How does the cost of recharging at home compare to driving a vehicle using gasoline?
According to the U.S. Department of Energy, the cost of driving an electric vehicle in the Midwest would be comparable to paying, on average, a $1.20 per gallon of gasoline. This is based on the price of electricity and the fact that electric engines are much more efficient than internal combustion engines like those that run on gasoline.
Many PEVs also come with the ability to schedule what time the vehicle begins to recharge its batteries. For example, you might plug the vehicle in after your commute home from work, but you could program the car to wait to begin recharging until 10 p.m. This allows vehicle owners to take advantage of special programs some electric utilities provide that offer lower electricity rates during “off peak” times, such as late at night and weekends. This can make recharging your electric vehicle even cheaper than it already is, compared to vehicles relying on gasoline. Contact your electric utility to find out what incentives they offer for electric vehicle owners or programs they have for “Time of Day” pricing.