Short answer: driving 12,000 miles a year for five years, an electric car charged mostly at home costs roughly $2,700 in energy versus about $7,500 in gasoline for a 30 mpg car, a gap of around $4,800. Whether the EV wins overall depends on the purchase price, insurance and how you charge.
The fuel cost gap
These figures use the 2026 benchmarks from Recharged: gas at $3.75 per gallon, home electricity at 16 cents per kWh, and an EV using 28 kWh per 100 miles. Adjust them with your own local prices.
| Scenario | Cost per mile | 5 years, 60,000 miles |
|---|---|---|
| Gas car, 30 mpg | 12.5 cents | about $7,500 |
| Gas SUV, 22 mpg | 17 cents | about $10,200 |
| Hybrid, 48 mpg | 7.8 cents | about $4,700 |
| EV, home charging at 16 cents/kWh | 4.5 cents | about $2,700 |
| EV, off-peak home charging at 10 cents/kWh | 2.8 cents | about $1,700 |
| EV, mostly public fast charging at 40 cents/kWh | about 13 cents | about $7,700 |
The last row matters: if you cannot charge at home and rely on fast chargers, the EV loses most of its fuel advantage.
The other costs to compare
- Purchase price: with the federal EV tax credit gone (it ended Sept 30, 2025), compare the real transaction price, including any dealer or state incentive.
- Depreciation: usually the largest cost of owning any car, and it varies by model. Check resale data for the exact models.
- Insurance: often a bit higher for EVs. Get quotes for both cars.
- Maintenance: EVs skip oil changes and have fewer moving parts, but tires wear faster on heavy models.
- Home charger: a Level 2 installation can add several hundred to a couple of thousand dollars.
When an EV makes the most sense
- You can charge at home or at work.
- You drive more than about 10,000 miles a year, so fuel savings add up.
- Your electricity rate is below about 20 cents per kWh, or you can use a cheap overnight rate.
- You plan to keep the car long enough to benefit from lower running costs.
When it may not
If you drive little, have no home charging, or live where electricity is very expensive, a hybrid can be the cheaper choice overall.
FAQ
Is an EV cheaper than gas in 2026? To run, almost always when charged at home. To own, it depends on the price gap and depreciation.
What if gas prices fall? The gap narrows, but at 16 cents per kWh an EV still costs less per mile than a 30 mpg car unless gas drops below about $1.35 per gallon.
Figures are illustrative averages, not a quote. This is general information, not financial advice.