Understanding the cost of charging an electric vehicle (EV) can be a puzzle. For many, charging at home is the ideal and economical option, especially for the estimated 80% of EV owners who can charge overnight in their own garages. But when it comes to public and fast-charging stations, especially for those without access to home chargers, the landscape is a bit more complex. Let’s break down how the costs compare between different types of charging and even gasoline for road trips.
Charging Costs for EVs: An In-Depth Look at Home and Road Options
Home Charging: Cost-Efficiency for Most EV Owners
Charging an EV at home is generally the most cost-effective method. For an owner of a Tesla Model Y, one of today’s bestselling EVs, a full home charge might cost as little as $14, depending on local electricity rates. In contrast, using a commercial Level 3 fast charger for the same car could cost as much as $46—substantially more, especially on long road trips.
For most drivers with home charging setups, the cost per mile driven in an EV is typically lower than that for a comparable gasoline vehicle. The average U.S. electricity rate hovers around 17 cents per kilowatt-hour (kWh), and most EVs cover two to three miles per kWh, making the per-mile cost lower than gas-powered alternatives. Moreover, some utilities offer off-peak discounts, making charging even more affordable if done overnight.
Apartment Dwellers and Shared Parking Complexes
For EV owners without a dedicated home charger, such as apartment residents, charging costs can be trickier. Public charging stations vary in price, and rates at shared parking areas can be unpredictable. EV drivers who rely on public charging often face more expensive rates than those who can charge at home, which can increase the overall cost of ownership.
Fast-Charging Costs: Road Trips and the Price of Convenience
For long trips, DC fast chargers (Level 3) become necessary to top up an EV’s battery quickly, often at a premium. Fast-charging rates can vary widely, sometimes costing more than gasoline on a per-mile basis. Networks like Electrify America and Tesla’s Supercharger stations may also include session fees or different pricing based on the time of day. As a result, road trip expenses for EVs can become significantly higher than what you’d pay to charge at home.
Between 2021 and 2024, the cost of using DC fast chargers surged. For example, Tesla’s Supercharger fees increased by 38% to over 100% in certain regions due to variable pricing models. Similarly, Electrify America saw an approximate 30% rise over the same period. Residential electricity rates have increased as well, though more modestly—by around 21%.
Comparing Costs Across Three EV Types: Small, Mid-Sized, and Large
To give a realistic sense of charging costs, we can look at three different EV models, from compact to large SUVs, across both home and DC fast-charging setups. These comparisons reveal a spectrum of potential costs depending on vehicle efficiency and battery size. Charging at home remains the cheaper option, while fast-charging on the highway generally tips toward higher costs, sometimes rivaling gasoline expenses in less efficient vehicles.
Cost per 100 Miles: A Clear Comparison
Analyzing the cost per 100 miles driven allows a more straightforward comparison between EV charging costs and gasoline expenses. Here’s how it breaks down:
- Home Charging: For most EVs, charging at home to cover 100 miles is noticeably cheaper than refueling a gas car, often costing less than half. This makes home charging an economically compelling advantage for EV owners.
- Highway Fast-Charging: When it comes to road trips, where DC fast chargers are the primary option, the cost per 100 miles can exceed that of a comparable gasoline vehicle. However, in areas where gasoline prices are high, EVs with fast-charging options may still come out slightly ahead.
EV drivers who rely on a mix of home charging and occasional public charging often find that the average cost per mile still remains favorable. For those who live in apartments or lack a consistent home charger, though, the advantage of low-cost home charging may not be as readily accessible, slightly diminishing the financial benefits.
Additional Cost Factors in EV Charging: Efficiency and Losses
Charging an EV isn’t just a simple plug-and-charge scenario. To account for energy losses—typically around 5%—during the charging process, EV owners may see a slight bump in their actual costs. These losses arise because some energy is inevitably lost as heat when electricity flows through the charging cable and into the battery.
Conclusion: The Balance Between Savings and Convenience
For most EV owners, home charging remains the gold standard of cost-efficiency. Drivers can rely on lower residential electricity rates and even take advantage of time-of-use plans offered by some utilities to save more by charging overnight. For drivers without at-home charging options, however, the cost of public and fast-charging stations can make owning an EV somewhat more expensive.
While EV charging expenses are generally lower than gasoline costs for most users, understanding the nuances—whether you’re charging at home or on the go—is essential for making the most of your EV’s potential savings.