With the high cost of fuel, many drivers are considering making the switch to an electric vehicle. How much could you save on your fuel?
To preface, this article is merely looking at the operating cost of an electric vehicle vs a gas vehicle and not judging the merits of each mode of transportation.
Cost Breakdown of Operating An Electric Vehicle VS a Gasoline Vehicle in Alberta
1 week Cost breakdown
| 2020 | 2021 | 2022 | |
| EV Operating Cost | $3.21 | $4.03 | $7.58 |
| Gas Operating Cost | $20.70 | $29.70 | $42.53 |
| EV Savings | $17.49 | $25.67 | $34.95 |
*Driving 300 kilometers per week
1Year cost breakdown
| 2020 | 2021 | 2022 | |
| EV Operating Cost | $166.92 | $209.56 | $394.16 |
| Gas Operating Cost | $1076.40 | $1544.40 | $2211.56 |
| EV Savings | $909.48 | $1334.84 | $1817.40 |
*Driving 15,200 kilometers per year
These figures are estimates pulled from the Government of Canada's cost per kilometer of electricity for a battery electric vehicle vs a 4-cylinder gasoline vehicle. Charging costs are assuming a vehicle is being charged at home and the cost is being passed on via the utility bill. These figures only include the cost fueling/powering a vehicle and does not account for maintenance/repairs or the purchase price of each vehicle.
The gas costs will certainly be different for a larger vehicle. As an example, the Ford F150 5.0L V8 has a combined fuel economy of 13.1L/100km. At 300km/week you would burn just shy of 40L of fuel after a week of driving. Using regular gas in Edmonton you can expect to pay $1.90/L at most gas stations.
How much does it cost to fuel a Ford F150 5.0L in June 2022?
- 1 week of driving (300km) will cost you just shy $75.
- 1 month of driving (1300km) will cost you around $325.
- 1 year of driving (15200km) will cost you $3800.
*Notice the price of operating an electric vehicle for all of 2022 is just under $400
Many drivers have taken up the practice of hypermiling to maximize their fuel efficiency and improve fuel economy by almost 40%. Others are trying to maximize what they get out of their spend by fully filling up the tank instead $10-$20 at a time. There are certainly ways to reduce your cost of fuel without switching to electric. However, with the right setup for an electric vehicle, you could see major savings on fuel.
