EV vs Gas Savings Calculator

Is an EV Actually Cheaper?

Electric Vehicles (EVs) almost always have a higher upfront sticker price than their gas-powered equivalents. However, the cost to "fuel" an EV using electricity at home is usually a fraction of the cost of buying gasoline. Over a 5-year period, those daily fuel savings can completely offset the higher purchase price.

The Hidden Costs of EV Ownership

While you save money on gas and oil changes, EVs have some hidden costs you must account for:

• Higher Insurance: EVs are often more expensive to insure because their battery packs are costly to replace in an accident.
• Tire Wear: Because EVs are significantly heavier than gas cars, they burn through tires 20-30% faster.
• Public Fast Charging: Charging at home is cheap (often $0.14 per kWh). Charging on a road trip using a public DC Fast Charger can cost $0.45+ per kWh, making it almost as expensive as gas.

How to Calculate EV Fuel Cost

Instead of Miles Per Gallon (MPG), EVs use Miles per kWh (mi/kWh). Most EVs get between 3 and 4 mi/kWh.

If you drive 1,000 miles a month, and your EV gets 3.5 mi/kWh, you will use 285 kWh of electricity. If your local utility charges $0.15 per kWh, your monthly "fuel" bill will be $42.75.