If you’ve ever wondered just how much money you can save in fueling costs by switching to an EV, here are some real life examples, keeping in mind that fuel costs are just one factor to consider when buying a new vehicle and they vary between utilities.
Lately I’ve been running into more friends that tell me its recently been costing them more than $100 to fill up their gas tanks, which is jaw dropping.
So what do I and my family pay to fuel our EVs? Let’s start with my 2022 Ford Mustang Mach-E. It currently costs me $10.92 to fill it up at home. A charge usually gets me between about 250 and 300 miles, depending on whether it’s interstate or urban driving. I arrived at that number based on my utility’s residential rate of $0.12 per kWh, which was the current price on June 22, 2022.
Our Mach-E AWD Extended Range Premium model has 91 kW of usable battery capacity. When road tripping the cost is much higher, depending on the charging station, although it’s still usually cheaper than gas. I’m basing that assertion on more than 3,500 miles of traveling through 11 states.
The most I paid was 43 cents per kilowatt at several electrify America stations. However, that price is before sales tax and any area fees, which varies by state. Another thing to note, some states charge a per minute kW rate as opposed to a fixed price per kW.
My highest electricity fuel bill while road tripping to Delaware and back was $32.04 at an Electrify America station, while the cities of Dover and Wilmington in Delaware and Fredericksburg, VA provided me with free Level 2 charging.
Level 2 chargers add electricity at a much slower rate than Level 3 chargers, which is what most drivers use when they want to get back on the road quickly.
The most efficient extended battery Mustang Mach-E EV is EPA rated at 314 miles per charge, while my dual motor model is rated at 277 miles per charge. My lifetime average so far with just under 5,200 miles has been 254 miles per charge at 2.8 miles per kWh, with most of that driving being on interstates.
Around town, I’ve seen that number jump to an average of 3.8 kWh, which would pencil out to 345 miles of range.
Although the Mach-E carries the Mustang name it’s closer to the SUV-like utility of a Ford Explorer than a traditional Mustang coupe.
Size-wise, the Explorer and traditional Mustang are both longer than the Mach-E.
If we look at the three vehicles side-by-side the fuel savings become obvious for the Mach-E EV. A Mustang coupe with a 2.3L EcoBoost 4-cylinder is the most fuel efficient model in the gasoline Mustang line. The turbo gets an EPA average of 25 mpg, while my Mach-E averages the EPA equivalent of 91 MPG.
The Explorer Hybrid AWD model also averages 25 mpg. The EPA estimates the Mach-E will save owners $10,500 in fuel costs compared to the average new vehicle over five years based on electricity and gas prices costs on June 22, 2022. The Mach-E also has a faster Ford-estimated 0-60 mph time of 4.8 seconds as compared to the V4 Turbo Mustang, which gets to 60 mph in 6 seconds.
Next, let’s take a look at two directly comparable vehicles: the MINI Cooper SE EV, which my wife owns, and a MINI Cooper S. Outside of the propulsion systems they are identical cars made on the same assembly line.
The electric MINI gets the equivalent of 110 mpg, while the gas MINI gets 31 mpg.
The manufacturers recommend using premium gas in both the Cooper S and Mustang coupe, which was about 71 cents a gallon more than regular, based on a nationwide average reported on 6/22/22 by AAA. Current gas prices are available here.
Fueling costs are just one measure of the expenses car owners face. In general, the upfront cost of buying an EV is higher than buying an equivalent gasoline car, although that extra cost might be offset by the federal $7,500 tax credit that is available for some models. If you’re considering an EV you’ll want to confirm whether it qualifies for the credit by checking this fueleconomy.gov webpage. Some local governments or utilities also offer incentives such as rebates or cheaper charging during overnight hours.
You’ll also want to pencil out the total cost of ownership, figuring in costs like insurance and anticipated maintenance over the life of the car. In general, EVs require less maintenance although tires tend to wear out roughly 20% faster due to their extra weight as compared to equivilent gasoline cars. On the other hand, while brakes can last twice as long thanks to their one pedal braking, according to cleanfleetreport.com.
When you look at the numbers, at least one bottom line becomes clear: you’ll save big on the fuel cost part of the equation with just about any EV.