According to research from a San Francisco NGO, Energy Innovation Policy and Technology, owning an EV is more economical than a comparable internal combustion engine vehicle, when accounted over the service lifetime of the vehicle, but there are caveats. Most critically is the price of gasoline and electricity. The research looked at average residential electricity rates by state and cross referenced that information with EPA MPG equivalent ratings and estimated average annual mileage for drivers in that state. The research showed that even in states with high electricity rates the value proposition favours EVs, as gasoline prices are higher than average as well.
The research also found the majority of American drivers can do their daily driving and recharge their vehicles adequately on basic 120 volt household current, or Level 1 charging. “The average single-car American household drives about 30 miles per day,” states the Energy Innovation paper, authored by Robbie Orvis. “Level 1 chargers can charge about five miles per hour, meaning just six hours of charge each day with a Level 1 charger could recharge an EV for an average daily drive. Even on a day with double the average distance, a 12-hour overnight charge would be sufficient.”