Electric cars vs gas cars: Is charging cheaper than gas? [2023 update]

Last updated on May 19, 2023

The cost to charge an electric vehicle (EV) can vary depending on several factors, such as where you charge, the type of charging station you use, electricity rates, and the time of day. Understanding these variables can help you better estimate your energy expenses.

Still, in 2023, charging an EV is almost always more affordable than filling up a gas-powered car.

Gas vs Electric Cars

Region

Average yearly spending on: 
Gasoline EV Charging
US $1,500 $700
Europe €1,800 €900
China ¥10,000 ¥4,500

As you can see, even in regions with higher electricity costs, electric vehicles still offer significant savings compared to traditional gasoline cars. Plus, many areas now offer incentives or lower rates for off-peak charging, making it even more cost-effective. Whether you're considering switching to an EV or just curious about the costs, understanding how and when you charge can make a big difference in your monthly budget.

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