Understanding the Benefits of Electric Vehicles: The Rivian R1T and Cost Savings
Electric vehicle (EV) technology has been advancing rapidly, and the Rivian R1T is a great example of this. Its window sticker shows an efficiency of 48 kWh/100mi, and with Electrify America's member cost of $0.43 per kWh, it would cost $20.64 to travel 100 miles. Comparing that to the current national gas price average of $3.34, it would take 6.2 gallons of gas to cover the same distance - equivalent to 16.2 mpg.
At home charging rates can be much lower than this, at around $0.13 per kWh, which equates to 53 mpg in terms of fuel costs alone. This still falls short of the 74 eMPG numbers on the R1 window stickers though, and doesn't factor in road trips or other times when fast charging is essential.
Sanzc02 noted that mpge isn't really the comparison point for EV's, but rather they are designed to compare vehicles. With EA membership costing $50/month, charging exclusively on RAN could mean a cost of just $0.05/mile - 67 mpg equivalent costs? However this ignores any other benefits associated with the membership such as connectivity.
It seems like EVs aren't quite cheap enough yet to be a good fit for everyone, and you have to consider the whole ecosystem when making your decision. Maintenance costs such as oil changes also need to be factored in, plus there's the issue of range when towing - 900 Wh/mi means your range is only around 100 miles. Solar power could help here if you plan to live in the house over 10 years, as selling back to the power company is less than half the cost of buying electricity from them - allowing you to benefit from EV charging while saving money too.
The R1T is a great example of how far EV technology has come, and it's clear that the cost savings are there if you're willing to invest in the infrastructure. With more charging stations being built every day, EVs are becoming increasingly viable for long distance trips too - so don't be put off by the initial sticker shock!
What is eMPG?
eMPG stands for "equivalent miles per gallon" and is a measure of fuel efficiency used to compare vehicles. It is calculated by dividing the number of miles traveled by the amount of energy consumed.
What does the Rivian R1T window sticker show?
The Rivian R1T window sticker shows an efficiency of 48 kWh/100mi.
How much does it cost to charge at Electrify America?
Electrify America member cost is $0.43 per kWh, so 100 miles would cost $20.64.
How does this compare to the current AAA national gas price average?
At the current AAA national gas price average of $3.34, 100 miles would purchase 6.2 gallons of gas, which is equivalent to 16.2 mpg.
Is charging at home cheaper?
Charging at home can be much cheaper, even with a low $0.13 kWh rate you are looking at around a 53 mpg equivalent.
What about fast charging?
Fast charging can be necessary for road trips or other times when range needs to be quickly replenished. This will increase the cost of charging significantly, making the overall cost savings from EVs less significant.
What about the 2023 Sequoia?
The 2023 Sequoia is a brand new redesign with a hybrid engine and doesn't have EPA numbers yet, but the new Tundra on the same platform that came out last year gets 24mpg without the hybrid so it should exceed that.
Are there any other costs associated with owning an EV?
Yes, there are other maintenance costs associated with owning an EV such as oil changes and tire rotations that need to be factored in when comparing costs between EVs and ICE vehicles. Additionally, if you plan to take long trips or tow frequently, you may need to factor in additional costs for fast charging or renting an ICE vehicle for those trips.