October 21, 2021© 2021 Anderson Economic Group, LLC.Permission to reproduce in entirety granted with proper citation. All other rights reserved.Anderson Economic Group, LLCEast Lansing | Chicago1555 Watertower Place, Suite 100East Lansing, Michigan 48823Telephone: (517) 333-6984www.AndersonEconomicGroup.comAnderson Economic Group EV Transition Series: Report No. 1Comparison: Real World Cost ofFueling EVs and ICE VehiclesElectric vehicles can be more expensive to fuelthan their internal combustion engine counterpartsPatrick L. Anderson, Principal and CEOAlston D’Souza, Senior AnalystOctober 21, 20212Table of ContentsPurpose.................................................................................................... 3A Major Transition, with Significant Risks ..................................... 3Comparing the True Cost of Fueling EV and ICE vehicles ............. 3Outline of the Report ....................................................................... 5The Anderson Economic Group EV Transition Series .................... 5Key Findings........................................................................................... 61. Multiple Categories of Costs ....................................................... 6Table 1: Comparison of EV and ICE Fueling Costs ................... 72. EVs Often Cost More to Fuel ...................................................... 8Table 2: Direct Monetary Costs of Fueling EVs and ICE Cars .. 93. EV Fueling Costs Vary Widely ................................................. 10Table 3: Varying Costs of EV Commercial Chargers ............... 104. EVs Impose Considerable Time Burdens .................................. 11Estimating Implicit Time Costs ..................................................... 12Table 4: Implicit Time Cost Comparison ...
