You're assuming 100% charge efficiency. I don't know what your actual home charging efficiency might be, but users seem to be reporting in the 80% to 95% range, with more in the 90s than 80s. So your actual cost could be $5.50 to $6.50. I'd guess that charging efficiency goes down as the battery gets older, but I have no evidence for that.
$0.07 per kwh also seems unusually cheap; where I am, costs are closer to $0.15 per kwh. So $11 to $14 per full charge sounds like a more realistic estimate for me, which still beats gas, but not quite as handily.
If I use your example,
- 75 kw battery to full is $30.75 and it's $10.25 per 100 miles;
- 2 gallons for ICE to travel 100 miles, it would be $12.8 per 100 miles.
So electric car would be a clear winner. If I factor in charging at 80% efficiency, it's $12.3 - only a $0.5 difference.
And the country I live in has the 4th highest energy price in the entire block.
Two points I would also consider
1- the service cost of an ICE car would be higher in a long run compared to the electric one due to higher complexity and more moving parts.
2- electric's car battery will wear down overtime and it will probably run less during winter.
I don't have much data though to elaborate on those points.
One thing to add is that range increases a lot when driving below 45 mph. For city driving we get a lot more range for the same cost.
Switching from a minivan to a Nissan Leaf for around-town driving was a huge cost savings per month.
In other words, until I get solar, charging a vehicle at home is not a money saving proposition for me
No one mentions oil either. I probably pay $100-150 a year to change the oil in my other ICE vehicle.
EVs make a TON of sense here.
[1] https://www.idahopower.com/accounts-service/understand-your-...
> However, charging away from home can get expensive. During peak hours, it's possible to find charging for $.50 per kwh.
Actually, from down thread, CA electricity goes up to $0.58!
https://www.pge.com/en_US/residential/rate-plans/rate-plan-o...
Financially speaking, charging at home in California is a losing proposition.
* Please forgive me, I couldn't resist the Dumb and Dumber reference :p
It seems like business insider's analysis lacks crucial nuance to how things actually work.
In a reality which exists beyond napkin calculations, our 2 EV household, our monthly electricity bill just hit its peak of $185 due to this heatwave. During March/October, it goes down as low as $50.
In fact, even if I charge at the supercharger during peak hours, it costs at most the same as buying gas.
https://fred.stlouisfed.org/series/GASREGCOVW
But it really depends on type of vehicle and type of usage.
Lots of start and stop miles, and electric might come out ahead. For example, family with kids that need to drive to various places.
Lots of short drives, but not a lot of total mileage, gas might still make more sense. For example, retiree or spare car.
Lots of long commutes at highway speeds, gas might still make more sense.
But... I just looked at my last bill. Apparently Mid peak is $.58 / kWh at SoCal Edison.
Even the cheapest time, Super off peak is $0.33333 / kWh which is more than Peak Usage in Phoenix, which ends up being $.29 / kWh.
I didn't know it was that bad.
so about $7.75 - $11.25 for that 100-mile fillup.
I try to charge during the day when solar covers the charging need, that comes with its own issues too tho.
In NYC, residential power, including transit, taxes, other fees, is almost $0.35 and gas is $3.30
If you're charging at home, the EV easily wins.
However, charging away from home can get expensive. During peak hours, it's possible to find charging for $.50 per kwh. Now it would cost $37.50 or $12.50 to drive 100 miles. Compared to the $8.00 in the ICE car, the EV is more expensive.
I think it's a bit disingenuous to claim that most cars cost more to charge than to fill up with gas. If you are able to charge at home, EVs are cheaper to drive per mile.