If you were waiting to buy a new Tesla because of uncertainty regarding the difference between fueling an electric vehicle as opposed to a gasoline-powered one, wait no further. Today, the Energy Department launched the eGallon, which will help consumers compare the electric-gas tradeoff.
“Consumers can see gasoline prices posted at the corner gas station, but are left in the dark on the cost of fueling an electric vehicle,” said Energy Secretary Ernest Moniz. “The eGallon will bring greater transparency to vehicle operating costs, and help drivers figure out how much they might save on fuel by choosing an electric vehicle. It also shows the low and steady price of fueling with electricity.”
Available at energy.gov/eGallon, this new tool will allow citizens to keep up to date with the latest eGallon price for their state, comparing it over time to the current price of fuel. The website calculates the eGallon by comparing the distance 1 gallon of unleaded fuel will take a conventional vehicle with the cost of driving an electric vehicle the same distance. The website differentiates between states based on their relative electricity costs.
Those who continue using the tool will notice the eGallon price is more stable and predictable than that of gasoline. This is because while fuel prices are a result of the relatively unstable global oil market, the eGallon is dependent on generally stable electricity prices.
As of today, the national average eGallon is approximately $1.14. To put this value in perspective, a typical electric vehicle could travel as far today on $1.14 worth of electricity as a similar vehicle could travel on 1 gallon of gasoline — $3.63, the national average.
“Not only can electric vehicles save consumers on fuel and reduce our dependence on oil, they also represent an opportunity for America to lead in a growing, global manufacturing industry,” Moniz said in a June 11 statement.