Electric Vehicles vs Internal Combustion Engine Vehicles: The Cost of Driving Per Mile
When considering the cost of driving an electric vehicle (EV) versus an internal combustion engine (ICE) vehicle, several factors come into play. This article will break down the cost per mile for both types of vehicles, providing a comprehensive comparison based on real-life examples and current data.
Electric Vehicle Cost Breakdown
For electric vehicles, the cost of driving can be significantly lower, especially when charging at home. Here's a detailed look at the costs for our example:
Fuel Costs
At home, where the majority of the charging occurs (90% of the time), the cost per mile is a mere 2 cents. However, when using public chargers, the cost increases to 12-14 cents per mile. These costs can vary based on local electricity prices and the availability of free or discounted charging options. In my case, I benefit from TOU (Time of Use) pilot programs with super off-peak rates of 50% of the normal rate, along with a large number of free public charging options that are simply where I do business. Furthermore, during the heavy use periods, I can easily avoid these locations due to my swing shift schedule.
Insurance Costs
The insurance cost for an EV is about the same as for a new vehicle with full coverage, which is typically what I have.
Registration Fees
In Oregon, where I am registered, there are no EV registration fees due to DAV (Disabled Veteran) plates.
Maintenance Costs
Maintenance costs for EVs are generally lower. Here's a breakdown:
Cabin Air Filter: $20 - annual New 12-volt Battery: $200 - once every 5 years New Wipers: $17 - annual Tires: $500 - once every 5 yearsNo other significant maintenance is needed, making the total annual maintenance cost comparable to that of an ICE vehicle.
Cost Comparison Over Time
For a comprehensive comparison, here are the costs from November 2016 to October 2021 and from October 2021 onwards:
From November 2016 to October 2021
During this period, my average cost per mile was 79 cents. This included:
All home charging costs All public charging costs 150 to 225 EV tab renewal fees (when applicable)The EV tab renewal fees are a one-time "renewal" fee applicable to new cars.
From October 2021 Onwards
Since the end of the free charging perks for new car purchases, my average cost per mile has increased to 1.47 cents. This reflects the fact that, without free public charging options, the cost of public charging increases.
Typical Cost Comparison
In general, it is about three times cheaper to run an electric vehicle when charged from home. For a smallish car, the cost per mile can be around 3 cents for energy only, compared to approximately 10 cents for an ICE vehicle.
Conclusion
When considering the cost of driving per mile, electric vehicles offer significant savings, especially when charging at home. However, public charging costs can vary widely based on location and availability. As TOU programs and free public charging options become more prevalent, the cost gap between EVs and ICE vehicles is only likely to increase.