Charging an EV equal to paying 40 cents a litre for gas: report
July 31 2024 - 5:00AM
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 McNamaraManager, reports and outreach778.951.8060