Gas vs EV Cost Calculator

Use this gas vs EV calculator to see how much you could save per year switching from gas to electric, based on your own driving.

Why EVs usually cost less to run

Electric motors convert a much higher share of stored energy into motion than internal combustion engines, which lose a large portion of gasoline’s energy as heat. Combined with electricity generally costing less per equivalent mile than gasoline, most EV drivers see lower running costs even after accounting for home charging. That’s the core math this gas vs EV calculator runs on your own numbers above.

What this calculator does not include

• Purchase price difference. EVs often cost more upfront, though this gap has narrowed and can be offset by tax credits; see our EV Tax Credit guide.
• Maintenance. EVs typically need less routine maintenance (no oil changes, fewer moving parts), which further favors EV total cost of ownership.
• Public fast charging. If you rely on public DC fast chargers rather than home charging, your real cost per mile will be higher than this estimate.
• Insurance. EV insurance premiums can run higher due to vehicle and battery repair costs; see our EV insurance cost guide.

This gas vs EV calculator only handles the running-cost side; for a fuller total-cost-of-ownership view that also weighs resale value, Kelley Blue Book publishes 5-year cost-to-own estimates for both gas and electric models worth cross-checking.

A worked example: why your per-mile cost depends on where you charge

Take an EV rated at 3.3 miles per kWh, driven 12,000 miles a year. On a home off-peak plan at $0.12/kWh, that runs about $436 a year, roughly 3.6 cents a mile. On a standard home rate of $0.16/kWh, it rises to about $582 a year. Relying mainly on public fast charging at $0.42/kWh pushes it to roughly $1,527 a year, more than triple the off-peak home cost. Same car, same mileage, a more than threefold spread in annual cost purely based on where the electricity comes from, which is exactly why the “public fast charging” caveat above matters so much. If your charging is mixed, enter a blended rate rather than your cheapest one for a realistic result.

Common mistakes when filling in the EV side

Using a national average electricity price instead of your actual utility rate, overestimating efficiency year-round when cold weather reduces EV range and efficiency, treating home charger installation as a per-mile cost when it is really a one-time expense, and comparing a plug-in hybrid as if it were a full EV all skew the result. A plug-in hybrid only runs on electricity for its rated electric-only range before switching to gas, so its full annual mileage overstates electricity savings unless nearly every trip stays within that range.

How the savings gap shifts with the seasons and over time

The efficiency figure you enter above is really a year-round average, and EVs typically see a real dip in efficiency during cold weather, partly from battery heating and preconditioning, partly from cabin heat pulling from the same battery that powers the wheels. Say your EV normally runs 3.5 miles per kWh but drops to a hypothetical 2.8 miles per kWh on cold winter days. At $0.16/kWh and 12,000 miles a year, that shift alone would raise your annual electricity cost from around $548 to roughly $686, still well below a comparable gas car’s cost at typical prices, but a real seasonal swing worth building into your budget rather than assuming your best-case efficiency holds all year.

Electricity rates also vary meaningfully by region and utility, in much the same way gas prices vary by state and season. If your utility offers a time-of-use or EV-specific off-peak plan, charging overnight can lower your effective per-kWh price well below your area’s standard rate, widening the EV cost advantage further. It’s worth checking your own utility’s rate plans directly rather than assuming a single national electricity price applies to your area.

It’s also worth running this gas vs EV calculator’s comparison across more than one year. A savings gap of a few hundred dollars annually adds up over a typical five- or six-year ownership window, and unlike a car payment, it does not disappear once a loan is paid off, it keeps accruing for as long as you own the vehicle. That said, gas and electricity prices do not move in lockstep; a period of falling gas prices or rising electricity rates can narrow the gap, while the reverse can widen it, so treat any multi-year total as a reasonable planning estimate rather than a locked-in number.