Since electric vehicle subsidies ended Sept. 30, the sticker price gap between electric and gas vehicles may soon widen, but the price gap at the pump still heavily favors EVs. Charging at home remains one of the biggest financial advantages of owning an EV, often cutting fuel costs by more than half.
On average, driving 100 miles in a gas car that gets 25 miles per gallon costs $12.80. It costs an electric car charged at home, by comparison, $5.26 to go the same distance, according to an analysis by The New York Times. Even hybrids, which can travel over 50 miles per gallon, generally don't beat the cost-efficiency of an electric car plugged in at home, though they come close at about $6.15 to go 100 miles.
Where you live makes a big difference. In states with low electricity rates, including Idaho, the cost to drive an EV 100 miles can drop as low as $3.57, the Times showed. Hawai'i and California, on the other hand, are at the high end, with home charging costing up to $12.32 per 100 miles. Gas prices play a role too: Washington, with its combination of cheap electricity and high gas costs, is a sweet spot for EV owners, who can save $13.53 per 100 miles.
Home charging isn't just cheaper, it's also predictable. Public fast-charging stations can be two to four times as expensive as residential electricity, and prices vary wildly depending on location. Investing in a Level 2 charger can make life simpler and cheaper, letting you plug in overnight and wake up with a full battery. Qmerit makes it simple for homeowners to get started, offering free estimates for charger installations after a few basic questions about your electrical panel and garage.
Pairing your EV with home solar panels can take your savings even further. By generating your own power, you can bring your cost of driving close to $0 while also shrinking your carbon footprint. EnergySage makes it easy to compare quotes from vetted installers and find options that fit your budget and energy goals.
The efficiency comes from keeping the entire loop — power, cost, and impact — close to home.
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