Is charging your EV really cheaper than buying gas?

If you drive an EV, you have probably heard one argument over and over: Whatever you pay for the car, you’ll save money charging it.

That can certainly be true if you charge at home, particularly if you have access to inexpensive off-peak electricity. But once you depend on public fast chargers, the math can look very different.

Put $40 or $50 worth of gasoline into an efficient RAV4, and you’re buying hundreds of miles of driving range

On a recent episode of “The Drive,” my co-host Karl Brauer told me about charging a Hyundai Ioniq 5 N at a Level 3 charger. It cost him about $50.

Within 24 hours, Karl filled up his 2023 Dodge Demon 170 with E85. The bill was $47.

Yes, you read that correctly. It cost him more to charge the Hyundai than to fill a 1,025-horsepower Dodge Demon.

Power fail

That’s just one experience, and charging prices vary enormously. But it illustrates something EV buyers need to understand: Electricity isn’t free, and public fast charging can be surprisingly expensive.

One Chevrolet Bolt owner recently learned that lesson in spectacular fashion.

He plugged into a public charger at a Hyundai dealership and ended up with a bill for $414. The explanation, according to the report Karl and I discussed, was an extraordinary pricing structure for drivers outside the dealership’s charging program: $5 per minute and $5 per kilowatt-hour.

After the driver complained, the charging company intervened and reduced the bill to about $14. So no, $414 isn’t a normal price to charge a Chevrolet Bolt. But the episode demonstrates why drivers need to pay attention to what a charger costs before plugging in.

Buzzkill

Even at ordinary public fast-charging rates, the comparison with gasoline isn’t always what EV advocates would have you believe.

Karl looked up public fast-charging prices before the show and found rates generally running around 40 to 55 cents per kilowatt-hour. Industry data bears out his informal survey. Paren, which tracks the U.S. fast-charging network, put the average price of public DC fast charging at 53.8 cents per kilowatt-hour in the second quarter of 2026.

Now compare that with an efficient gasoline vehicle. Karl used the Toyota RAV4 as an example. Put $40 or $50 worth of gasoline into an efficient RAV4 and you’re buying hundreds of miles of driving range — while filling the tank takes minutes rather than waiting for a battery to charge.

A hybrid can make the comparison even more interesting.

Run the numbers by the mile. An EV getting around three miles per kilowatt-hour would cost roughly $18 to drive 100 miles at that average fast-charging rate. A 2026 RAV4 Hybrid rated at 43 mpg combined would cost about $7 to travel the same distance with gasoline at $3 a gallon — and about $9.30 even at $4 a gallon.

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Smith Collection/Gado/Getty Images

Private plug

This doesn’t mean an EV is always more expensive to operate. If you own a home, plug your vehicle in overnight, and have inexpensive electricity, the economics can be very favorable. Some utilities also offer substantially cheaper off-peak rates.

But that’s not everybody’s situation.

Plenty of people live in apartments or condos where they can’t simply plug in overnight. Others take long trips and have to use public fast chargers along the way. For those drivers, the price displayed at the charging station matters every bit as much as the price displayed at a gas station.

And electricity prices aren’t uniform. They vary by location, utility, time of day, charging network, and sometimes even the particular charger you’re using.

That’s why I don’t buy the blanket claim that an EV is automatically cheaper to fuel than a gasoline car. You have to do the math for your car, your electricity rates, and your driving habits.

Before buying an EV, find out what you actually pay per kilowatt-hour at home. Then look at the public fast-charging networks you’re likely to use and check their prices. Compare those costs with the fuel economy of the gasoline or hybrid vehicle you’re considering.

You may discover that charging at home saves you plenty of money.

But if you’re depending on public fast charging, don’t assume you’re getting a bargain just because there’s no gasoline going into the car.