According to a recent analysis from research and consulting firm Northeast Group LLC, the cost to recharge an electric vehicle (EV) – under current utility EV tariffs – is much lower than that of fueling a gas-powered vehicle.
‘In all scenarios we studied, the costs to recharge an electric vehicle were cheaper than fueling a gasoline-powered car,’ the company says. ‘In the most likely EV charging scenarios, costs were approximately one-tenth to half the costs of fueling a conventional vehicle with gasoline.’
The report notes that utilities are encouraging the adoption of EVs by introducing specific tariffs to their customers. These tariffs take different forms, ranging from time-of-use tariffs to flat-rate tariffs. Utilities are now studying which tariffs will best accommodate an increasing number of EVs.
The study, which looked specifically at fueling expenses and not other EV operating costs, benchmarked the EV tariffs of 10 different utilities in California, Georgia, Michigan, Nevada, Oregon and Texas.