Electric buses (EBs) are a promising tool for achieving carbon neutrality in public transportation, and one of the most popular types of EBs nowadays are battery electric buses (BEBs). The advancement of charging technology reduces the limitation of charging duration, but it presents some economic challenges. In this study, we analyze the economics of BEBs with different charging rates from real data in Shanghai. We develop a total cost of ownership (TCO) framework considering subsidies, the time-of-use price, and the battery replacement. Our results indicate that fast-charging BEBs are more expensive than slow-charging BEBs due to higher charging equipment costs and the impact of fast charging on battery lifespan. Additionally, a sensitivity analysis reveals that operational subsidies are the primary factor influencing the TCO, particularly for slow-charging BEBs. Our research also provides a segmentation of BEB length types across various districts to assist operators in making economically decisions.