With gas at a record level for the season in fall 2026, more drivers are asking whether an electric car really saves money. For most people who can charge at home, the answer is yes, but the size of the savings depends on where you live and how you charge.
Cost per mile
AAA put the national average for regular gas at $4.49 a gallon on September 25, 2026. The Energy Information Administration reported an average residential electricity price of about 18.8¢ per kWh in April 2026. At those prices:
| Vehicle | Efficiency | Fuel cost per mile | Per year (12,000 mi) |
|---|---|---|---|
| Full-size pickup | 20 mpg | 22.5¢ | $2,694 |
| Midsize SUV | 26 mpg | 17.3¢ | $2,072 |
| Average car | 28 mpg | 16.0¢ | $1,924 |
| Hybrid | 50 mpg | 9.0¢ | $1,078 |
| EV, all home charging | 30 kWh/100 mi | 5.7¢ | $684 |
| EV, 80% home / 20% public | 30 kWh/100 mi | 7.3¢ | $871 |
| EV, all public fast charging | 30 kWh/100 mi | 13.5¢ | $1,620 |
Public fast charging assumes 45¢ per kWh. Prices on charging networks vary widely, and some charge per minute instead.
The key finding: where you charge matters most
An EV charged at home costs roughly a third as much per mile as an average gas car. An EV that relies entirely on public fast chargers is still cheaper than most gas cars, but its advantage over a hybrid largely disappears. If you rent or have no driveway or garage, check whether your workplace or apartment offers charging before counting on big savings.
Paying back a higher purchase price
Compared with an average car, an EV charged mostly at home saves about $1,050 a year at 12,000 miles. If the EV costs $5,000 more after incentives, it pays back in under five years. Drive 18,000 miles a year and the payback shrinks to about three years; drive 6,000 and it stretches to nearly ten.
Other costs that differ
- Maintenance: no oil changes, fewer moving parts, and longer brake life thanks to regenerative braking.
- Tires: EVs are heavy and quick, so tires can wear faster.
- Insurance: often somewhat higher for EVs; get a quote before you buy.
- Home charger: a Level 2 charger with installation often costs $1,000–$2,500.
- Registration: many states charge an annual EV fee to replace lost gas tax.
State differences
Savings are biggest where gas is expensive and electricity is cheap. California has very high gas prices but also high electricity rates. Parts of the South, Midwest and Pacific Northwest have low power prices, which favor EVs. Plug your own numbers into the calculator for an honest answer.
Frequently asked questions
Does cold weather change the math?
Yes. EV range and efficiency drop in winter, often by 10–30%, because the battery and cabin need heating. Gas cars also get worse mileage in the cold, but by less.
Can I charge from a regular outlet?
Yes. A standard 120-volt outlet adds about 3–5 miles of range per hour, enough for short commutes.
What about time-of-use electricity rates?
Many utilities offer cheaper overnight rates. Charging off-peak can cut home charging costs further.
Sources: AAA national gas price average (September 25, 2026); U.S. Energy Information Administration residential electricity data (April 2026).
