EV Savings Calculator
Compare gas vs electric vehicle fuel costs using current JouleIO EIA residential rate baselines, your local gas price, EV efficiency, MPG, and monthly miles.
Reviewed June 2, 2026. JouleIO calculators are planning tools; confirm final utility rates, equipment specs, incentives, installation bids, and safety decisions with official utility, manufacturer, installer, DOE, ENERGY STAR, EPA, IRS, or EIA sources.
1. Enter real usage
Use your actual watts, runtime, home size, miles, battery size, or appliance schedule.
2. Localize the rate
Compare national assumptions with your state, utility bill, time-of-use plan, or project quote.
3. Verify before acting
Check final prices, rebates, tax rules, and safety requirements before buying or installing equipment.
Select a state to load a current EIA home-charging baseline, then override the rate if your utility bill or off-peak EV plan is different.
Miles per gallon of your current car
Current gas price in your area
Typical EV: 3.0-4.0 mi/kWh
U.S. EIA 2026-03: 18.56¢/kWh
US average: ~1,100 miles/month
Monthly Savings
per month with EV
Annual Savings
per year with EV
5-Year Savings
total fuel savings
Cost Per Mile Comparison
Gas Car
$0.140/mile
$140.00/month
Electric Vehicle
$0.053/mile
$53.03/month
What This Savings Number Includes
Included
Gasoline cost, EV electricity cost, vehicle efficiency, monthly mileage, and the selected EIA or custom home-charging rate.
Not included
Purchase price, insurance, depreciation, state rebates, charger-installation cost, and maintenance. Those belong in a full TCO model.
Federal credit caution
For 2026 purchases, do not assume the old $7,500 federal clean-vehicle credit unless the acquisition date and vehicle facts clearly qualify under current IRS guidance.
Next calculation
Use the EV charging calculator for one charge session and the EV range calculator for cold-weather or highway range.
EV vs. Gas Car: A Complete Cost Comparison
The cost of driving an electric vehicle versus a gas-powered car differs significantly across fuel, maintenance, insurance, and depreciation. While EVs typically have a higher purchase price, they cost substantially less to operate over time. The average American drives about 13,500 miles per year, making the per-mile fuel cost difference add up quickly.
At the current JouleIO EIA baseline of $0.1856/kWh and the average EV efficiency of 3.5 miles per kWh, driving an EV costs approximately $0.053 per mile in electricity. Compare that to a 25 MPG gas car at $3.50 per gallon, which costs $0.140 per mile. That saves about $1174 per year for 13,500 annual miles before maintenance, insurance, and depreciation differences.
When you pair an EV with a home solar system, your fuel cost can drop to near zero. Use our EV Charging Cost Calculator to determine the exact cost to charge your specific vehicle at home, and check our Electricity Cost Calculator to understand how charging affects your overall electricity bill.
Electricity vs. Gasoline: Cost Per Mile Breakdown
Understanding cost per mile is the most direct way to compare EV and gas vehicle operating costs. The calculation depends on just four variables: gas price, vehicle MPG, electricity rate, and EV efficiency.
Gas Car Cost Per Mile
= Gas Price / MPG
Example: $3.50 / 25 MPG = $0.140/mile
EV Cost Per Mile
= Electricity Rate / EV Efficiency
Example: $0.1856 / 3.5 mi/kWh = $0.053/mile
Cost Per Mile at Various Gas Prices and Electricity Rates
| Scenario | Gas Car (25 MPG) | EV (3.5 mi/kWh) | EV Savings |
|---|---|---|---|
| Low cost area | $0.120 ($3.00/gal) | $0.029 ($0.10/kWh) | 76% |
| National average | $0.140 ($3.50/gal) | $0.053 ($0.1856/kWh) | 67% |
| High cost area | $0.200 ($5.00/gal) | $0.071 ($0.25/kWh) | 64% |
| Solar-charged EV | $0.140 ($3.50/gal) | $0.000 (free solar) | 100% |
Home Charging vs. Public Charging Costs
Where you charge your EV makes a significant difference in cost. Home charging using a Level 2 charger (240V) is by far the cheapest option. Public DC fast charging is convenient for road trips but costs 2-4x more per kWh.
| Charging Method | Cost/kWh | Cost Per Mile | Full Charge (60 kWh) | Monthly (1,000 mi) |
|---|---|---|---|---|
| Home L2 (avg rate) | $0.16 | $0.046 | $9.60 | $46 |
| Home L2 (off-peak TOU) | $0.08 | $0.023 | $4.80 | $23 |
| Home L2 (solar powered) | $0.00 | $0.000 | $0.00 | $0 |
| Public L2 (ChargePoint) | $0.20-0.35 | $0.057-0.100 | $12-21 | $57-100 |
| DC Fast Charging | $0.35-0.60 | $0.100-0.171 | $21-36 | $100-171 |
* Costs based on 3.5 mi/kWh EV efficiency. DC fast charging often includes session fees and idle fees.
About 80% of EV charging happens at home, which is why home electricity rates are the most important factor in EV operating costs. If your utility offers time-of-use rates, schedule charging during off-peak hours (typically 11 PM to 7 AM) to cut costs by 40-60%. Most EVs have built-in charge scheduling features that automate this.
EV Maintenance Savings
Fuel savings are only part of the EV cost advantage. Electric vehicles have far fewer moving parts than gas cars, which translates to significantly lower maintenance costs over the life of the vehicle.
