Anderson Economic Group, a boutique consulting firm, recently released a report analyzing the transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs).
The 36-page study is the result of comparing the costs involved in fueling both types of vehicles. The group, however, notes that many commonly cited figures do not account for the true costs associated with EV charging. To compensate for this, the group calculated the cost of commercial charging fees, chargers, additional road taxes, and “deadhead” miles for three different EV driving scenarios.
These costs were compared with three ICE vehicle scenarios. The study’s authors discovered fueling costs for EVs are far more variable and often more expensive than ICE vehicles.
The cost can be five to 10 times higher than the cost for ICE drivers when time costs are considered. These include the wait times associated with fueling and inadequate infrastructure.
“These numbers may be surprising to those who haven’t relied upon an electric vehicle, but it’s important we safeguard the public from ‘charger shock,’” said Patrick Anderson, Anderson Economic Group’s principal and CEO, and co-author of the study. “Before consumers can feel comfortable buying EVs in large numbers, they need to understand the true costs involved.”