How much it costs to charge popular EV models
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The average EV uses 0.35 kWh of electricity per mile.[9] The average American drives 13,456 miles per year, which puts the average cost of home charging at $753 per year. EV drivers using public charging stations pay 2.7 times as much, at an average of $2,025 annually.
EV efficiency varies. The Tesla Model 3 uses just 0.25 kWh of electricity per mile, so its average residential charging cost is just $538 per year. On the other hand, the heavy-duty Ford F-150 Lightning uses 0.48 kWh per mile, so the average home charging cost is nearly double, at $1,032 annually.
| Avg. Annual Cost of DCFC Public Charging ▲▼ | Avg. Cost of Residential Charging ▲▼ | Avg. Annual Cost of Full-Coverage Insurance (2023) ▲▼ |
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| Tesla Model 3 | $1,447 | $538 | $3,551 |
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| Tesla Model Y | $1,678 | $624 | $3,194 |
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| Ford F-150 Lightning | $2,777 | $1,032 | $2,861 |
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| Nissan LEAF | $1,736 | $645 | $2,453 |
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| Chevrolet Bolt EUV | $1,678 | $624 | $2,602 |
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Overall, it’s cheaper to own an EV than an ICE — but only if you’re home charging
Insurify’s data science team compared the cost of powering five popular EVs to fueling five comparable ICEs using Stable Insights data on public DCFC charging costs and 2023 EIA data on residential electric and gas prices. Insurify also factored in average annual insurance rates to find out how the total cost of driving an EV compares to gas-powered cars.
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While insuring a gas-powered vehicle is 11% cheaper than insuring an electric car, EV drivers with home-charging setups still save hundreds of dollars more per year because gasoline is more expensive than residential electricity.
Buddy Parkhurst, a licensed insurance agent at Insurify, explains: “There are a few reasons for higher insurance pricing on EVs. Tesla vehicles are very popular right now — the No. 1 EV that Insurify quotes. Most Tesla vehicles can travel one-quarter of a mile from a dead stop in 10 seconds. Other EVs are similar in power, which dictates a higher-risk premium. EVs are also expensive to repair, especially if the battery, or batteries, are damaged in an accident.”
Public charging is still cheaper for highly efficient EVs than fuel is for comparable ICEs, but the savings are much lower. The high cost of public charging makes powering less efficient EVs more expensive than fueling similar gas-powered cars.
Factoring in Tesla Model 3’s average annual full-coverage rate of $3,551, insuring and charging the EV at home costs a total of $4,089 per year. The comparable gas-powered Mercedes-Benz A-Class costs $3,445 to insure and $1,746 to fuel annually, making the total cost $5,191 — 27% higher than the Model 3.
| Average Annual Cost of Gas (EIA, 2023) ▲▼ | Average Annual Cost of Full Coverage (2023) ▲▼ |
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| Mercedes-Benz A-Class | $1,746 | $3,445 |
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| Audi Q3 | $1,956 | $2,780 |
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| Ford F-Series Pickup | $2,445 | $2,439 |
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| Nissan Versa | $1,397 | $2,756 |
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| Chevrolet Trax | $1,630 | $2,325 |
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But these Tesla Model 3 savings decrease for drivers who use public charging stations. The average annual cost of public charging for a Model 3 is $1,447, which raises the total cost to drive it to $4,998 per year — just 4% less than the Mercedes-Benz A-Class.
In another example, Insurify compared two Ford models: the F-150 Lightning (an EV) and the F-Series truck (an ICE). If charged at home, the Lightning costs an average of $1,032 annually, while the F-Series costs $2,445 to fuel — a 137% increase.
If an F-150 Lightning driver relies on public charging, they’ll end up paying an average of $2,777 for the Lightning, which is 169% more than charging at home and 14% more than fueling an F-Series. Full coverage for a Ford F-150 Lightning also averages $422 more per year than insurance for a gas-powered F-Series pickup.
Methodology
Insurify’s data science team used public charging data from Stable Insights, 2023 gas price data for regions and select states from the EIA, 2023 residential electric data from the EIA, and regular gas price data from AAA. State-level AAA data reflects average gas prices as of June 17, 2024. EIA gas price data are for all gasoline formulations.
Insurify calculated annual costs based on a yearly mileage of 13,456 miles, the U.S. average according to the Federal Highway Administration. Gas costs are for vehicles with a fuel economy of 26.9 mpg, which is the average for ICEs, according to the EPA. Electric costs reflect an EV that uses 0.35 kWh/mile, the average per EnergySage.
Insurance rates reflect 2023 Insurify data for drivers between 20 and 70 with a clean driving record and average or better credit. Vehicles are from the model years 2019 to 2024. View and download more car insurance data at Insurify’s Auto Insurance Data Center.
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