Electric vehicles cost more to buy than gasoline-powered vehicles, but they supposedly make up for at least part of that cost by lower fuel costs. The Department of Energy estimates that (as of March 20) gasoline cost an average of $2.85 per gallon while the electricity required to produce the same amount of power cost only $1.16 per egallon.
Photo by Mr. Satterly.
Not so fast, says a consulting firm called the Anderson Economic Group, which points out there are other costs that have to be considered with an EV that are built in to the price of gasoline. These include:
- The cost of buying and installing charging devices;
- High registration fees charged by many states to make up for the lack of fuel taxes collected from owners of EVs;
- The time spent refueling; and
- The miles of driving to charging stations, which are less numerous than petroleum fuel stations.
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