The Department of Energy introduced the eGallon, which the DOE said is a way for consumers to directly compare the fuel cost of an electric vehicle with that of a conventional gasoline vehicle.
The national average eGallon price as of June 12, 2013 is about $1.14 (compared to $3.65 for a gallon of regular gasoline), meaning that a typical electric vehicle could travel as far on $1.14 of electric power as a similar sized vehicle could on a gallon of gasoline.
Energy Secretary Ernest Moniz said that by using the eGallon, customers would no longer be confused about how much an electric vehicle will cost them to drive compared to a car with an internal combustion engine.
“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. 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,” said Energy Secretary Ernest Moniz. “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.”
The current eGallon price can be viewed here.
By watching the price of an eGallon, customers will see over time that the cost to fuel an electric vehicle is much steadier than the cost of filling a tank with gas, according to the DOE. This is because electricity prices have historically been more stable than gasoline prices, which can be influenced by international events that are impossible to predict.
The eGallon price is calculated by comparing how much it would cost to drive an electric vehicle the same distance that a similar gas-engine vehicle could drive on a gallon of gas. The price of an eGallon will vary from state to state depending on the local price of electricity.