EVs like the Tesla Model 3 are outright cheap to drive, and this analysis shows us why.
Who better than Engineering Explained to break down electricity costs for owning and EV like the Tesla Model 3? We've learned that one of the most common questions from potential EVs owners is: How much will my home electric bill go up from charging my EV? We can honestly tell you that many of our staff members at InsideEVs pondered that question over and over before taking the plunge. As there are many variables involved, once again, information and education leads to greater adoption.
The video goes in-depth about the cost for charging an EV at home. In summary, it's much cheaper than paying for gas. The lowest gas price used in the analysis is $2.35 per gallon, though we see that the national average is at about $2.81. In states like California, some markets are seeing gas prices as high as $3.50 or more.
Just looking at the very low $2.35 rate, you'd have to have a car that gets some 60 mpg to make gas costs similar to electricity costs. In the end, when looking at more realistic gas prices, an EV like the Tesla Model 3 will save you a ton of money. The best part is, Engineering Explained provides a nice, easy equation so that you can run the comparisons yourself before you move forward.
Video Description via Engineering Explained on YouTube:
Why Electric Cars Are So Cheap To Drive - My Tesla Model 3 Electric Bill
How Does My Tesla Model 3 Affect My Electric Bill?
How much does it cost to drive an electric car? You may be surprised to learn that electric cars are very cheap to drive, and this is a result of how efficient they are. Regardless of the fuel source, electric cars, like my Tesla Model 3, require far less energy to move from one location to another. Did you know that a Tesla Model 3 Performance's battery has the equivalent amount of energy as a 2.2 gallon tank of gasoline? It's practically on empty at a full charge, and yet thanks to the efficiency of electric motors, it can travel an EPA rated 310 miles on a full charge. So how has my electric bill changed now that I'm driving an electric car? We'll break it all down in the video!
Common Questions About Electric Car Costs:
1) What about car insurance? Not apples to oranges, but the Tesla Model 3 Mid-Range was about $30/month more to insure versus my Crosstrek. Keep in mind this is comparing a $50K car (Tesla) to a $25k car (Crosstrek). The Model 3 Performance is about $30/month more than the mid-range (significantly more expensive and more powerful vehicle). Buying performance cars is obviously not financially wise, as they tend to have great fuel/energy/maintenance/insurance/depreciation costs.
2) What about maintenance? Overall, it's less required touch points. The two big ones are changing brake fluid every two years (similar to ICE vehicles) and changing battery fluid every four years (unlike ICE vehicles, which of course have oil changes). Here's a full breakdown of the maintenance schedule: https://www.tesla.com/support/car-mai...
3) The main point here being: the biggest cost associated with electric vehicles is the car itself. Insurance may or may not be higher depending on what vehicle you're comparing to.