It’s hard to find a more successful EV launch than the Hyundai Ioniq 5. The “SUV” took home a World Car of the Year award. Critical acclaim plus strong incentives have seen sales boom this year. And unlike some less distinctive brethren, the Ioniq 5 isn’t shaped like an egg.
Fuel savings are a key consideration when buying any electric vehicle. How much does it cost to charge a Hyundai Ioniq 5? How much will an Ioniq 5 owner save switching over gas? It depends on how, when and where they plan to charge it.
How much does it cost to charge a Hyundai Ioniq 5?
For the 2024 model year, Hyundai offers the Ioniq 5 with two battery options: a base 58 kWh pack for the SE Standard Range model and a 77.4 kWh pack for other trims; 2025 model year Ioniq 5s will upgrade to a larger 84 kWh pack.
Electricity is measured in cents/kWh. The current average national residential rate is 16.68 cents/kWh. At that broad national rate, a “full charge” of 10-80% on a 2024 Hyundai Ioniq 5 would cost about $6.85 for the Standard Range and $9.14 for other Ioniq 5 trims.
How much does it cost to charge a Hyundai Ioniq 5 at home?
The actual rate an owner pays will differ from the national average. But no matter where an owner resides, home charging will typically be the cheapest option.
Where an owner lives matters. In the continental U.S., average electricity rates by state range from just 10.44 cents/kWh in North Dakota to 32.47 cents/kWh in California. A full charge for the Standard Range Ioniq 5 could cost as little as $4.23 in North Dakota or as much as $13.18 in California. The same charge on the Extended Range pack could cost just $5.65 in North Dakota or $17.59 in California.
Timing matters, too. Electricity prices fluctuate during the day. Charging at peak hours in the late afternoon and evening will be much more expensive than charging in off-peak hours late at night. Some utility providers will meter a home charger separately to provide a discounted rate for charging during off-peak hours (my meter fixes the rate at 12 cents/kWh between 11:00 PM and 9:00 AM.
Ioniq 5 owners need to factor in the cost of installing a new Level 2 charger, which can be considerable and erode some of the savings. A Level 2 unit like the Chargepoint Home Flex can cost more than $500. The fee for an electrician to install a new 240V outlet or hardwire the unit can run into thousands of dollars.
How much does charging a Hyundai Ioniq 5 at a DC fast charger cost?
Charging a Hyundai Ioniq 5 on a DC fast charger can be free — if you’re close to an Electrify America station. Hyundai offers two years of free 30-minute fast charges — more than enough time to fully charge an Ioniq 5 — when you buy or lease an Ioniq 5. Electrify America offers more than 4,000 chargers at more than 900 stations across North America.
The costs to charge an Ioniq 5 at another DC fast charger vary greatly. As with home charging, the electricity rate varies based on location and charging time. Owners will typically pay a transaction fee and taxes on top of the electricity rate. A good rule of thumb is to expect to pay twice the going rate of electricity or more at a fast charger.
I’ve charged my Ioniq 5 AWD twice at an EVgo 350 kW fast charger near my home. Both charges occurred during midday. The average rate for the two charges was 55.5 cents/kWh. Add in a $0.99 transaction fee and taxes, and I spent about $20 both times to charge from 30-80%.
Can you charge a Hyundai Ioniq 5 at a Tesla Supercharger?
Not yet. But that is coming soon. Hyundai announced it is converting its EVs to Tesla’s NACS charging port in Q4 2024. Those vehicles will get Supercharger access. Ioniq 5s with the CCS port will get access to Tesla Superchargers with an adapter in 2025.
How much cheaper is it to charge an Ioniq 5 than to fill up a gas car?
Significantly. Hyundai classifies the Ioniq 5 as an SUV, so let’s use the Hyundai Tucson as a gas comparison. As of this writing, the average cost of a gallon of gas in America is $3.47. According to the EPA, the Hyundai Tucson AWD uses 4.0 gallons to travel 100 miles for $13.88. The Tucson Hybrid is more efficient, consuming 2.7 gallons to travel the same 100 miles at a cost of $9.37.
An Ioniq 5 would require 29 kWh of electricity to travel 100 miles. At the average national residential rate, that would cost $4.83. An Ioniq 5 AWD, a bit less efficient, needs 34 kWh of energy, costing $5.67. Actual rates will vary based on the charging method. But in almost every circumstance, charging an Ioniq 5 should be substantially cheaper than fueling a gas-powered equivalent.
