EV vs Gas Savings Calculator
Find out how much you'll save with an electric vehicle — and when it pays off.
Cost Comparison
EVs typically save $1,000–$2,000/year in fuel + $400–$600/year in maintenance vs. comparable gas vehicles.
US Averages (2024)
| Gas price | ~$3.30–$3.80/gal |
| Average MPG (new cars) | ~28–32 MPG |
| Electricity rate | ~$0.16/kWh |
| EV efficiency | ~3–4 miles/kWh |
| Federal tax credit | Up to $7,500 |
FAQs
Generally yes. Electricity costs ~3–4× less per mile than gasoline in the US. EVs also have lower maintenance costs (no oil changes, fewer brake jobs due to regenerative braking, fewer moving parts). The breakeven depends on the price premium.
The average US residential electricity rate is about $0.16/kWh. A typical EV uses 3–4 miles per kWh, so charging costs about $0.04–$0.05 per mile. Gas cars average about $0.12–$0.15/mile at $3.50/gallon.
The US federal EV tax credit is up to $7,500 for new eligible EVs (subject to income and price caps under the Inflation Reduction Act). Many states offer additional incentives of $1,000–$5,000. Check fueleconomy.gov for current incentives.