The cost of charging electric vehicles varies depending on various factors including price of power, type of equipment charging, cost of installation and number of miles driven. The National Renewable Energy Laboratory and Idaho National Laboratory have analyzed data on the usage and charging of all-electric vehicles (EV) to calculate a weighted average cost of charging an EV. They find that the average national cost of charging the EV varies from 8 cents per kilowatt-hour (kWh) to 27 cents per kWh, with an average cost of 15 cents per kWh.
The average assumes, based on current charging activity trends, that 81 percent of the charging was at home, 14 percent at the office or public station, and 5 percent with a DC fast charger. This translates into an estimated lifetime fuel savings of $3,000 to $10,500 for a car, which equals or exceeds the higher upfront cost of EVs.
Notes: Gasoline conversion to Btu using gross heating value 125,000 Btu/gallon. Electricity conversion to Btu using 3,412 Btu/kWh.
Source: National Renewable Energy Laboratory, “News Release: Research Determines Financial Benefit from Driving Electric Vehicles,” June 22, 2020. Fact #1149 Dataset.
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