Electric trucks look a lot more appealing when gas prices are sky-high

High gas and diesel prices are making electric delivery trucks a much better deal to run, according to new data from truck maker Workhorse. The company operates both gas and electric cargo vans on the same routes in Ohio for FedEx delivery work, which lets it directly compare costs. Last year, electric trucks saved about 42.5 cents per mile over gas ones. By May, with Ohio gas prices up to $4.83 a gallon, that savings jumped to 73.6 cents per mile — roughly $11,000 a year for a van driving 50 miles a day.

This is mostly a story about commercial delivery fleets, not personal vehicles, but it shows the same math that applies to any gas-powered vs. electric comparison: electric vehicles cost more up front but less to fuel and maintain. Electric trucks still run 30% to 100% more than gas versions to buy, though Workhorse recently cut the price of its standard electric van by about $60,000, bringing it close to the cost of top-end gas models. Payback time — how long it takes the fuel savings to cover that extra upfront cost — depends heavily on state incentives; in California and Washington, which offer generous rebates, buyers can recoup the cost difference in three to five years.

Federal tax credits for electric vehicles have mostly been eliminated, but some states still offer their own incentives. If you're weighing an electric vehicle for your household, checking what your own state currently offers is the most reliable way to see whether the numbers work in your favor, since incentives and fuel prices vary a lot by location and change often.