EV Charging Cost vs Gas: Is an Electric Car Cheaper?
Charging an EV at home typically costs 3–4 cents a mile, versus 10–15 cents a mile for a gas car — so an EV is usually a third to a quarter the fuel cost. Public fast charging narrows the gap, but home charging is where the savings live. Here's the math and the numbers.
The two formulas
- EV cost per mile = electricity price ÷ efficiency in miles per kWh. At $0.15/kWh and 3.5 mi/kWh: 0.15 ÷ 3.5 = $0.043/mile.
- Gas cost per mile = fuel price ÷ MPG. At $3.50/gal and 30 MPG: 3.50 ÷ 30 = $0.117/mile.
On those figures the EV costs about 37% of the gas car per mile.
Cost per mile at different prices
| Vehicle | Assumption | Cost/mile | Cost / 1,000 mi |
|---|---|---|---|
| EV — cheap home power | $0.11/kWh, 3.5 mi/kWh | $0.031 | $31 |
| EV — average home power | $0.15/kWh, 3.5 mi/kWh | $0.043 | $43 |
| EV — expensive power | $0.30/kWh, 3.5 mi/kWh | $0.086 | $86 |
| EV — DC fast charging | $0.45/kWh, 3.5 mi/kWh | $0.129 | $129 |
| Gas car — efficient | $3.50/gal, 40 MPG | $0.088 | $88 |
| Gas car — average | $3.50/gal, 30 MPG | $0.117 | $117 |
| Gas truck/SUV | $3.50/gal, 20 MPG | $0.175 | $175 |
The takeaway: an EV on home power beats almost any gas car, but an EV relying on expensive DC fast charging can cost about the same as an efficient gas car. Home charging is the whole game.
Annual savings example
Driving 12,000 miles a year: the average EV ($43/1,000 mi) costs about $516/year in electricity; the average gas car ($117/1,000 mi) costs about $1,404/year. That's roughly $890 a year saved — before counting lower EV maintenance (no oil changes, less brake wear).
When the gap is biggest — and smallest
- Biggest savings: home charging, especially on a cheap overnight EV tariff, replacing a thirsty gas vehicle.
- Smallest savings: relying on public DC fast charging, in a region with expensive electricity, versus an efficient hybrid.
- Watch your rate plan: many utilities offer time-of-use or dedicated EV tariffs with cheap overnight rates — often the single biggest lever on EV running cost.
Run your own comparison
The EV charging cost calculator gives your cost per charge, per mile, and per month for any car and rate. If you drive a Tesla, the Tesla charging cost calculator has model presets. And the plan comparison tool shows whether an EV tariff would cut your home rate.
FAQ
Is it cheaper to charge an EV or buy gas?
At home, almost always cheaper to charge — typically a third to a quarter of the per-mile fuel cost of a comparable gas car. Heavy reliance on fast charging narrows the gap.
How much does it cost to charge an EV per month?
For 1,000 miles a month at 3.5 mi/kWh and $0.15/kWh, about $43 in electricity — versus roughly $117 in gas for a 30 MPG car.
Does fast charging cost more than home charging?
Yes, often 2–3× more per kWh. Public DC fast charging is priced for convenience; home charging on a standard or EV tariff is far cheaper.
Related tools
- EV Charging Cost — per charge, per mile, per month.
- EV Charging Time — how long a charge takes.
- Compare Electricity Plans — find a cheaper EV tariff.