Key facts
- Gasoline prices are nearly 34% higher than a year ago, with the national average exceeding $4 per gallon.
- Home EV charging costs approximately $0.03-$0.05 per mile, while gasoline costs $0.12-$0.18 per mile.
- Average annual fuel cost for an EV driver charging at home is about $694, compared to $2,420 for a gasoline vehicle driver.
- Public Level 2 EV charging saves drivers around $1,456 annually versus gasoline.
- DC fast charging can be nearly as expensive as gasoline per mile if used extensively on long trips.
- Top states for EV fuel savings include Washington, California, and Oregon, with annual savings over $1,000.
Electric vehicle (EV) drivers are realizing substantial annual savings on fuel costs compared to their gasoline-powered counterparts, as high gas prices persist. While the national average for gasoline has climbed above $4 per gallon, representing a significant increase from the previous year, EV owners benefit from more stable and lower electricity rates.
Charging an EV at home is considerably cheaper than filling a gas tank. A full year of driving for an average EV owner, charging at home, costs less than $700, whereas a gasoline-powered vehicle owner spends around $2,420 annually on fuel. This translates to per-mile costs of $0.03-$0.05 for EVs versus $0.12-$0.18 for gasoline cars, making EVs three to four times more economical for fuel.
Even public charging options offer savings. Level 2 public charging can save EV drivers approximately $1,456 per year compared to gasoline, while DC fast charging, though more expensive than home charging, still comes in roughly $377 cheaper annually. However, heavy reliance on DC fast chargers during long trips can narrow the cost gap, emphasizing the importance of smart trip planning.
States like Washington, California, and Oregon are leading in EV fuel-cost savings, with annual benefits ranging from $800 to over $1,200. These savings are crucial for offsetting the higher upfront purchase price of EVs, which remains a barrier for many consumers. Despite the higher initial cost of EVs, the long-term economic advantages, particularly in fuel expenses, are becoming a clearer incentive for adoption.