A new report from the Texas Public Policy Foundation the true costs of fueling an electric vehicle, including excess charging costs and subsidies, is equal to $17.33 per gallon of gasoline, a new analysis found.
Electric Vehicles: $17.33 per gallon of gasoline
Gas Vehicles: $4.50 per gallon of gasoline (or the current cost at the pump)
It shows that electricity is a long way from becoming a cost-effective transportation fuel compared to gasoline, according to the authors. Also, the majority of costs rest squarely on the American Taxpayers (Subsidies and Credits).
Here is the report: Overcharged Expectations: Unmasking the True Costs of Electric Vehicles
Key Points:
The cost of producing electric vehicles (EVs) is far higher than the prices they are being sold for. Nearly $22 billion in federal and state subsidies and regulatory credits suppressed the retail price of EVs in 2021 by an average of almost $50,000.
Thanks to an unlawful multiplier, EVs receive nearly seven times more credits under federal fuel efficiency programs than they provide in actual fuel economy benefits.
Regulatory credits with bonus EV multipliers from federal fuel efficiency and greenhouse gas emissions standards and state EV sales mandates provide an average of $27,881 in benefits per vehicle for producers of EVs.
Home and public charging stations used by EVs put a significant strain on the electric grid, resulting in an average of $11,833 in socialized costs per EV over 10 years, which are shouldered by utility ratepayers and taxpayers.
Direct state and federal subsidies for EVs average $8,984 per vehicle over 10 years.
Electric vs Gas Car Cost