The last time you could buy a gallon of gasoline in the U.S. for 75 cents was around the late 1970s.
If you own an electric car today though, the price you’re paying for electricity is equivalent to about 75 cents per gallon.
According to a study by the Northeast Group (via Charged EVs), 25 utilities in 14 states currently offer electricity rates tailored towards electric vehicle owners.
With discounts for off-peak charging, the cost of topping up your battery is very low indeed. By converting the energy you’re storing into a gasoline-equivalent figure, the price works out at about $0.75 per “gallon”.
For comparison, the current average for gas prices in the U.S. is about $3.70 a gallon–almost five times as much.
Some states are even mandating EV-friendly rates from utilities–Minnesota recently became the first to require preferable rates for those charging off-peak. In addition, the state requires that customers have the option of a zero-emissions tariff, making charging even greener, as well as cheaper.
Ben Gardner, President of Northeast Group, explains that many utilities are seeking ways to better engage with their customers.
Electric vehicle owners are already fairly in-tune with the price they pay for electricity, so making life a little more pleasant for EV drivers is one way of improving customer relations. Since they typically consume more electricity than other homeowners, it also makes financial sense for utilities to have them on their side.
So if you want to drive around like the last thirty-five years or so of gas price increases haven’t happened, the message is simple: buy an electric car.