Calculate Your EV Savings
Electric vehicles offer significant long-term savings on fuel and maintenance, but higher upfront costs. Our EV Savings Calculator shows you the complete picture using 2026 pricing: electricity averaging $0.18/kWh nationally, gasoline around $3.00/gallon, and typical EV efficiency of 3-4 mi/kWh. Understand when you'll break even and how much you'll save over your ownership period.
2026 EV vs Gas: Quick Comparison
Typical costs for 15,000 miles/year:
| Cost Factor | Electric Vehicle | Gasoline Vehicle |
|---|---|---|
| Annual Fuel Cost | $770 (at $0.18/kWh) | $1,607 (at $3/gal, 28 MPG) |
| Annual Maintenance | $480 | $800 |
| Total Annual Operating | $1,250 | $2,407 |
| Annual Savings | - | $1,157 |
| 5-Year Fuel Savings | - | $4,185 |
| 5-Year Maintenance Savings | - | $1,600 |
Cost Calculation Formulas
Understanding EV economics helps you make informed decisions. For fuel efficiency comparisons, see our MPG calculator.
2026 Electricity vs Gas Prices
In early 2026, electricity costs average $0.18/kWh nationally (range: $0.12-0.42/kWh by state), while gasoline averages $3.00/gallon (range: $2.24-4.42). This creates a significant cost advantage for EVs. At these prices, electricity costs $0.05 per mile for a typical EV (3.5 mi/kWh), while gas costs $0.11 per mile for an average car (28 MPG) - more than double. In states with cheap electricity like Idaho ($0.12/kWh), EV fuel costs drop to $0.03/mile, while in expensive states like Hawaii ($0.42/kWh), they rise to $0.12/mile - still competitive with gas.
Maintenance Cost Savings
EVs have dramatically lower maintenance costs due to simpler powertrains:
Home Charging Equipment Costs
Most EV owners install Level 2 (240V) charging at home. Here's what to expect in 2026:
| Charger Type | Cost | Charging Speed | Best For |
|---|---|---|---|
| Level 1 (120V) | $0 (included) | 3-5 mi/hour | Emergency backup only |
| Level 2 Basic | $500-800 + install | 20-30 mi/hour | Most homeowners |
| Level 2 Smart | $700-1,200 + install | 25-40 mi/hour | Scheduling, WiFi features |
| Installation | $300-1,500 | - | Depends on panel distance |
2026 EV Incentive Landscape
The federal EV tax credit of up to $7,500 expired on September 30, 2026, but strong state and local incentives remain in 2026. Many states offer their own EV purchase rebates ($1,000-7,500), while utilities provide charging equipment rebates ($250-1,000). Some cities offer free parking, HOV lane access, and registration fee waivers. California, Colorado, Massachusetts, and New York have particularly generous state programs. Additionally, the federal tax deduction of up to $10,000 on passenger vehicle loan interest (available through tax year 2028) applies to both EVs and gas cars, provided they meet final assembly requirements and buyer income limits.
Frequently Asked Questions
Q:Are electric vehicles really cheaper than gas cars?
EVs typically cost more upfront ($5,000-10,000 more) but save $1,000-1,500 annually in fuel and maintenance. Break-even typically occurs at 3-7 years depending on driving habits, electricity rates, and gas prices. Over a 10-year ownership period, most EV owners save $5,000-15,000 total compared to equivalent gas vehicles.
Q:How much does it cost to charge an EV in 2026?
At the 2026 average electricity rate of $0.18/kWh, it costs about $9-12 to fully charge a typical EV (50-70 kWh battery), providing 200-300 miles of range. This equals roughly $0.04-0.06 per mile. By comparison, at $3.00/gallon gas and 28 MPG, gas cars cost $0.11/mile - more than double. Annual costs for 15,000 miles: EV ~$750, Gas ~$1,600.
Q:What about battery replacement costs?
Modern EV batteries typically last 10-20 years or 100,000-200,000 miles. Most manufacturers warranty batteries for 8 years/100,000 miles. Replacement costs have dropped to $5,000-12,000 depending on vehicle, but most owners won't need replacement during normal ownership. Battery degradation is gradual (typically 2-3% per year), not sudden failure. Factor $1,000-2,000 into long-term ownership costs as a conservative estimate.
Q:Is home charging really necessary?
While not absolutely required, home charging is highly recommended and how 80% of EV owners charge. Public charging costs 2-4x more ($0.20-0.60/kWh), making it expensive for daily use. Without home charging, annual fuel costs can approach or exceed gas costs. If you can't install home charging (renters, apartment dwellers), calculate using public charging rates ($0.30-0.50/kWh average) for realistic costs.
Q:Do EVs cost more to insure?
EV insurance typically costs $0-300 more annually than comparable gas cars due to higher repair costs and vehicle values. However, some insurers offer EV discounts. The insurance delta varies significantly by provider and vehicle model. Factor in an extra $100-200/year to be conservative when calculating total EV ownership costs.
Q:How does cold weather affect EV costs?
Cold weather (below 32°F) reduces EV range by 20-40% due to battery chemistry and cabin heating needs. This increases charging frequency but doesn't significantly impact annual costs unless you need to rely more on expensive public charging. Pre-conditioning the cabin while plugged in minimizes the impact. In very cold climates, add 10-15% to estimated annual electricity costs.
Q:Are there still EV tax credits in 2026?
The federal $7,500 EV tax credit expired September 30, 2026. However, many states offer their own incentives: California ($2,000-7,500), Colorado ($5,000), Massachusetts ($3,500), New York ($2,000), and others. Utilities often provide $250-1,000 charger rebates. Check state and local programs - total available incentives can still reach $5,000-10,000 in some areas.
Q:What about EV resale value?
EV depreciation was historically higher than gas cars, but has normalized in 2026. Tesla and popular EVs now depreciate similarly to gas vehicles (15-20% first year, then 10-15% annually). Less popular EV models still depreciate faster. Factor in similar depreciation to gas cars for mainstream EVs. This calculator focuses on operating costs, not depreciation which affects both vehicle types.
Q:Can I save money with an EV if I don't drive much?
Lower mileage reduces EV savings. At 5,000-7,000 miles/year, annual fuel savings are only $300-500, making break-even longer. Gas cars might be cheaper if you drive under 5,000 miles/year unless the EV costs the same or less upfront. EVs make most financial sense for drivers with 12,000+ annual miles and ability to charge at home.
Q:How accurate is this EV savings calculator?
This calculator provides estimates based on your inputs and reasonable assumptions (EV maintenance 40% lower than gas, standard electricity and gas rates). Actual results depend on driving patterns, local utility rates, vehicle efficiency, and maintenance needs. Use conservative estimates for electricity cost ($0.18-0.22/kWh) and generous estimates for gas prices to get realistic projections. The formulas are accurate; accuracy depends on your assumptions.