Charging an EV equal to paying 40 cents a litre for gas: report

/EIN News/ -- TORONTO, July 31, 2024 (GLOBE NEWSWIRE) -- With summer road trip season in full swing, Canadian EV drivers are paying the gasoline equivalent of $0.40 per litre to power their rides, according to a new report from Clean Energy Canada, The Scenic Route, which compares the cost of owning an EV to that of a gas car.

In fact, a trip from Montreal to Toronto costs four times as much in a gas car ($70) than in an EV ($17). Similarly, driving from Vancouver to Kelowna is almost six times more expensive ($57 vs. $10), while a trip from Edmonton to Calgary is twice the price using gas ($32 vs. $17).

When these fuel savings are combined with other costs (including the car’s purchase price and maintenance costs) and applied over a 10-year ownership period, EVs save their drivers around $30,000—or $3,000 a year—compared to an equivalent gas car, the report finds.

While some EVs still have a higher sticker price than comparable gas-powered options, many electric alternatives are now cheaper upfront when rebates are factored in. The report examines four different vehicle pairs—hatchbacks, sedans, SUVs, and trucks. The electric sedan and truck are already cheaper the moment you drive them off the lot, while the hatchback makes up for its higher upfront cost after just two months of driving. The electric SUV takes 4 years and 8 months to break even thanks to a higher upfront cost differential but is still easily the cheapest option over a typical ownership period.

With most electric cars on the market now offering more than 400 kilometres of range, taking the scenic route is not only doable in an EV—it’s a whole lot cheaper.

KEY FACTS

• The report assumes each vehicle is owned for 10 years, driven 20,000 kilometres annually, and (in the case of gas cars) fuelled with $1.60-per-litre-gasoline (the 2023 national average).
• Choosing a Chevrolet Bolt instead of a Toyota Corolla Hatchback will save $28,500 over a 10-year ownership period.
• Similarly, choosing a Volkswagen ID.4 over a Honda CR-V will save $28,500 over a 10-year ownership period.
• Choosing a Tesla Model 3 instead of a Lexus ES will save $38,000 over a 10-year ownership period.
• Choosing an F-150 Lightning instead of a gas-powered F-150 saves the most of all: $40,000 over 10 years.
  

RESOURCES

Report | The Scenic Route

Related report | A Clean Bill

CONTACT

Keri McNamara
Manager, reports and outreach
778.951.8060