Gas prices fueling EV ownership


EV’s are charging forward for change

Anyone who drives a gasoline-powered vehicle is beginning to understand how events happening on the other side of the world affect their daily lives. The Russia/Ukraine conflict is putting a tightening grip around the world’s supply of oil. It doesn’t look to be loosening anytime soon. 


The retail price of regular gas is soaring as high as a toonie across the country. The Canadian Automobile Association lists averages for Toronto at $1.75 per litre, $1.84 for Montreal and $1.77 in St. John’s. These are never-seen-in-Canada record-breaking numbers, and with the federal government’s carbon tax increase on April 1 (April Fuels Day) fuel fees will only go up. 


In a 2020 article, CAA suggests a comparison between the cost to add 201 KM of range to a VW Golf versus the VW e-Golf. Using the same math, but updated to today’s average costs per Litre in Toronto versus the equivalent cost per eLitre™️ we find the following results: 


Fill up: $26.03


Charge up: $4.24 


If you continue the math you’d find the cost to charge your e-Golf to be approximately 028.5¢/eLitre.


The US Department of Energy actually did the math as recently as March 2021. They took the average distance that a gasoline-powered vehicle can drive on a gallon of gas (28.2 miles), then calculated how much it would cost to drive the average EV that same distance. On average, fueling a car with gasoline cost roughly 3 times more than fueling with electricity. You can only imagine how recent events have made this comparison even more glaring.


Charging at home during off-peak hours means more savings. Home charging not only saves money, but EV drivers love the convenience of waking up every morning with a “full tank.” In the winter, you can warm up your car in the garage while still keeping the garage door closed because there are no fumes or exhaust. 


No tricking your way to savings

There are some small things gas-fulled drivers can do to decrease gas consumption. Brake softly, accelerate slowly, fill up during off-peak hours, use cruise control on highways, don’t idle, maintain proper tire pressure, get regular maintenance checks, etc. The hard truth is with all strategies combined, there is no lasting difference to wallets. 


Electric cars require far less upkeep. There’s no need for a tune-up or oil changes. Because EVs slow down when you ease pressure on the accelerator, even your brakes last longer. All of this makes a compelling reason to switch to an electric vehicle. 


Don’t be shocked by the sticker cost! 

For the better part of the last decade, going green was seen as a luxury only those with deep pockets could afford. Federal and provincial incentive programs alleviate the initial EV investment in an EV like Transport Canada’s $5,000 incentive for EV purchases. A tempting offer to take advantage of as EVs become mandatory by 2035. 


The support also continues after the initial purchase. Most insurance companies offer EV and hybrid vehicle discounts through programs like the Green Car Discount offered by TD Insurance


Saving money with EVs is one advantage among many, and higher gasoline prices are unlocking the door to a significant moment of worldwide change. Are you ready for the shift?