- EVs cost less to fuel in every state of the U.S.
- By electricity cost vs. gas prices, there’s a vast range among states
- EVs have the strongest advantage in Idaho, Washington, and the Northwest
Fluctuating gas prices can make internal-combustion vehicles cost up to six times more to drive than EVs, but the potential savings can vary in different parts of the country.
The Northwest is the U.S. region where EV owners save the most money compared to fueling gasoline cars, according to the Department of Energy (DOE). That’s based on analysis by Argonne National Laboratory, which estimated cost savings from replacing a gasoline vehicle with the same-sized EV, with analysis including ZIP-code-level information about electricity cost and gasoline pump prices.
Fuel cost savings potential when switching to EVs, by state (via DOE)
Idaho and Washington State showed the greater potential for cost savings, at more than $0.14 per mile saved. California and Alaska were close behind, with mostly lower potential savings for states in the South and Northeast.
A combination of low electricity prices and high gas prices likely contributed to higher potential cost savings in the Northwest, according to the DOE. That region also has a high population of larger pickup trucks which, as the DOE previously pointed out, could save the most as EVs. Larger vehicles consume more fuel and, the more a vehicle consumes, the greater the cost savings from going electric.
2024 Ford F-150 Lightning
Switching from gas guzzlers to EVs will also have a bigger immediate impact on overall fossil-fuel consumption and emissions. Consultancy Wood Mackenzie reported in May that growing EV sales were already on track to halve gasoline demand in 2024, on a global scale.
Savings on electricity vs. gasoline can contribute to lower EV ownership costs, but that’s only part of the picture. Initial purchase prices of EVs are still generally higher than those of internal-combustion vehicles, although a lithium glut could erase that in a few years. EVs also remain more expensive to insure than comparable gasoline vehicles.
Source link by Green Car Reports
Author news@greencarreports.com (Stephen Edelstein)
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