Plug vs. Pump: The Real Cost of Charging Your EV vs. Filling Up with Gas
Download MP3Episode Description
In this episode, we dive deep into the numbers to answer the burning question: What costs more per mile - charging an electric vehicle or filling up with gasoline? With gas prices at historic highs, many drivers are wondering if EVs offer real savings at the pump (or plug). We break down the actual costs using national data and reveal some surprising findings about the true cost of driving electric versus gas.
Key Topics Covered
- Cost Comparison Analysis - Breaking down the cost per 100 miles of range for both gasoline and electric vehicles using U.S. national average data
- Current Pricing Trends - As of January 2022, gasoline costs $14.80 per 100 miles while electricity costs just over $5.00 per 100 miles
- Historical Price Patterns - Gasoline prices have ranged from $7-8 in 2020 to $12-14 recently, while electricity has remained stable around $5
- Data Sources - Analysis based on electricity rates and gas prices from U.S. Bureau of Labor Statistics and U.S. Energy Information Administration
- Significant Savings - EV charging costs are less than half the cost of gasoline - nearly one-third at current prices
- Additional Cost Reduction Opportunities - How utility incentives, rebates, and home solar can further reduce EV charging costs below $5 per 100 miles
- Beyond Fuel Costs - Discussion of other factors including higher EV purchase prices, potentially higher insurance costs, and current vehicle availability (99% gas vs. 1-2% electric)
- Future Outlook - Why driving cost differences will become increasingly important as EV adoption grows and the market shifts
Key Takeaway
Electric vehicle charging costs are significantly lower than gasoline - currently less than half the cost per 100 miles of range, with electricity prices remaining more stable over time compared to volatile gas prices.
