The cost of charging an electric vehicle
Charging at home may cost you in the ballpark of $40 per month, if you drive 14,000 miles per year and get four miles per kilowatt-hour (kWh). We base the at-home cost on the average home electricity cost of 14 cents per kWh, according to the Energy Information Administration(5).
However, a Level 3 fast-charging station might run closer to $73 per month, based on EVgo’s fee(6) of $0.25 per kWh. At this price point, EVgo also charges a $7 monthly subscription fee.
Compare your savings to the average monthly gas cost across the 50 US states, which is $177.85. That cost is based on 2022 gas prices and each state’s average monthly mileage according to the Bureau of Transportation.
If you’re considering an electric vehicle, keep other electric vehicle costs and incentives in mind, such as installing an at-home battery charger or getting federal tax credits.