Does Charging An EV Cost Less Than Fueling A Vehicle With Gas?

NEW YORK – While gas prices have soared in the wake of Russia’s invasion of Ukraine, so have electricity prices – particularly in some parts of the U.S. that have been big markets for Tesla’s EVs. So, is it still true that it’s much cheaper to “refuel” an EV? CNBC crunched the numbers.

It has been true for years: Mile for mile, it’s cheaper — generally much cheaper — to recharge an electric vehicle than it is to refuel one with an internal-combustion engine.

That has been a key selling point for Tesla and other EV makers, particularly in times when gas prices have soared, such as now. But this time there’s a wrinkle: While gas prices have indeed soared in the wake of Russia’s invasion of Ukraine, so have electricity prices — particularly in some parts of the U.S. that have been big markets for Tesla’s EVs.

That raises a question: Is it still true that it’s much cheaper to “refuel” an EV? The charts below help us find the answer.

The first chart, using nationwide figures, provides a baseline. The others use data specific to Boston and San Francisco, two markets where EVs are popular — and where electricity tends to be more expensive than the national average.

To review the charts, click on CNN