India is world’s third most-affordable country to charge EVs
A research study by Australia-based aggregator Compare the Market reveals Argentina, Malaysia and India to be the three most affordable countries in the world to charge an EV, while Denmark, Italy and Germany are among the most expensive.
A well-known fact is that electric vehicles are far more economical to run than combustion-engined vehicles, but here’s a more interesting fact – India ranks as the third most affordable country in the world to charge an EV.
Based on research by Australia-based aggregator Compare the Market, Argentina, Malaysia and India are the three most affordable countries in the world to charge an EV, while Denmark, Italy and Germany are among the most expensive.
The research compared the cost of charging the latest-gen Hyundai Kona EV in 50 different countries around the world, and ranked them based on the cost of electricity used per 100km of driving. It also calculated how much one would save in fuel costs by driving an EV instead of an ICE vehicle.
The research shows that it costs Rs 231 to fully charge the Kona EV in India, ranking it third after Argentina in first place, and Malaysia in second place where it costs Rs 113 and Rs 157, respectively. The countries that follow India, in terms of affordable EV charging rates, are the United Arab Emirates, Vietnam, China, and Turkey.
The research also observes that among all the nations looked at, Europe tends to be a more expensive region to charge an EV, while Asia is generally cheaper.
EV CHARGING COSTS VERSUS PETROL RUNNING COSTS
The research notes that in India, it costs Rs 76 worth of electricity per 100km of driving in an EV, compared to Rs 647 worth of petrol in an equivalent car. This means one can save 88.26% of the cost of the potential fuel bill by driving an EV over a petrol-engined vehicle in India. Moreover, the percentage in savings (in India) is the second-best result of all the nations that were looked at in the study.
The research also notes that Norway and Iceland are the two countries that boast the biggest net savings when charging a battery compared to filling a petrol tank owing to the highest difference between electricity and petrol prices. One can save more than Rs 8,318 per refill/recharge in both nations. Conversely, Italy is the nation where one saves the least, proportional to the fuel bill, when compared per kilometre.
On average, across all nations studied, EVs cost Rs 267 to charge for every 100km driven, while a petrol equivalent would cost Rs 763 for the same. Therefore, charging an EV is only about one-third the cost of refuelling an equivalent petrol vehicle. The study shows that, depending on the country and difference between petrol and electricity prices, the savings in running costs differ widely, with EV drivers saving anywhere from 27.63 percent to 92.59 percent of their fuel bill per kilometre (compared to an equivalent petrol vehicle).
METHODOGY OF THE RESEARCH
The car used to compare the running costs was a latest-gen Hyundai Kona. It’s available in both petrol and electric variants – the latter of which has even been on sale in India in its previous-gen guise – and was chosen in similar spec for an even base of comparison. The electric version came with a 39.2kWh battery with 136hp of output (same as the India-spec model), while the petrol version used a 148hp, 2.0-litre, four-cylinder petrol engine with a 50-litre fuel tank.
Do note that running costs were calculated as per claimed fuel efficiency and range figures, and actual costs and differences could vary, depending on real-world conditions. Moreover, electricity and petrol price data were sourced from GlobalPetrolPrices.com, using the most recent publicly available statistics for both metrics (September 2022).
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