How much does it cost to charge an electric car? [2023 update]

Electric cars continue to grow

The exponentially growing global share of EVs is proof that electric mobility is here to stay – a record 14 percent of new cars sold in 2022 were electric, having more than tripled since 2020. There is no doubt that more and more people today are considering buying an EV than ever before. A crucial question many have before they invest in an EV is how much it costs to charge.  

There are many different factors that contribute to the cost of EV charging. For instance, one of the biggest cost differentiators is whether you’re charging at home, at a public charging station, or at a fast charging station. 

Electric cars vs. gas cars

But how is the situation compared to cars that run on gas?

How much it costs to fill a gasoline vehicle depends on the price of gas and the size of the tank. Similarly, charging an EV depends on the price of electricity and the size of the battery. 

An EV’s battery is measured in kilowatt-hours (kWh), which can be seen as the electric equivalent of a unit of fuel (1 liter or 1 gallon) and usually ranges from 40 kWh on the small side to 100 kWh for larger vehicles. The smaller the battery, the shorter the range, but the faster it is to reach a full state of charge (SoC). 

Find out what the battery capacity is of your electric vehicle.

Fuel economy for electric cars

How much both gas and electric cars cost to drive depends on the vehicle’s fuel economy. Just like gasoline cars, if your vehicle uses up more fuel, it will cost more. And as the saying goes, “what gets measured, gets managed.”

So, how do you measure the fuel economy of electric vehicles?

Traditionally, fuel economy for gas cars is measured in miles-per-gallon or liters-per-100 kilometers and split depending on whether you’re driving in the city or on highways. For EVs, there are similar equivalents for both miles and kilometers:

• In the US, an EV’s fuel economy is measured in miles-per-gallon-equivalent (MPG-e) and is based on the number of miles that the vehicle does on a single kilowatt-hour (kWh). 
• In Europe, the EV fuel economy equivalent is based on the number of kilometers that the vehicle does on a single kilowatt-hour (kWh)—often referred to as kWh/100km.
• In the UK, fuel economy is measured in miles per kWh. 

On average, an EV’s energy consumption is 0.19 kilowatt-hour (kWh) per kilometer (or 0.32 kWh per mile).

Types of EV charging

The three main ways to charge a vehicle are home charging, public charging, and fast or DC charging. With so many possible ways to charge, it’s not surprising that drivers usually opt for a mix of available options. 

Data from the US government suggests that a further makeup will likely reflect 81 percent residential, 14 percent workplace/public level 2 charging, and 5 percent fast charging. 

As the electric mobility transition accelerates and more public and fast charging stations become available, more people are comparing gas cars to electric cars and questioning which one is more beneficial and cost-efficient.

Cost of charging electric car at home

The ability to charge an EV at home is undoubtedly one of the most attractive reasons for those considering purchasing one. You can simply come home from work, plug your vehicle in, and wake up the next morning with a full battery. Besides the convenience factor, home charging is also the most economical way to charge your EV.

With a home charging station, you will typically pay the lowest price per kWh, as you’re taking energy directly from the grid. Because there is no middleman taking a cut for the sale of your electricity, you’ll simply pay the price you pay for electricity at your home.

An electric car and your electricity bill

The first number you need to know when calculating how much it costs to charge at home is how much you pay per kWh from your electricity provider. 

In the US, the average price per kWh is around $0.15, while in the EU, that number is comparatively higher at around €0.28. However, the price of electricity fluctuates significantly from state to state or province to province, so it’s best to check your electricity bill to get the exact number. For example, the cost per kWh jumps to around €0.35 on average in Germany and is as high as $0.27 in California.

For a rough calculation of how much it costs to charge at your home, take a look at the average electricity an electric car uses here. 

What is the cheapest time to charge your electric car at home?

Additionally, electricity costs change at certain times of the day. During off-peak hours, fewer people use electricity, and many energy providers offer cheaper rates during this time. EV drivers can take off-peak hours to their advantage and reduce their overall charging costs.

Charge during low-peak electricity hours

Electricity costs during off-peak hours, typically from 10 p.m. to 7 a.m., are usually the lowest. According to one study, if you charge your vehicle at home during off-peak times, you can reduce your average charging cost by 24 percent. 

These numbers depend on the country you live in, your car's charging capacity, the fees you pay to your energy supplier, and at which time you charge.

As a rule of thumb, however, charging at night will save you money. 

Many EV charging stations today come with a range of smart functionalities that can help you increase energy efficiency. For example, certain residential charging stations can ensure that your EV begins its charging session during off-peak hours. Check out our comprehensive guide on everything you need to know about connected and smart EV charging at home to learn more.

