- An average EV driver saves $4,200 to $6,800 in fuel costs over 5 years compared to an equivalent gas vehicle, depending on vehicle class.
- At the national average electricity rate, an EV costs approximately $0.048 per mile to fuel versus $0.11 per mile for the average gas car.
- EV fuel savings are greatest in states with low electricity rates and high gas prices, such as Washington state.
- Higher-mileage drivers save proportionally more: a 15,000 mi/yr driver saves $1,000+ more over 5 years than a 10,000 mi/yr driver.
01 Cost per Mile: EV vs Gas
The fuel cost comparison between EVs and gas cars starts with cost per mile. For gas vehicles, this is calculated as the price per gallon divided by MPG. For EVs, it's the electricity cost per kWh multiplied by the vehicle's energy consumption rate (kWh per mile).
DOE/EPA, FuelEconomy.gov: fuel cost calculation methodology for gas and electric vehicles| Metric | Gas Vehicle | Electric Vehicle |
|---|---|---|
| Efficiency | 26.4 MPG (fleet avg) | 30 kWh/100 mi (typical) |
| Energy price | $3.00/gallon | $0.16/kWh (national avg) |
| Cost per mile | $0.114 | $0.048 |
| Annual cost (12K mi) | $1,364 | $576 |
| Annual savings (EV) | — | $788 |
At national average rates, an EV costs 58% less per mile to fuel than the average gas vehicle. This translates to roughly $788 in annual savings at 12,000 miles per year.
02 Five-Year Savings by Vehicle Class
Savings vary by the gas vehicle being replaced. Replacing a fuel-efficient compact car yields smaller savings than replacing a large SUV or truck, because the gas vehicle's baseline fuel cost is higher for less efficient vehicles.
EPA Automotive Trends Report (2023) class averages; DOE/EPA EV efficiency ratings by class| Comparison | Gas Cost/yr | EV Cost/yr | Annual Savings | 5-Year Savings |
|---|---|---|---|---|
| Compact car (33 MPG) vs EV | $1,091 | $528 | $563 | $2,815 |
| Midsize car (29 MPG) vs EV | $1,241 | $552 | $689 | $3,448 |
| Small SUV (28 MPG) vs EV SUV | $1,286 | $614 | $671 | $3,357 |
| Midsize SUV (24 MPG) vs EV SUV | $1,500 | $614 | $886 | $4,429 |
| Large SUV (20 MPG) vs EV SUV | $1,800 | $672 | $1,128 | $5,640 |
| Full-size pickup (19 MPG) vs EV truck | $1,895 | $730 | $1,165 | $5,824 |
The five-year savings range from roughly $2,800 for compact car replacements to $5,800 for pickup truck replacements. Drivers replacing the least efficient gas vehicles see the greatest benefit from switching to electric.
Estimate your vehicle's driving cost using official EPA fuel economy data.
Use the Calculator03 Savings Vary by State
Both electricity rates and gas prices vary dramatically by state, which significantly affects EV savings. States with cheap electricity and expensive gas offer the best savings, while states with expensive electricity and cheap gas narrow the gap.
EIA, Electric Power Monthly, Table 5.6.A (residential rates by state); EIA, Weekly Retail Gasoline Prices by PADD region| State Example | Electricity Rate | Gas Price | EV Annual Savings | 5-Year Savings |
|---|---|---|---|---|
| Washington | $0.11/kWh | $3.60 | $1,238 | $6,192 |
| Louisiana | $0.12/kWh | $2.70 | $792 | $3,960 |
| California | $0.28/kWh | $4.50 | $700 | $3,499 |
| Texas | $0.14/kWh | $2.80 | $768 | $3,838 |
| Connecticut | $0.27/kWh | $3.20 | $480 | $2,401 |
Washington state offers the highest EV savings because of its extremely low electricity rates (predominantly hydropower) combined with above-average gas prices. States like Connecticut, with high electricity rates, see smaller savings. For a full state-by-state analysis, see our EV charging cost by state article.
04 How Driving Distance Affects Savings
Fuel savings scale directly with miles driven. Higher-mileage drivers benefit more from switching to an EV because the per-mile savings apply to every additional mile.
Calculated from per-mile cost differential applied to various annual mileage levels| Annual Miles | Gas Cost (26 MPG) | EV Cost | Annual Savings | 5-Year Savings |
|---|---|---|---|---|
| 8,000 | $909 | $384 | $525 | $2,627 |
| 10,000 | $1,136 | $480 | $656 | $3,282 |
| 12,000 | $1,364 | $576 | $788 | $3,939 |
| 15,000 | $1,705 | $720 | $985 | $4,924 |
| 20,000 | $2,273 | $960 | $1,313 | $6,566 |
A 20,000 mi/yr driver saves over $6,500 in fuel over 5 years—nearly 2.5 times the savings of an 8,000 mi/yr driver. Long-distance commuters and high-mileage drivers see the strongest economic case for EVs on fuel cost alone.
05 Important Caveats
Fuel savings are only one component of the total cost of EV ownership. Several other factors affect the overall financial picture:
- Purchase price. EVs generally have higher sticker prices than equivalent gas vehicles, though federal and state tax credits can offset some or all of this premium.
- Home charging vs public charging. The savings above assume home charging at residential rates. Public DC fast charging can cost $0.30–$0.50 per kWh, significantly reducing savings.
- Battery degradation. EV battery capacity declines over time, which can slightly increase energy consumption per mile as the vehicle ages.
- Maintenance savings. EVs have lower maintenance costs (no oil changes, less brake wear) which add to the total savings beyond fuel alone.
- Depreciation. EV resale values vary widely by model and market conditions, affecting total cost of ownership.
06 Data Sources
- DOE/EPA: FuelEconomy.gov – Electric Vehicle Efficiency Data. fueleconomy.gov
- EIA: Electric Power Monthly, Table 5.6.A – Residential Electricity Prices. eia.gov/electricity
- EIA: Weekly Retail Gasoline and Diesel Prices. eia.gov
- EPA: Automotive Trends Report (2023). epa.gov/automotive-trends
- DOE: Alternative Fuels Data Center. afdc.energy.gov