is free and supercharging stations are also free. If you own a gas car, keep track of how much you are spending to budget better. RoadLoans offers excellent tips on budgeting on gas. Maybe you’re researching EVs before making the big switch to an electric vehicle. Whatever the reason, make no mistake, depending on the type of EV,  electric cars are expensive, but you will save a lot more money.

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