Electric vehicles allow you to switch from expensive gasoline to charging up your car at home. However, this transition can make it more difficult to calculate the exact savings you are getting when comparing gas to electricity. So, how much does it cost to charge an electric car and is it cheaper to charge an electric car than gas vehicles? While we know that it is generally cheaper to charge an electric car than to rely on gas, to know your actual savings, you must first calculate how much it costs to charge an electric car.
At Power Mojo, we’re focused on getting the best deals on electricity in Texas and can help you determine the actual electricity cost of charging your electric car at home.
How to Calculate Running Costs for an Electric Vehicle
The monthly cost of charging your electric car will depend on a few relative numbers. Just like gas prices, electricity prices are different everywhere – and not everyone has the same driving routine. You’ll need a few baseline numbers to calculate the real cost of keeping an electric vehicle charged up.
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Miles Driven Per Month:
- The average American drives about 1,000 miles a month, or 12,000 miles a year.
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Miles to the kWh:
- The average electric vehicle gets about 3-4 miles per kWh (kilowatt hour)
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Your cost per kwH:
- The average household in 2022 paid about 16 cents per kWh
How Much Does It Cost to Run an Electric Car?
Based on average numbers, it will cost about $56 per month to drive 1,000 miles in your electric vehicle and charge up at home. Of course, numbers may vary based on your commute and driving routine, the exact electric efficiency of your vehicle, and how much you pay per kWh.
For the first number, set your Trip odometer to 0 on the first of the month and take note at the end of the month. Do this for three or four months to get an average for the miles you drive each month.
For the second number, check your vehicle’s efficiency rating. Your in-car computer may also have a report, as urban/highway driving can vary in efficiency and routine ratio.
For the third number, check your power bill. Then multiply all three numbers to get your average cost of electricity per month to charge your electric vehicle at home.
How Much Cheaper Is an Electric Car Per Month?
The cost to charge an electric car is typically 1/2 or better than the cost of fueling a gas vehicle. Of course, you’ll want to do another quick calculation because numbers vary.
The average compact car gets about 30 miles to the gallon. Multiply that by the average 1,000 miles per month and the cost of gas in your region. The average cost of gas is around $3.50, and your tank holds about 12 gallons. That’s three monthly fill-ups of about $42, or $126.
Using just average numbers, you can see that charging your electric vehicle costs about $56 a month while gassing a compact car for the same distance costs $126.
First Step To Understanding Costs – Set Up Your Residential Electricity Plan For What You Need
Of course, to get the best price for owning an electric vehicle, you need to optimize the pricing on your power bill. Setting up a residential electricity plan that meets your needs is essential, especially as utility companies begin to charge peak pricing to residences (this used to be a businesses-only thing) so that when and how much electricity you use may influence your bill.
At Power Mojo, we can analyze your power use and help you find the best residential electricity plan to meet your needs at the lowest local prices. This can increase your home’s efficiency and the overall financial efficiency of driving an electric vehicle.
Protect Yourself from Electricity Providers Taking Advantage of You – Choose Power Mojo
Power Mojo is designed to protect Texas residents from electricity providers that increase prices and make power bills challenging to read to avoid getting caught. We take out the ambiguity and handle the process for you so that you can reduce your overall electricity costs in Texas without getting overcharged repeatedly. Not only will we help you do an initial assessment of the best residential plan for your needs, but we will also handle your account transfer and check every renewal season to ensure you are always with the best provider based on current offers.
Ready to optimize the efficiency of your household electricity and your electric vehicle fuel efficiency? Contact Power Mojo today.