Annual Maintenance Cost Comparison
| Maintenance Item | Gas Car | EV |
|---|---|---|
| Oil changes | $150-300/year | $0 (no engine oil) |
| Brake pads | $200-400 every 30-50K mi | $100-200 every 80-100K mi |
| Transmission service | $150-250 every 30-60K mi | $0 (single-speed gearbox) |
| Spark plugs / belts | $100-300 every 30-100K mi | $0 (no combustion engine) |
| Exhaust system | $200-1,500 (catalytic, muffler) | $0 (no exhaust) |
| Avg annual maintenance | $800-1,200 | $200-400 |
EVs save an average of $600 to $800 per year on maintenance. Regenerative braking extends brake pad life by 2-3x since the electric motor decelerates the car and recaptures energy. Over 10 years, maintenance savings alone total $6,000-$8,000.
Best EVs for Savings in 2026
The best EVs for maximizing savings combine high efficiency (more miles per kWh), reasonable purchase price, usable range, and low maintenance costs. Treat federal tax-credit tables from older guides as stale unless they explicitly account for the 2025 cutoff.
| Vehicle | Efficiency | Range | MSRP | Why It Saves |
|---|---|---|---|---|
| Chevy Equinox EV | 3.4 mi/kWh | 319 mi | $33,900 | Low MSRP, practical range |
| Tesla Model 3 | 4.0 mi/kWh | 363 mi | $38,990 | High efficiency |
| Hyundai Ioniq 6 | 4.3 mi/kWh | 361 mi | $38,615 | Best efficiency |
| Nissan Ariya | 3.5 mi/kWh | 304 mi | $39,590 | Good range per dollar |
| Ford Mustang Mach-E | 3.2 mi/kWh | 312 mi | $42,995 | Utility + range |
* Prices and vehicle availability change quickly. Check fueleconomy.gov for current EPA-rated efficiency figures and check IRS guidance for any incentive rule updates.
The Hyundai Ioniq 6 leads in efficiency at 4.3 miles per kWh, meaning it costs about $0.043 per mile at the current JouleIO EIA baseline. The Chevy Equinox EV is included because its lower entry price can matter more than maximum range for many drivers. Use the EV Range Calculator to estimate real-world range under different driving conditions.
Federal EV Tax Credit Status in 2026
IRS guidance after the 2025 law changes says the new clean vehicle credit is not available for vehicles acquired after September 30, 2025. For 2026 shoppers, run the fuel-savings math without assuming an old $7,500 federal credit.
State rebates, utility charger incentives, manufacturer discounts, lease pricing, and dealer inventory can still affect the purchase decision. Those programs change by location, so verify them separately from the operating-cost comparison.
This calculator focuses on the recurring cost difference: gasoline, home electricity, miles driven, and vehicle efficiency. That keeps the result useful even when incentive law, dealer discounts, and lease programs change.
Total Cost of Ownership: 5-Year and 10-Year Comparison
Total cost of ownership (TCO) includes the purchase price, fuel, maintenance, insurance, and depreciation. When all factors are considered, EVs are increasingly competitive with or cheaper than comparable gas cars, especially over longer ownership periods.
5-Year TCO: Mid-Size Sedan Comparison
| Cost Category | Gas Sedan (25 MPG) | EV Sedan (3.5 mi/kWh) |
|---|---|---|
| Purchase price | $32,000 | $38,000 |
| Tax credit | $0 | $0 default for 2026 purchases |
| Fuel (5 years) | $9,450 | $3,579 |
| Maintenance (5 years) | $5,000 | $1,500 |
| Insurance (5 years) | $8,000 | $8,800 |
| Depreciation | -$14,400 (45%) | -$15,200 (40%) |
| Total 5-Year Cost | $68,850 | $67,079 |
* Based on 13,500 miles/year, $3.50/gal, current JouleIO EIA U.S. baseline of $0.1856/kWh, no default federal clean-vehicle credit for 2026 acquisitions, and simplified depreciation/insurance assumptions.
In this simplified no-federal-credit 2026 example, the EV saves approximately $1,771 over 5 years despite the higher sticker price. The gap becomes larger when gas prices rise, the EV charges on a low off-peak rate, or state/utility incentives apply.
Curious about your environmental impact? Use the Carbon Footprint Calculator to see how much CO2 you can eliminate by switching from gas to electric. And if you are considering pairing your EV with home solar for free fuel, explore the EV Charging Cost Calculator and Electricity Cost Calculator to plan your energy setup.
Frequently Asked Questions
How much cheaper is it to drive an EV compared to a gas car?
At the current JouleIO EIA baseline of $0.1856/kWh and 3.5 mi/kWh, an EV costs about $0.053 per mile in electricity. A gas car at $3.50/gal and 25 MPG costs about $0.140 per mile. Your savings depend on local rates, gas prices, efficiency, and miles driven.
What is EV efficiency in miles per kWh?
EV efficiency is measured in miles per kWh (mi/kWh). Most modern EVs get between 3-4 mi/kWh. Smaller EVs like the Chevy Bolt get about 4 mi/kWh, while larger SUVs like the Tesla Model X get about 2.8 mi/kWh.
Does this include EV maintenance savings?
This calculator only compares fuel costs. EVs also save significantly on maintenance since they have fewer moving parts, no oil changes, less brake wear (due to regenerative braking), and no transmission service. Total maintenance savings are typically $500-1,000 per year.