About this calculator
This tool compares annual fuel costs for a gasoline car against an electric vehicle using your local gas price, electricity rate, and the EPA fuel economy of each vehicle. It is the first-order economic case before purchase price, financing, and maintenance.
How it works
Gas annual cost = (Annual miles / MPG) x gas price per gallon EV annual cost = (Annual miles / 100) x (kWh per 100 miles) x electricity rate Annual savings = Gas annual cost - EV annual cost Cost per mile = Annual cost / Annual miles
- MPG = EPA combined miles per gallon for the gas car. US average is ~25 MPG; 35+ MPG is a hybrid.
- kWh per 100 mi = EPA efficiency for the EV. Tesla Model 3 RWD is ~25; F-150 Lightning is ~48.
- Electricity rate = your delivered residential cost per kWh. 2026 US average is $0.16; California averages $0.32, Washington $0.11.
Worked example (2026)
A US driver covers 12,000 miles per year. Gas car: Toyota Camry at 32 MPG, $3.40 per gallon. EV: Tesla Model Y at 28 kWh per 100 miles, home charging at $0.16 per kWh.
- Gas cost = (12,000 / 32) x $3.40 = 375 gallons x $3.40 = $1,275.
- EV cost = (12,000 / 100) x 28 x $0.16 = 120 x 28 x $0.16 = $537.60.
- Annual savings = $1,275 - $538 = $737 per year (58 percent).
- Gas cost per mile = $1,275 / 12,000 = $0.106.
- EV cost per mile = $537.60 / 12,000 = $0.045.
Reference: cost per mile by vehicle type (2026)
| Vehicle | Efficiency | Energy price | Cost per mile |
|---|---|---|---|
| SUV (gas) | 22 MPG | $3.40 / gal | $0.155 |
| Sedan (gas) | 32 MPG | $3.40 / gal | $0.106 |
| Hybrid sedan | 50 MPG | $3.40 / gal | $0.068 |
| EV sedan (home) | 25 kWh / 100 mi | $0.16 / kWh | $0.040 |
| EV truck (home) | 48 kWh / 100 mi | $0.16 / kWh | $0.077 |
| EV (DC fast charge) | 30 kWh / 100 mi | $0.48 / kWh | $0.144 |
| PHEV (mixed) | 40 mi EV + 45 MPG gas | blend | $0.055 |
| Diesel pickup | 20 MPG | $3.75 / gal | $0.188 |
Common mistakes
- Using the wrong electricity rate. Time-of-use overnight rates can be 50 to 70 percent cheaper than peak rates. Most EV owners charge after midnight.
- Ignoring DC fast-charging premium. Public DCFC at Electrify America or EVgo runs $0.40 to $0.55 per kWh, sometimes more than gasoline per mile.
- Comparing against the wrong gas car. A new EV competes against a new hybrid (50+ MPG), not a 1998 SUV. Savings against a hybrid are 30 to 50 percent, not 70.
- Forgetting battery degradation. Most EVs lose ~10 percent range after 100,000 miles, raising kWh per 100 miles by a similar amount.
- Ignoring charger install cost. A 240V Level 2 home charger plus install runs $800 to $2,500. Amortise over 10 years for a fair comparison.
- Skipping insurance differential. EVs cost 10 to 20 percent more to insure due to higher repair costs (2025 Insurify data).
Related tools and glossary
Frequently asked questions
How much can I save by switching from gas to an EV?
At 12,000 miles per year, a 25 MPG gas car at $3.40 per gallon costs $1,632 in fuel. An EV at 30 kWh per 100 miles and $0.16 per kWh costs $576. Annual savings are roughly $1,056, or about 65 percent. Savings rise in California (high gas prices) and fall in West Virginia (low gas, high coal-grid electricity).
What is a good cost-per-mile target for an EV?
Below $0.05 per mile on home charging at the US 2026 average electricity rate of $0.16 per kWh. A Tesla Model 3 at 25 kWh per 100 miles costs $0.04 per mile. DC fast charging at $0.40 to $0.55 per kWh raises cost to $0.10 to $0.14 per mile, similar to a 35 MPG hybrid.
Do EVs save money on maintenance too?
Yes. Consumer Reports (2020 study, updated 2024) finds EVs cost about $0.03 per mile to maintain versus $0.06 per mile for comparable gas cars. Over 200,000 miles that is roughly $6,000 in savings. EVs skip oil changes, transmission service, spark plugs, and use brakes less often due to regenerative braking.
What is the 2026 federal EV tax credit?
The 2026 federal Clean Vehicle Credit is up to $7,500 for new EVs and $4,000 for used, subject to income caps ($150,000 single, $300,000 MFJ for new), MSRP limits ($55,000 cars, $80,000 SUVs and trucks), and battery sourcing rules. The credit can be applied at point of sale at participating dealers.
How long until the fuel savings pay back an EV price premium?
A typical 2026 EV carries a $4,000 to $7,000 price premium over an equivalent gas model after the federal credit. At $1,056 in annual fuel savings plus about $360 in maintenance savings, the simple payback runs roughly 3 to 5 years for a 12,000-mile-per-year driver. Heavy commuters at 18,000 miles per year cut the payback to under 3 years; very light drivers under 8,000 miles per year may never break even within the typical 8-year ownership window.
Sources
- US EIA Gasoline and Diesel Fuel Update (2026 weekly US national average pump price).
- US EIA Electric Power Monthly (2026 residential average rate $0.16 per kWh).
- EPA fueleconomy.gov (combined MPG and kWh per 100 miles for current model year).
- Consumer Reports (2020, updated 2024), Pay Less for Vehicle Maintenance With an EV.
- IRS, Clean Vehicle Credits (sections 25E and 30D), 2026 income and MSRP thresholds.