In most cases, yes. Charging an electric vehicle (EV) at home is cheaper than fueling a comparable gasoline car. The exact savings depend on your local electricity rates, gas prices, your vehicle's efficiency, and when you charge.
Here's a simple example:
| Electric Car | Gas Car |
|---|
| Efficiency | 3.5 miles/kWh | 30 mpg |
| Energy/Fuel price | $0.15/kWh | $3.50/gallon |
| Cost per 100 miles | ~$4.30 | ~$11.70 |
In this scenario, the EV costs about 63% less to "fuel."
To estimate your own costs:
- EV cost per mile = Electricity price ÷ Miles per kWh
- Example: $0.12 ÷ 4 mi/kWh = 3¢/mile
- Gas car cost per mile = Gas price ÷ MPG
- Example: $3.60 ÷ 30 mpg = 12¢/mile
Factors that can make home charging even cheaper
- Time-of-use electric rates: Many utilities charge much less overnight, sometimes cutting charging costs in half.
- High gas prices: The more expensive gasoline is, the more favorable EVs become.
- Efficient EVs: Smaller EVs generally consume less electricity than large electric SUVs or trucks.
Situations where the savings are smaller
- Your electricity is unusually expensive (e.g. over $0.30–0.40/kWh).
- Gas prices are unusually low.
- You mostly rely on public DC fast chargers, which can cost two to four times as much as home charging.
Typical annual savings
If you drive 12,000 miles per year:
- EV home charging: roughly $360–$900/year (depending on electricity prices and vehicle efficiency).
- Gas car (30 mpg): roughly $1,200–$1,800/year if gas is around $3–4.50/gallon.
That often translates to hundreds to over a thousand dollars in annual fuel savings.
If you tell me:
- your state or ZIP code,
- your electric rate (or utility), and
- the gas car and EV you're comparing,
I can calculate the expected annual cost difference for your specific situation.
