Auto expert reveals the real-world costs of owning an EV versus a gas car in America: ‘Major trap for electric [vehicle] owners’

An electric vehicle budget cruncher took readers down a charging expense rabbit hole as he explained the nuances of California’s electricity rates and how they impact the price of powering up.

The carrot on the other side for readers is confirmation that charging at home instead of at a public station can greatly reduce expenses.

Torque News’ Noah Washington characterized it as a “major trap for electric owners.” He cited a Reddit post in r/Ioniq6 for much of the information. The calculations are based on a Hyundai Ioniq 6 for a 28-mile trip.

It’s a “public charging economic trap [that] makes refueling an EV at peak hours cost the same as buying gas,” Washington wrote.

The article spotlighted the importance of understanding how electricity is priced in your state, when it costs the most, and other factors. The right charging plan can save you thousands of dollars a year.

The Reddit breakdown — after a lengthy string of calculations — has savings of $21,448 compared to gas after 15 years of wise charging.

The value of powering up at home during off-peak times — avoiding extra fees and higher rates — is echoed by experts from multiple places. But Kelley Blue Book’s team added that “in most cases, it costs less per month to charge an EV than to buy gas for a traditional vehicle.”

Qmerit is a trusted resource that can help you compare quotes for at-home Level 2 chargers. Its experts have costs at between $506 and $720 for 13,489 miles, compared to between $1,600 and $2,100 for gas vehicles. The Qmerit experts reported that you often save money if using public chargers, but the amount decreases, depending on utility rates.

For reference, charging at home with a standard wall outlet is the slowest method, adding about 5 miles of range per hour. Level 2 chargers add about 25 miles per hour, and public DC stations such as Tesla’s Superchargers can add 200 miles in about 15 minutes, according to the Department of Energy and Tesla.

Kelley reported that it can cost up to $2,000 for a Level 2 charger and installation, making Qmerit’s expertise a valuable resource. And Ford’s Power Promise will pay for a charger and installation after new EV purchases and leases through Jan. 5. Certain states offer incentives for buying and charging EVs, as well.

Better batteries are also powering longer trips, making home charging more feasible for farther, daily commutes. The DOE reported that model year 2024 EVs have an average range of 283 miles, for example. Battery pack breakthroughs with the potential to add hundreds more miles to the range limit are regularly being announced.

On the station side, project planners for Ionna intend to install thousands of public chargers across the nation to help create a network of options for longer travel. Ionna is a partnership created by eight automakers to address charging infrastructure needs. Online search engines are also available to help you find a station while on the road.

What’s more, charging savings are in addition to the $1,500 a year motorists save in gas and service costs.

Each EV that replaces a gas car also prevents thousands of pounds of air pollution annually. The fumes contribute to heat-trapping fumes from all sources that are responsible for 6.5 million deaths worldwide each year, according to the government.

The Reddit post garnered responses from EV owners from around the country who were comparing utility rates, tire traits, and other factors that can impact range. Many reported savings with their cleaner rides, and some noted the value that home solar can provide as an energy source to charge the EVs. The Cool Down’s Solar Explorer is a resource with trusted partners that can help you navigate the path to cleaner energy independence at home.

“It makes me feel better about my recent purchase,” one commenter wrote.

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