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- Electric Vehicles are more economical to fuel in every single state in the United States.
- When assessing electricity costs versus gas prices, there exists a wide variation between states.
- Idaho, Washington, and the Northwestern states exhibit the most significant advantage for EVs.
The cost of driving internal-combustion vehicles can skyrocket up to sixfold compared to EVs due to fluctuating gas prices, but the potential savings differ across various regions of the nation.
Based on analysis conducted by Argonne National Laboratory and data from the Department of Energy (DOE) that includes detailed information on electricity costs and gas pump prices down to ZIP code levels, it is revealed that the Northwestern region of the United States offers the most substantial financial benefit for EV owners compared to those fueling gasoline-powered vehicles.
Fuel cost savings potential when switching to EVs, by state (via DOE)
Idaho and Washington State were highlighted for their significant potential savings, exceeding $0.14 per mile saved. California and Alaska closely followed, with states in the South and Northeast generally showing lower potential savings.
The DOE attributes the heightened potential cost savings in the Northwestern region to a combination of low electricity prices and high gas prices. Moreover, this area tends to have a large population of larger pickup trucks, which the DOE previously indicated would benefit greatly from adopting EV technology. Larger vehicles typically consume more fuel, resulting in more considerable cost savings when transitioning to electric power.
2024 Ford F-150 Lightning
The shift from gas-guzzling vehicles to EVs would have a more substantial and immediate impact on overall fossil fuel consumption and emissions. A report by Consultancy Wood Mackenzie in May indicated that the ongoing rise in EV sales was on course to cut gasoline demand by half on a global scale by 2024.
The savings achieved through electric power relative to gasoline can help reduce the overall expenses of owning an EV; however, this is just one piece of the puzzle. Although a surplus of lithium could level the playing field in the next few years, the initial purchase prices of EVs remain generally higher than those of internal-combustion vehicles. Additionally, insuring EVs tends to be more expensive compared to similar gasoline counterparts.
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