We are all aware that electric vehicles are far more cost-effective to operate than conventional cars, but what may be more intriguing is the fact that India is the third-cheapest place in the world for EV charging. According to research by Australian data aggregator Compare the Market, Denmark, Italy, and Germany had some of the highest EV charging costs, while Argentina, Malaysia, and India had the lowest rates worldwide.
The study examined the cost of EV charging the most recent Hyundai Kona EV in 50 nations and rated them according to the price of electricity used per 100 kilometers of driving. It also computed how much money a person would save on gas if they drove an EV rather than an ICE car.
India stands third in the entire globe in EV running costs
According to the study, the cost of completely charging the Kona EV in India is Rs 231, placing it third overall after Argentina and Malaysia, where it costs Rs 113 and Rs 157, respectively. The United Arab Emirates, Vietnam, China, and Turkey were the nations that came after us in offering inexpensive EV charging rates.
The most expensive countries, on the other hand, were Denmark and Italy, where a full charge for a Hyundai Kona EV costs Rs 1,823. The Netherlands, Germany, Belgium, Lithuania, and Austria (tied for fourth), and these nations were the most expensive for EV charging.
The study also found that, of all the countries it examined, EV charging tended to be more expensive in Asia than in Europe.
EV charging prices in comparison to petrol operating prices
According to the study, driving an EV in India costs Rs 76 in power expenses per 100 km, compared to Rs 647 in petrol prices for a comparable car. Driving an EV instead of a petrol car in India can therefore result in a savings of 88.26% on one’s potential fuel expense. Furthermore, among all the countries considered, the savings % was the second-best result.
The study also found that due to the greatest price disparity between electricity and gasoline, Norway and Iceland boast the most net savings when comparing battery charging to gas filling. In both countries, one can save more than Rs 8,318 every refill or recharge. Italy, on the other hand, was the country where one saves the least per mile relative to the cost of fuel.
For every 100 kilometers driven, EVs cost an average of Rs 267 to charge, compared to Rs 763 for a fuel equivalent across all investigated countries. As a result, refuelling a similar petrol vehicle costs just around one-third of what it does to charge an EV. The study demonstrates that the running cost savings vary greatly depending on the nation and the disparity between the price of gasoline and electricity, with EV drivers saving anywhere from 27.63 percent and 92.59 percent of their fuel expenditure per kilometer (compared to an identical petrol vehicle).
Methodology used in the study
The most recent Hyundai Kona model was the vehicle utilized to compare operating costs. It was chosen for a comparable foundation of comparison because it is available in both petrol and electric varieties, the latter of which has even been on sale in India in its previous-gen appearance. The petrol version featured a 148hp, 2.0-litre, four-cylinder petrol engine with a 50-litre fuel tank, while the electric version had a 39.2kWh battery with 136hp of output (the same as the India-spec vehicle).
Please be aware that operating expenses were estimated based on claimed fuel economy and range estimates, and that actual costs and differences may change depending on actual operating circumstances. Additionally, GlobalPetrolPrices.com was used to obtain the most recent publicly accessible data for both measures (September 2022) for the gasoline and power pricing data.
