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EV Charging: Gasoline Price Equivalent Index

Discover how EV charging costs stack up against gasoline prices

Overview

Stable Auto monitors thousands of non-Tesla Level 3 (L3) and Level 2 (L2) chargers across the U.S. Amidst ongoing confusion about charging costs and their impact on total cost of EV ownership, we’ve created a gasoline price equivalent index. This index translates electric vehicle charging costs into a familiar metric: gasoline prices. Understanding the varying price differences between gasoline and EV charging in each state allows EV charging companies to have a competitive advantage when it comes to planning deployments. This is because regions that offer substantial savings for drivers could see faster EV adoption in the future. It also presents a golden opportunity for station owners who are looking for higher profit margins to fuel the expansion of their charging networks.

Average EV Charging Savings by State (Q4 '24)

The average percentage discount that EV drivers experience when comparing the cost of charging an EV to the cost of gasoline.

EV Charging Equivalent vs. Gasoline Price by State (Q4 ‘ 24)

Last updated Feb 7, 2025

Highlights (Q4 '24)

  • Charging an EV costs less than fueling a typical internal combustion engine (ICE) vehicle with gasoline in every U.S. state.
  • EV drivers save, on average, about 51% on gasoline costs compared to typical ICE drivers, with savings ranging from 19% to 64% depending on the state.
  • The average cost of EV charging equates to gasoline priced at $2.00 per gallon, $1.36 less than the average gasoline price in America.
  • Washington drivers benefit the most, saving $2.44 per gallon equivalent, a 62% discount, thanks to the region's hydropower.
  • In contrast, Connecticut drivers save the equivalent of $0.58 per gallon, a 19% savings, due to energy costs that are 90% higher than the national average. In general, the northeast saw some of the smallest cost advantages to EV ownership in the country
  • Compared to Q2, the EV discount has shrunk due to a combination of higher average energy costs and lower gasoline prices

How this was calculated