Electric Vehicle Cost Calculator
Compare annual fuel costs between an electric vehicle and a gasoline car based on your driving habits, gas prices, and local electricity rates. Find out exactly how much you save per year by switching to an EV.
About this calculator
The annual fuel cost difference between an EV and a gas vehicle depends on three variables: how far you drive, the cost of each energy source, and how efficiently each vehicle uses that energy. The formula is: Annual Savings = round(((milesDriven / gasMPG × gasPrice) − (milesDriven / EVefficiency × electricityRate)) × 100) / 100. The first term calculates the annual gasoline spend: miles divided by MPG gives gallons consumed, multiplied by the price per gallon. The second term calculates EV electricity spend: miles divided by EV efficiency (miles per kWh) gives kWh consumed, multiplied by the electricity rate in $/kWh. Subtracting the EV cost from the gas cost yields your annual fuel savings. A positive result means the EV is cheaper to fuel. At typical U.S. rates, EVs cost roughly 3–4 cents per mile versus 10–15 cents per mile for a gas vehicle.
How to use
Suppose you drive 15,000 miles/year, gas costs $3.50/gallon, your current car gets 30 MPG, your electricity rate is $0.13/kWh, and your EV gets 4 miles/kWh. Gas cost = 15,000 / 30 × $3.50 = $1,750/year. EV electricity cost = 15,000 / 4 × $0.13 = $487.50/year. Annual savings = round(($1,750 − $487.50) × 100) / 100 = $1,262.50 per year. Over a 10-year ownership period, that amounts to $12,625 in fuel savings — a significant offset against any EV price premium.
Frequently asked questions
How do I calculate how much I will save per year by switching to an electric vehicle?
Start by calculating your current annual gasoline cost: divide your yearly mileage by your car's MPG, then multiply by the local gas price per gallon. Next, estimate your EV fuel cost: divide your yearly mileage by your EV's efficiency in miles per kWh, then multiply by your home electricity rate. The difference is your annual saving. This calculator does exactly that arithmetic for you in seconds. Keep in mind that EV efficiency varies by weather — cold climates can reduce range by 20–40%.
What EV efficiency rating should I use for accurate cost comparisons?
EV efficiency is measured in miles per kWh (sometimes shown as kWh per 100 miles on the EPA window sticker). Most modern EVs range from 3 to 4.5 miles per kWh under EPA test conditions. The Tesla Model 3 Long Range achieves about 4.2 mi/kWh, while larger SUVs like the Ford F-150 Lightning average around 2.0–2.5 mi/kWh. For the most accurate comparison, use the EPA's fueleconomy.gov database, which lists the official efficiency rating for every EV sold in the U.S. Remember to adjust downward slightly for real-world conditions including highway speeds and cold weather.
Are electricity rates or gas prices more important for EV savings calculations?
Both matter, but gas price volatility tends to have a larger short-term effect on savings because gasoline prices can swing 30–50% in a single year, while electricity rates are typically more stable and regulated. However, in regions with very high electricity rates — such as California's peak-tier pricing — the per-mile cost advantage of an EV can shrink significantly. Drivers who can charge at off-peak rates (often 7–10 cents/kWh overnight) versus peak rates (20+ cents/kWh) can double their fuel savings. The most impactful strategies are home charging on a time-of-use rate plan and minimizing DC fast-charge sessions, which are priced higher.