EV Savings Calculator

What This Calculator Does

Annual fuel cost comparison. Calculates what you spend per year fueling a gasoline vehicle versus charging an EV, based on your annual mileage, your car's efficiency (MPG or kWh/mile), your local gas price, and your electricity rate.

Cost per mile. Shows the per-mile fuel cost for both the EV and the gas vehicle. This is the metric that makes the comparison tangible — you see exactly how much each mile costs in energy.

Maintenance savings estimate. EVs have fewer moving parts — no oil changes, no transmission fluid, no timing belt, no exhaust system. The calculator estimates the annual maintenance cost differential based on industry averages.

Insurance cost differential. EVs typically cost 10–20% more to insure than comparable gas vehicles. The calculator factors this in rather than ignoring it, giving you a more honest picture.

Break-even timeline. If the EV costs more upfront, how many years of fuel and maintenance savings does it take to recoup the difference? The calculator shows the crossover point.

5-year and 10-year total cost of ownership. Combines purchase price (after incentives), fuel, maintenance, insurance, and estimated depreciation into a single total for each vehicle over your chosen time horizon.

How to Use the Calculator

Step 1 — Enter your annual mileage. The U.S. average is about 12,000–15,000 miles per year. Higher mileage amplifies EV fuel savings; lower mileage extends the break-even period.

Step 2 — Enter gas vehicle details. The fuel efficiency (MPG) of the gasoline car you are comparing against, and your local gas price per gallon. The national average as of early 2026 is approximately $3.10–$3.50/gallon, though this varies significantly by state.

Step 3 — Enter EV details. The EV's energy efficiency in kWh per mile (or miles per kWh — the calculator converts either). A typical EV consumes 0.25–0.35 kWh per mile. Enter your electricity rate in $/kWh. The U.S. residential average is approximately $0.17/kWh, but rates range from $0.10 in low-cost states to $0.35+ in Hawaii and parts of California.

Step 4 — Enter purchase prices and incentives (optional). For a full total-cost-of-ownership comparison, enter the purchase price of each vehicle and any applicable tax credits or rebates.

Step 5 — Review your results. The calculator returns annual fuel costs, cost per mile, maintenance estimates, break-even year, and total ownership cost over your chosen horizon.

The Core Fuel Savings Formula

The annual fuel cost comparison uses straightforward arithmetic:

Gas vehicle annual fuel cost = (Annual Miles / MPG) × Gas Price per Gallon

EV annual energy cost = Annual Miles × kWh per Mile × Electricity Rate per kWh

Annual fuel savings = Gas Cost − EV Cost

Example: 15,000 miles/year, gas car at 28 MPG, gas at $3.30/gallon, EV at 0.30 kWh/mile, electricity at $0.17/kWh:

Gas cost: (15,000 / 28) × $3.30 = 536 gallons × $3.30 = $1,768/year. EV cost: 15,000 × 0.30 × $0.17 = 4,500 kWh × $0.17 = $765/year. Annual fuel savings: $1,768 − $765 = $1,003/year.

That $1,003 annual savings compounds over time. Over 5 years, fuel savings alone total $5,015. Over 10 years, $10,030 — assuming stable prices.

Fuel Cost Per Mile: EV vs. Gas

The per-mile comparison is the most intuitive way to see the difference:

The gap between home-charged EV ($0.051/mile) and a 25 MPG gas car ($0.132/mile) is nearly 3:1. But notice: an EV relying primarily on public fast charging ($0.40/kWh) costs almost as much per mile as a 30 MPG gas car. Charging access and rates are the single biggest variable in EV economics.

The Full 5-Year Cost Comparison

Fuel is the most visible difference, but a fair comparison must include every major ownership cost. Here is a representative 5-year breakdown for a mid-range compact SUV (EV vs. gas equivalent):

In this scenario, the EV is slightly cheaper overall despite faster depreciation and higher insurance, primarily because of fuel and maintenance savings plus the federal tax credit. Remove the tax credit, and the gas car wins by $6,311. Add home solar charging, and the EV wins by $5,000+. The variables matter enormously.

Maintenance: Where EVs Save the Most Per Year

EVs have fundamentally fewer components that wear out. Here is what you do and do not pay for:

Industry data indicates EVs cost 31–50% less to maintain than comparable gas vehicles. The AAA 2024 Your Driving Costs study estimated average EV maintenance at approximately $949/year versus $1,279/year for gas vehicles — a gap of about $330 annually, or $3,300 over 10 years.

