EV Savings Calculator
Compare the true cost of an electric vehicle versus a gas car — including fuel, insurance, maintenance, federal tax credit, and break-even point over your ownership horizon.
Vehicles
Up to $7,500 for qualifying new EVs (IRA). Enter $0 if not eligible.
Energy Costs
Find on EPA window sticker. Tesla Model 3: ~130 MPGe. Chevy Bolt: ~120 MPGe.
US average ~$0.13/kWh. Check your electric bill.
Annual Insurance & Maintenance
Are Electric Vehicles Cheaper to Own?
EVs typically cost more upfront but significantly less to fuel and maintain. Whether the math works in your favor depends on your driving habits, local electricity rates, and how long you own the vehicle.
Fuel Cost Comparison
Electricity is dramatically cheaper than gasoline on a per-mile basis for most US drivers:
- Gas car at 28 MPG and $3.50/gallon: ~$0.125/mile
- EV at 100 MPGe and $0.13/kWh: ~$0.044/mile
- Savings: roughly $0.08/mile, or ~$960/year at 12,000 miles
Higher mileage drivers save proportionally more — a 20,000-mile/year driver might save $1,600/year in fuel alone.
Lower Maintenance Costs
EVs have significantly fewer moving parts than combustion engines. No oil changes, no spark plugs, no transmission fluid, no exhaust system. Consumer Reports data shows EV owners spend about 40% less on maintenance than ICE vehicle owners.
Federal EV Tax Credit (IRA 2023+)
Under the Inflation Reduction Act, qualifying new EVs are eligible for up to $7,500 in federal tax credits. Used EVs may qualify for up to $4,000. Eligibility depends on income limits, vehicle price caps, and where the battery is manufactured. Consult IRS Form 8936 or fueleconomy.gov/tax-incentives for current eligibility.
Frequently Asked Questions
What is MPGe?
Miles Per Gallon equivalent. The EPA converts electricity consumption to a gasoline equivalent using the energy content of one gallon of gasoline (33.7 kWh). A vehicle rated at 100 MPGe uses the electricity equivalent of 1 gallon of gas to travel 100 miles.
How much does it cost to charge an EV at home?
The average US electricity rate is about $0.13/kWh. A 75 kWh battery pack costs about $9.75 to fully charge at home — compared to $40–$60 to fill a gas tank.
What about home charging equipment costs?
A Level 2 home charger (240V) costs $300–$800 for the unit plus $200–$600 for electrician installation. Many EVs can charge on a standard 120V outlet, though more slowly.
