How Much Does It Cost to Charge an EV? A Detailed Guide

Just like traditional cars, electric vehicles (EVs) require energy to operate. The difference is that instead of using liquid fuel through a gas pump, EVs get their energy via electricity delivered through a charging cable. Knowing the cost to charge an EV is just as important as knowing the cost of fueling up a gasoline-powered car.

A Consumer Reports survey found that over half of car buyers consider fuel economy to be a crucial factor in their purchasing decisions.

Since EVs are highly efficient—often exceeding 100 MPGe (miles per gallon equivalent)—charging an EV generally costs less than fueling a gas-powered vehicle, which has an average fuel economy of around 25 MPG. However, various factors can influence charging costs.

Charging Your EV at Home

For most EV owners, home charging is the most convenient option. In fact, nearly 90 percent of EV drivers charge their cars at home, according to a J.D. Power study.

The typical EV driver might see an additional $20 to $30 on their monthly electricity bill, though the exact cost depends on factors like your location, driving habits, and the type of vehicle you own.

To estimate how much it will cost to charge an EV and compare it to fueling a gas-powered car, check out the following calculator:

Key Factors to Keep in Mind

Here are a few things to consider that can affect your EV charging costs:

EVSE (Electric Vehicle Supply Equipment): Home Level 2 chargers (L2) are more efficient than the Level 1 chargers that come with your EV. Prices for L2 chargers range from $200 to $1,500, with installation costs potentially exceeding $1,000 depending on your home’s wiring and setup.
Electricity Rates: Your electricity provider charges per kilowatt-hour (kWh), with the average U.S. rate being around 13¢/kWh. Costs vary by location, time of day, and possible incentives.
Fuel Efficiency: EV efficiency is typically measured in kWh/100 miles, which usually falls between 20 and 30 kWh/100 miles. For example, if your EV has a 50-kWh battery and uses 25 kWh per 100 miles, its range is around 200 miles.
Daily Commute: Your driving habits will influence your charging costs. If you drive 100 miles per day, you’ll need to replenish that range during your overnight charge.
Energy Losses: Charging efficiency can vary based on factors like battery health and ambient temperature. Level 2 chargers experience around 5% to 15% energy loss, while DC Fast Chargers (Level 3) can be as much as 99% efficient.

Calculating Costs

Here’s a sample calculation: If you drive 100 miles daily, have a 50-kWh battery, and pay 13¢/kWh for electricity, your charging costs could look like this:

Cost Per Mile: 13¢/kWh x 25 kWh/100 mi = 3.25¢/mi
Cost Per Charge: 3.25¢/mi x 100 mi = $3.25 per day

For a 100-mile daily commute, your charging costs could total around $70.42 per month. Factoring in potential 15% transmission losses, that might go up to $80.98 monthly. In comparison, a hybrid with a 40-MPG rating and gas at $3 per gallon would cost about $162.50 per month, demonstrating how an EV can lead to significant savings.

Ways to Lower Costs

There are several methods to further reduce your expenses. Some utility companies or local governments may provide special rates for charging EVs, or you could take advantage of lower electricity prices during off-peak hours, typically between midnight and 6 AM.

Additionally, installing solar panels or battery storage systems can help you produce your own electricity, though there may be initial setup costs involved.

How Long Does It Take to Charge My EV?

Charging time is a major factor for EV buyers, as you’ll want to know if you can fully recharge overnight to recover what you used during the day, or if you’ll need to recharge at your destination before heading back home.

A few simple calculations can give you an idea of how long it will take to charge your EV while on the road.

You’ll need to know your charging rate, which is the lower of either your vehicle’s or the charging station’s capacity.

For instance, if your EVSE delivers 8 kW, but your EV can only take 5 kW, then your charging rate is limited to 5 kW. Similarly, if your EVSE can deliver 8 kW but your vehicle only accepts 5 kW, your charge rate will still be 5 kW.

Let’s assume your EV can fully utilize the 8-kW L2 charger in your garage, and you want to calculate charging time using either battery capacity or range, factoring in transmission losses for better accuracy at about 90% efficiency.

By Capacity –20 kWh ÷ 90% 8 kW = 2.78 hours, or approximately 2 hours and 47 minutes
By Range –25 kWh/100 mi x 100 mi ÷ 90% 8 kW = 2.78 hours, or approximately 2 hours and 47 minutes

This is useful information because, in this example, you could replenish your daily driving range in just a few hours. If you have a smart charger, you could even schedule it to begin charging at 3 AM and finish by 5:45 AM, just in time for your morning coffee.

Charging EVs on the Go

Charging an EV while on the road at a public station is a different experience. The equipment is varied, and there are different payment options. You might be able to use an L2 charger at your workplace, school, or some stores for free, which is a great perk for employees, students, or customers. However, limited access might force you to find alternatives.

Public L2 and L3 charging stations can be accessed via an app, with a credit card, or through NFC. Stations may offer subscription-based access, pay-as-you-go options, or both. Some charge by the minute, by kilowatt-hour, or per session. Knowing how much range or capacity you need and how long it will take to charge can help you estimate costs for public charging.

Here’s an example: While shopping, you realize you need to restore half your battery to get home. You find a 95% efficient L2 charger in a public parking lot with a 19.2-kW rate. Based on your EV’s needs, you calculate it will take roughly 1.37 hours or 82 minutes to recharge. The station charges 6¢ per minute.

Charge Cost –82 min x 6¢/min = $4.92

Another example: You’re on a road trip and find a 99% efficient L3 charger with a 300-kW fast-charging rate. You need to recharge 50% of your 50-kWh battery, which provides about 100 miles of range. This will take just over 5 minutes. This L3 station charges $1 per minute, though others may charge by kilowatt-hour (e.g., 43¢ per kWh).

Charge Cost –5 min x $1/min = $5.00
Charge Cost –25 kWh x 43¢/kWh = $10.75

As you can see, the cost to charge for nearly 90 minutes on an L2 charger may be comparable or even cheaper than a 5-minute charge on an L3, depending on the pricing structure.

In comparison, a 40-MPG hybrid can only cover 66 miles for the same $5, regardless of where it’s filled up. Though factors like charging availability, time or capacity fees, surge pricing, or subscription offers can affect the final cost, the key takeaway is that EV charging prices remain fairly consistent across public charging options.

However, be aware of "idle fees," which may apply if your vehicle stays plugged in after it’s finished charging at public stations.

Apps and online tools are great for finding and paying for charging stations on the go.