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You need to know how much you’re paying for electricity in order to figure out the cost of driving an EV. Electricity rates for homeowners vary widely depending on where you live in the United States. On top of that, how much you pay can vary depending on the type of plan you have with your utility company.
To figure out how much you’ll pay for an EV in one year, multiply the vehicle’s kWh per mile estimate by how much you drive, like we did above. Then take that figure and multiply it by the cost of electricity. So if an EV uses 0.35 kWh per mile and you drive the national average of 13,500 miles a year, it uses 4,725 kWh per year. If you charge at home and your utility charges you 20 cents per kWh, then that EV will cost about $945 to charge at home in a year (multiply 4,725 by 0.20).
Paying $945 a year might seem like a lot, but compared to a typical gas-powered vehicle, it can be a substantial savings. For a detailed analysis of how much it costs to charge an EV at home, check out our article on the Trust Cost of Powering an Electric Vehicle.
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