Cost of charging electric car at public station

Generally speaking, public charging will always be more expensive than charging at home. One thing is for certain, public charging is still a lot cheaper than filling up your tank with gasoline.

To keep up with the number of EVs on the road, cities around the world are rolling out public charging stations. Public charging refers to any charging station that you may find on the streets or at public parking facilities like shopping malls, restaurants, hotels, and hospitals, as well as on the side of the highway. 

Public charging stations can be either Level 2 (AC) charging stations or Level 3 (DC fast charging) stations. However, because they’re vastly different in use and cost, we will discuss them separately. 

In most cases, public charging will be more expensive than home charging as the location sets the baseline energy cost, and often adds a premium for the service.
Public charging tariffs can be based on one, or any number of the following factors:

• Connection fee: a fixed amount for each charging session.
• Energy fee: a certain amount per kWh consumed during the charging session.
• Time fee: a certain amount for the duration of the charging session (e.g. per minute or hourly).

Additionally, when you charge at a public charging station, you also pay for the service. A service fee is set by electric mobility service providers (eMSPs) for handling the charging transaction.

Service fees can be either a fixed rate per charging session, a certain percentage of the session costs, or both, and are added to the total charging cost. As each charging provider can set different fees and structure their tariffs creatively, there is no universal or standard public charging fee.  For example, at BP stations in the UK, there is a £7.85 monthly charge to use the service plus electricity usage, while other eMSPs charge a certain fee per session.
Read our dedicated blog on how to pay for EV charging to learn more.

EV fast charging stations 

Fast charging, also known as Level 3 charging or DC charging is capable of charging a vehicle within minutes as opposed to hours. Fast chargers are significantly faster than regular AC charging stations and can deliver between 50 and 350 kWh. 

As a result, charging a vehicle with DC charging can take between 15 minutes and 1 hour to charge most passenger electric vehicles up to 80 percent. The speed with which fast charging stations can deliver power to an EV makes them perfect for charging on the go locations like highway rest stops and fuel or service stations.

Fast charging electric car

Fast charging, also known as Level 3 charging or DC charging, is capable of charging a vehicle within minutes instead of hours. Fast chargers are significantly more powerful than regular AC charging stations and can deliver between 50 and 400 kWh. 

As a result, charging a vehicle with DC charging can take between 15 minutes and 1 hour to charge most passenger electric vehicles up to 80 percent.

The speed with which fast charging stations can deliver power to an EV makes them perfect for on-the-go locations like highway rest stops and fuel or service stations.

Fast charging station cost

DC fast charging is the most expensive public charging option and can double (or in some cases even triple) the cost per kWh. With fast charging, you’re paying for the convenience of charging your vehicle quickly—not dissimilar to the cost of groceries at convenience stores on the side of the highway or having them delivered to your doorstep. 

The price of fast charging is often most comparable to the price of filling up with gas. For example, if you’re charging a vehicle with a bigger battery like a Tesla Model S (with a 100 kWh battery capacity) at $0.60 per kWh with a $2.00 charging fee, a full charge will cost roughly $60.  

But unlike filling up with gas, DC fast charging is not the main way to charge an EV; rather an on-the-go option to top-up when on longer journeys or when low on charge. As such, these higher charging costs don’t make up the lion's share of total charging costs for EV drivers.

You’re also paying a premium for the investment by the charge point operator: fast charging stations require special equipment that can drive up the cost of installation significantly. 

Are electric cars cheaper than gas cars?

All in all, how much it costs to charge an electric car depends on a range of factors, such as the size of the car’s battery, the state of charge, at what time the vehicle is charging, and the type of charging station. However, regardless of charging costs for individual sessions, one thing is certain: charging an EV is almost always a lot cheaper than filling a car with gasoline or diesel.

Indeed, the average US household spends about $3,000 a year on gasoline, while EVs only use around $750 of electricity per year on average. Even the most power-hungry EVs will only cost around $1,000 in electricity costs per year, three times lower than the yearly average US spending on gas.

Cost to charge an electric car

We’ve gathered the average cost of charging four different-sized vehicles (with battery packs from small to large) at three different types of charging stations to give you an overview of how much it would cost to charge these popular electric cars in the US, EU, and UK.

Read more about EV charging

Aside from the cost of charging an electric vehicle, there are many other aspects of EV charging that can be confusing to drivers considering switching to electric mobility. If you want to learn more about the practical aspects of owning an EV have a look at our detailed introductory guide to EV charging.