FYI: Navigate the Financial Landscape of EV Purchases with Energy Innovation’s EV Fill Up Tool
The financial intricacies of purchasing an electric vehicle (EV) can be overwhelming. While EVs typically come with a higher initial price tag compared to their gasoline-powered counterparts, the long-term savings in fueling and maintenance can be substantial. Assessing these costs, however, can be a challenge.
Energy Innovation, a climate think tank, has developed an updated EV Fill Up Tool to simplify one part of this equation. This tool provides a clear comparison of fuel savings between electric and gas vehicles across various states. The primary takeaway? Regardless of your location in the U.S. or the EV model you select, the switch to electric will likely save you money on fuel.
### Why Electricity is Cheaper than Gasoline
EVs may be more expensive upfront, but part of this difference can be offset over time. Gasoline is generally costlier on a per-mile basis than electricity and is more susceptible to price fluctuations.
Energy Innovation’s tool allows for an in-depth comparison by providing specific fueling costs for various vehicles in different states. Simply select a state to discover how gas prices compare to residential electricity rates and how much you can save by opting for an EV like a Tesla Model 3 over a Toyota Camry.
Importantly, the figures are adjusted to consider the range differences between EVs and gasoline vehicles. Rather than just showing the cost to charge a battery (which may only last 200 or 250 miles), the tool calculates the cost to achieve the same driving range as a gas vehicle.
“The aim of the tool is to provide a fair, apples-to-apples comparison,” stated Jack Conness, a policy analyst at Energy Innovation who developed the tool.
### Regional Insights with the EV Fill Up Tool
Washington State appears to be the most budget-friendly for EV drivers due to higher-than-average gas prices and low electricity rates. For example, if you drive a midsize SUV in Washington, the tool reveals that filling a Honda CR-V’s gas tank costs $59.92 for 420 miles, whereas an electric Kia EV6 costs $21.62 for the same distance. A Ford Mustang Mach-E comes in at $25.48. Thus, switching from a CR-V to an electric equivalent can save Washington drivers about $36.11 on each fill-up.
### Even Cheap Gas States Offer Savings
Even in Texas, known for its relatively low gas prices ($3.16 per gallon), significant savings can be found. Filling a Ford F-150 costs about $72.68, but getting the same range from an electric Ford F-150 Lightning costs around $45. The superior energy efficiency of EVs contributes greatly to these savings, as most energy in gasoline vehicles is lost in heat and noise production rather than propelling the vehicle forward.
### Factors and Assumptions in Calculations
The tool’s gas prices are sourced from AAA’s latest monthly data. Residential electric costs come from the U.S. Energy Information Administration’s 2023 figures, and public fast-charging is assumed at $0.48/kWh. The updated tool also incorporates energy loss from charging, providing a realistic estimate of actual costs.
### Vehicle Type Matters
The tool also highlights that the type of vehicle—whether it’s an SUV, pickup truck, large SUV, or sedan—significantly influences savings. Full-size electric SUVs like the Rivian R1S or Kia EV9 offer substantial savings over gas-guzzling models like the Ford Expedition, often exceeding $50 per fill-up in many states.
“Large trucks and SUVs haven’t seen much improvement in fuel efficiency over the decades,” Conness noted. “Thus, the savings are considerable when switching to their electric counterparts.”
### The Cheapest EV: The Electric Bike
For ultimate savings, consider an electric bike. Recently added to the EV Fill Up Tool, electric bikes consume minimal energy and can travel hundreds of miles for less than a dollar. If you’re eco-conscious and budget-focused, an electric bike might be an ideal choice.
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William Kouch, Editor of Automotive.fyi
