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How much do electric cars cost to run?
I’ve been driving my Jeep Wrangler for a couple of years now, and I think it’s time to get a Prius Plug-In. There are many road trips I’ve been holding off on because of the price of gas, and I’m ready to make a change. Since I’m looking to save some money, I’m wondering, how much do electric cars cost to run?
Elaine Duvet · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The Prius Plug-in is an awesome pick! I have many friends who own one, and they go on road trips all the time. I’m so glad you’ll get to join the party!
**Similar to cars with internal combustion engines, the cost to run your electric vehicle will depend on various factors such as the make and model of your car. **However, over the course of owning an
EV
, it will cost you less in the long run. For example, if you own a BMWi3, your vehicle has 113 MPGe, and a 153-mile range. The national average is $460 per year at $0.13 per kWh. While a year of driving the car in
California
could cost around $600 at $0.18 per kWh, or $750 a year in Portland, Maine at $0.21 per kWh.Here’s what we know about the cost to run electric cars:
- The average cost per year to run an EV is $485, whereas gas-powered cars add up to more than $1,000.
- Maintenance costs are known to be much less than gas-powered cars as well as much less frequent. While owners of gas-powered cars spend about 6 cents per mile to maintain, EV owners pay 50% less. The typical cost to maintain an electric car over the course of its lifetime is $4,600 on average.
- Diesel and petrol can cost much more than the price of energy. Especially if you’re able to set up a charging station in your own home. Expect to pay anywhere from $200 to $1,000 in setup equipment costs. And installing the charger can add up to $1,300 in some cases. The **time of day you charge **your EV can also save you some cash.
- Electric vehicle owners can benefit fromgovernment tax creditsand other rebates depending on the state they’re located in. How awesome would it be to save $7,500?
Now that you can feel good about living the Prius life, make sure you feel just as good about your monthly car insurance bill. Most of us are overpaying for our policy every month, and don’t even know it!
Curious if you could be getting a better deal? Download the
Jerry
app. Jerry’s experienced and friendly team of agents are here to answer your questions and provide advice on the best coverage options. Most users save an average of $800 a year.MORE: Mini’s New 2024 EV Prototypes Are Getting Some Rigorous Testing
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- Gregory R.
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