EV vs Gas: What Do You Really Save Driving Electric?
An efficient EV runs about 4.6¢ a mile at 17¢/kWh against 13.6¢ for a 30-mpg car at $4.07 a gallon; your miles and rate decide the yearly saving.
· Source: EIA Electric Power Monthly Table 5.6.A (July 2026 data) · next EIA update ~Oct 23
On this page: CalculatorTableHow we calculatedSources
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Secondary control: the slider nudges the rate field above (numeric input stays the precise, primary way in). The URL keeps your scenario.
Why this number
The $7,500 federal EV credit is gone for 2026 buyers (it ended September 30, 2025). That makes the running-cost math more important than ever — so this compares what you’ll actually spend on fuel, using your numbers:
How the comparison works
Two simple fuel formulas, side by side:
- EV: miles ÷ miles-per-kWh × electricity rate. Driving 12,000 miles at 3.5 mi/kWh needs about 3,430 kWh; at 17¢ that’s roughly $583/year.
- Gas: miles ÷ MPG × gas price. The same 12,000 miles at 28 MPG burns about 429 gallons; at $4.07 — the EIA weekly US-regular average for the week of August 31, 2026 — that’s roughly $1,746/year.
On those typical numbers the EV costs about 40% of the gas car to fuel — a real saving that compounds every year you keep the car.
Where the answer flips
Two things close the gap: a high electricity rate and public fast-charging. If you pay 40–50¢/kWh (parts of California, Hawaii) or rely on DC fast-chargers priced like gas, the EV’s fuel advantage shrinks or disappears. Home charging on an average rate is where EVs win clearly. Quick-fill your state’s rate above to see your real number, and check what home charging adds to your electricity bill .
The 2026 purchase-price caveat
Because the federal EV tax credit ended September 30, 2025, a 2026 buyer pays full price. Fuel savings still favor the EV over time, but the upfront gap is no longer offset by $7,500 — so weigh the yearly fuel saving here against the price difference and expected years of ownership. See what other energy tax credits changed for 2026 .
Frequently asked questions
Does this include the $7,500 EV tax credit?
No. The federal new-EV credit (§30D) and used-EV credit (§25E) both ended for vehicles acquired after September 30, 2025 under the 2025 tax law. A 2026 buyer gets $0 federal credit, so this tool compares fuel/running costs honestly rather than assuming an incentive that no longer exists.
How is EV charging cost calculated?
Annual miles ÷ miles-per-kWh × your electricity rate. Example: 12,000 miles ÷ 3.5 mi/kWh = 3,429 kWh × $0.17 = about $583/year to charge at home.
Is it cheaper to drive electric in 2026?
Usually yes on fuel — home charging is typically a third to a quarter the cost of gasoline per mile — but it depends heavily on your electricity rate. In very high-rate states (e.g. Hawaii, California) the gap narrows; public DC fast-charging can cost as much as gas. This tool uses your own numbers so you see your real answer.
What about maintenance and purchase price?
This tool focuses on fuel, the biggest controllable running cost. EVs generally save on maintenance (no oil changes, less brake wear) but can cost more upfront — and with no federal credit in 2026, the purchase-price gap matters more than before. Factor those in alongside the fuel numbers here.
How we calculated this
EV cost per mile = kWh per 100 miles ÷ 100 × rate ($/kWh), plus the charging-loss percentage you enter. Gas cost per mile = gasoline $/gal ÷ mpg. Yearly fuel cost = cost per mile × miles per year; the saving is the difference. The federal EV credit is entered as $0 for 2026 (§30D/§25E ended 30 Sept 2025); purchase price and maintenance are outside this calculation.Sources: U.S. Energy Information Administration (EIA) electricity rates · DSIRE incentive records · public IRS/OBBBA guidance. Figures are modeled estimates, not quotes or tax advice. See our methodology.