We all know that electric vehicles are more efficient than internal combustion vehicles, but how does it translate into costs for fuel and energy?
The U.S. DOE’s Office of Energy Efficiency & Renewable Energy has recently released an interesting comparison between the states using the eGallon tool.
It's an interesting measure because it compares the cost of a gallon of gasoline with the cost of driving an average electric vehicle (home charging) the same distance as an average gasoline-powered vehicle (see sources for the details of the methodology).
On the nationwide level, it turns out that EVs have 60% lower energy costs than ICE ($1.16 vs $2.85). In other words, you can drive more than twice the distance for the same amount.
"Based on a national average price of $2.85 for a gallon of regular gasoline and $1.16 for an eGallon, the average fuel cost savings for an EV driver was about 60%."
In all states, EV energy cost is lower, but it varies significantly between the markets. The highest difference of 72% ($0.89 vs $3.13) was noted in Washington:
"The state of Washington had the greatest difference in gasoline versus electricity costs, with $3.13 per gallon of regular gasoline and $0.89 per eGallon, which yields a fuel cost savings of about 72% for EV drivers."
In California - the largest EV market in the U.S. - the difference is 50% ($1.86 vs $3.73).
It seems that the lowest difference is in Hawaii - just 15% ($2.65 vs $3.10). That's quite unfortunate because Hawaii is one of the perfect spots for electric vehicles due to the limited range needs on the islands.
Source: U.S. Department of Energy, eGallon: Compare the costs of driving with electricity, March 31, 2021."