EV Charging Cost Formulas
Cost per Full Charge = Battery Capacity (kWh) × Electricity Rate ($/kWh)
Cost per Mile = Electricity Rate ÷ Efficiency (miles per kWh)
Why EVs Are Usually Cheaper to "Fuel" Than Gas Cars
Electricity costs per mile are typically significantly lower than gasoline costs per mile, since electric motors convert energy more efficiently than internal combustion engines, and residential electricity rates (especially off-peak) are often cheaper per unit of energy than gasoline.
Home vs. Public Charging
Home charging on your own electricity rate is usually the cheapest option. Public DC fast charging stations often charge significantly more per kWh than home electricity — factor this in if you rely heavily on public charging.
Finding Your Car's Efficiency
Your EV's efficiency (miles per kWh) is typically shown on your dashboard, in the owner's manual, or on the EPA's fuel economy label for your specific model.