On August 3, according to Businessinsider, a recent study found that the cost of charging many electric vehicles is still higher than the cost of refueling their gasoline-powered counterparts. The study, released by the Anderson Economic Group on Tuesday, compared the cost differences between refueling at gas stations and charging at home or in public places.
The study found that there are different results for different vehicle models regarding the cost of charging and refueling. For trucks, the cost of refueling and charging is roughly the same. However, for entry-level and mid-range cars and SUVs, the cost of charging at home or in public places is higher than refueling at gas stations. Luxury cars and SUVs are somewhere in between. If charged at home, it may be cheaper than refueling, but if charged in public places, it may be more expensive than refueling.
The study is based on the latest gasoline and residential electricity prices in the United States, commercial charging prices, tax situations for fuel and electric vehicles, fuel economy, and other information to calculate the cost of refueling and charging per 100 miles (approximately 160.93 kilometers).
Here is the cost breakdown by different vehicle models:
Trucks
For trucks, the cost of refueling and charging is roughly the same. Whether it’s the Ford F-Series, Dodge 1500 (Ram 1500), or Chevrolet Silverado multi-functional off-road vehicle, it costs about $17.58 to travel 100 miles. Diesel trucks cost about $17.10 to travel 100 miles. If you have a pure electric Rivian R1T or GMC Hummer, the cost of charging at home is almost the same, about $17.70. However, if you mainly charge in public places, the cost will increase by 48% to about $26.38.
Entry-level cars and SUVs
If you have a Nissan Versa, Hyundai Elantra, or Kia Forte, it costs about $9.78 to travel 100 miles. But if you switch to a Nissan Leaf or Chevrolet Bolt, the cost of charging at home will increase to about $12.55. Charging in public places may cost nearly $16, which is 64% more than the corresponding gasoline-powered models.
Luxury cars
Charging luxury cars at home may be cheaper than refueling, whether it’s the Lexus ES, Porsche Macan, Mercedes-Benz GLE, or similar models. It costs about $17.56 to travel 100 miles. However, the cost of charging at home for the Porsche Taycan, Tesla Model X and Model S, and Mercedes EQS may only be about $13.50, saving about 23%. But if you mainly charge these electric vehicles in public places, it’s almost the same as refueling, costing about $17.81 per 100 miles.
Mid-range cars and SUVs
Currently, charging the Ford Mustang Mach-E, Kia EV6, or Volkswagen ID.4 costs more than refueling the corresponding gasoline-powered models such as the Chevrolet Equinox, Nissan Altima, or Subaru Forester. Charging these models at home costs about $12.62 per 100 miles, while refueling at gas stations costs about $11.08. When using public charging stations, it costs about $16.10.