The elephant in the room is battery replacement. Under warranty (typically 8 years or 100,000 miles), it costs nothing. Out of warranty, it can cost $8,000–$18,000. Most EV batteries are projected to retain 80%+ capacity at the 10-year mark, and replacement costs continue to fall as battery technology improves.

Insurance: Where EVs Cost More

EV insurance premiums run higher than comparable gas vehicles — approximately $3,281/year for full EV coverage versus roughly $2,800–$2,950 for gas vehicles, according to 2026 industry data. The premium gap averages 10–20%, or roughly $300–$500 per year.

The reasons are structural: EV repairs involve expensive battery-adjacent components, specialized high-voltage tooling, and longer repair times. Even a minor fender-bender near the battery zone can trigger expensive diagnostic and repair procedures. ADAS sensor repairs (cameras, radar modules) also cost more on EVs that rely heavily on these systems.

However, the gap varies widely by model. Budget EVs from Chevrolet, Hyundai, and Kia often insure for less than the EV average, while Tesla and luxury EV models can exceed $4,000/year.

How Electricity Rate and Gas Price Change the Math

The sensitivity to local energy prices is dramatic. Here is the annual fuel cost comparison at different price combinations (15,000 miles/year, gas car at 28 MPG, EV at 0.30 kWh/mile):

At $0.35/kWh electricity with $2.80 gas, the EV actually costs slightly more to fuel than a 28 MPG gas car. This scenario (high electricity, cheap gas) is rare but possible in certain regions. In most of the U.S., EVs maintain a 40–70% fuel cost advantage.

The Break-Even Calculation

If the EV costs more upfront than the gas alternative, the break-even year is when cumulative savings equal the price premium:

Break-even (years) = Upfront Price Difference / Annual Net Savings

Where annual net savings = fuel savings + maintenance savings − extra insurance cost.

Example: EV costs $5,500 more than the gas equivalent. Annual fuel savings: $1,003. Annual maintenance savings: $660. Annual extra insurance: $400. Net annual savings: $1,263. Break-even: $5,500 / $1,263 = 4.4 years.

With a $7,500 federal tax credit, the EV is actually $2,000 cheaper from day one, and there is no break-even period — savings begin immediately.

Without any tax credit: break-even is ~4.4 years. With $7,500 credit: EV is cheaper from purchase. With $3,750 credit (partial qualification): break-even is ~1.4 years.

When an EV Saves the Most Money

The EV financial advantage is largest when: You drive high mileage (15,000+ miles/year) — more miles = more fuel savings. You charge at home, especially on off-peak or time-of-use rates. Local gas prices are high ($3.50+/gallon). Your electricity rate is low to moderate (under $0.20/kWh). You qualify for the full federal tax credit ($7,500). You keep the vehicle for 7+ years (longer ownership amplifies cumulative savings). Your state offers additional rebates or reduced registration fees.

When an EV May NOT Save Money

The EV advantage shrinks or disappears when: You rely primarily on public DC fast charging ($0.35–$0.60/kWh). Your electricity rate is very high ($0.30+/kWh) and gas is cheap. You drive very few miles (<8,000/year) — savings are too small to overcome the price premium. The EV you want does not qualify for federal or state incentives. You plan to sell within 2–3 years (depreciation hits EVs harder in early years). You compare against a highly fuel-efficient hybrid (50+ MPG), which narrows the fuel gap substantially.

Home Charging vs. Public Charging: The Hidden Variable

Where you charge is as important as what you drive:

A driver who charges exclusively at home on off-peak rates pays roughly one-fifth what a driver relying solely on DC fast charging pays. The Level 2 home charger installation cost ($500–$1,500) typically pays for itself within the first year through lower per-kWh rates compared to public charging.

Federal and State Incentives (2026 Update)

Federal New Clean Vehicle Credit: Up to $7,500 for qualifying new EVs. Key requirements include final assembly in North America and battery component/mineral sourcing thresholds. The credit can be applied as a point-of-sale discount at the dealership. Not all models qualify — check the IRS qualified vehicle list.

Federal Used Clean Vehicle Credit: Up to $4,000 for qualifying used EVs purchased from a dealer. The vehicle must be at least two model years old, priced under $25,000, and the buyer's adjusted gross income must be under $75,000 (single) or $150,000 (joint).

State incentives vary widely. Some states offer additional rebates ($1,000–$5,000), reduced registration fees, HOV lane access, or sales tax exemptions. Others impose annual EV registration surcharges ($50–$200) to offset lost gas tax revenue. Check your state's specific programs — they can shift the total cost comparison by thousands of dollars.