evee Central

Is EV Charging Cheaper Than Gasoline? We Did the Math and Found a Winner

It’s hard not to notice the proud EV drivers on the road — particularly the ones with vanity license plates like “GAS LOL.” Why so braggy? Maybe it’s because they believe it’s cheaper to charge their electric vehicle than fuel a gas-powered car. 

It’s understandable. Lowering fuel costs is the main reason the EV-curious think about going all-electric in the first place. In June 2022, gas prices hit a record, averaging more than $5 per gallon nationwide, and though they’ve since fallen by 26% to around $3.70 as of May, the volatility has many drivers looking at alternatives — such as EVs or hybrids. 

The debate on which option is cheapest to run is all over Reddit, TikTok and other social media platforms. One Reddit user states they now spend $70 more on their electricity bill from at-home charging compared with $330 per month in gas previously. Some Reddit users argue against the actual savings. One naysayer, for example, says they think public supercharging is expensive and time-consuming and another says the cost of installing their home EV charger negates any savings. 

So which is best? Experts say, based on averages, EV charging wins out on the cost factor. 

The price of gasoline is volatile and, in some areas, expensive. While electricity also varies in price, “it’s significantly cheaper” than gasoline, says Anastasia Boutziouvis, solution product manager at ChargePoint, a company that operates the world’s largest network of EV charging stations in North America and Europe. That means recharging an EV likewise tends to be significantly less expensive than topping off a gas-powered car’s fuel tank.

We’ll show you how much cheaper, on average, charging an EV actually can be.