EV 101: What Is The Cost To Charge An EV?

As buyers in the automotive landscape are turning their attention to electric vehicles (EVs) as a potentially more economical option, the question that pops into their heads is how much does it cost to charge an EV? Is there a difference between charging at home and charging in a public charging station? Let’s break it down.

For most EV owners, home charging overnight is the most cost-effective way to save money. On average, EVs get three to four miles per kilowatt-hour (kWh). Utilizing the U.S. household average of about 15.45 cents per kWh, home charging an EV for a standard monthly driving distance of 1,124 miles would cost around $58 according to Kelley Blue Book. 

With gas prices climbing up nearly 14% in 2024, the consideration to home charging being cost-effective makes the most sense. As a result, tven with variations in fuel efficiency and electricity rates, home charging an EV generally proves more economical.

While home charging is usually affordable, public charging stations offer convenience for longer trips. The cost of public charging can vary widely, typically ranging from $10 to $30 for a full charge, depending on the type of charger used and local electricity rates. As for the widely used Tesla Supercharger network, the cost averages around $0.25 per kWh, making a full recharge to 250 miles of range cost around $22.

Here are the three levels that public charging stations offer:

• Level 1:  Can take up to 24 hours for a full charge
• Level 2: Delivers up to 28 miles of range per hour, costing $1 to $5 per hour
• Level 3 (DC Fast Charging): Can nearly fully charge a battery in about an hour, costing $10 to $30 per session

Here are several factors that can influence the cost of charging an EV:

• Electricity rates: These vary by region and time of day
• Charging speed: Faster charging often comes at a premium
• Battery size and efficiency: Larger batteries take more energy to charge
• Charging network pricing structures: Some use per-kWh rates, others charge by time

EVs are inherently more efficient than internal combustion engine (ICE) vehicles, converting about 70% more of their energy directly into motion. This efficiency, combined with generally lower fuel costs, can lead to significant savings over time.

Furthermore, EVs contain lower maintenance costs due to having fewer moving parts and not requiring oil changes. These factors contribute to the overall cost-effectiveness of EV ownership.

For long-distance travel, it is important to plan your route around available charging stations. While this may require more preparation than traditional fuel stops, many EVs now offer ranges exceeding 200 miles per charge, making long trips increasingly feasible.

While the upfront cost of an EV may be higher, the long-term savings on fuel and maintenance can be substantial. As charging infrastructure continues to expand and improve, the convenience factor for EV owners will only increase. For those who can charge at home, an EV can deliver a particularly more economical alternative to traditional gas-powered vehicles, with the added benefit of reduced environmental impact.

As with any major purchase, it is paramount to consider your individual driving habits, local electricity rates, and available charging options when deciding if an EV is right for you. With cautious planning and consideration, many EV owners will find that making the switch to electric will lead to both financial savings and a reduced carbon footprint, accelerating the transition to electric mobility for all. 

Want to learn more about EV? Thinking of buying an EV? Head over to EV.com and discover more.