EV Charging Cost: How to Calculate it

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EV Charging Cost: How to Calculate it

When considering an electric car, a common question from buyers is about the charging costs. To understand this, it’s useful to compare electric and gas-powered vehicles, including the expenses for recharging and refueling. Let’s break down these costs in simple terms.

Understanding EV Charging Costs

First, let’s figure out the cost to charge an electric vehicle (EV). You’ll need your latest electric bill for this. Check how many kilowatt-hours (kWh) you’ve used and the total amount you’ve paid. This calculation shows your cost per kWh. Next, estimate your monthly driving in miles, divide by 3, and multiply by your kWh cost. This gives you your monthly EV charging cost.

For example, if you drive the U.S. average of 1,124 miles monthly and your EV averages 3 miles per kWh, you’ll use about 375 kWh. With the average U.S. cost of 16 cents per kWh, charging your EV would cost around $60 per month. This is typically less than what you’d spend on gas.

EV Charging Costs Calculator

Don’t want to do the math? Check out our calculator developed by our team member for you to easily help with your monthly cost of ev charging!

EV Charging Cost Calculator

EV Charging Cost Calculator

Enter Values to Calculate

Comparing Costs with Gasoline Vehicles

Now, let’s compare this to gasoline costs. The comparison can be tricky due to varying fuel usage among vehicles, but let’s use some general figures. If gas costs $3.60 per gallon, a 12-gallon tank would cost $43 to fill. With an average of 30 miles per gallon, you’d get 360 miles per tank. Driving 1,124 miles monthly, you’d refill three times, totaling around $129.

Remember, these are estimates. Actual costs can vary with fluctuating fuel prices and vehicle mileage. However, even with a fuel-efficient gas car, the costs seldom match those of an EV. Charging an electric vehicle generally remains more economical than refueling a gasoline-powered one.

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