EV vs Gas in 2026: The Real Cost Per Mile and 5-Year Savings

EV vs gas: what does each cost per mile in 2026?

An EV charged at home costs about 4.7¢ per mile in 2026. A typical 28 mpg gas car costs about 11.4¢ per mile. So the EV runs at roughly 40% of the gas fuel cost per mile, before you touch maintenance.

Those two numbers do most of the work in this whole comparison, so it helps to see where they come from. The gas figure is simple division: $3.20 per gallon divided by 28 miles per gallon equals 11.4¢ per mile. The EV figure depends on two things, your electricity rate and your car's efficiency in miles per kWh (mi/kWh).

We'll use a Tesla Model Y Long Range as the example EV throughout. Per EPA data on fueleconomy.gov, it returns about 3.5 mi/kWh measured from the wall (that already includes charging losses). At the U.S. average residential rate of 16.5¢/kWh, that's 16.5 ÷ 3.5 = about 4.7¢ per mile.

What does charging actually cost, at home vs on the road?

Home charging is cheap and public DC fast charging is not. At 16.5¢/kWh, filling the Model Y's 75 kWh usable battery costs about $12.38 for a full charge. On a public DC fast charger at about 42¢/kWh, that same charge costs roughly $31.50, about 2.5 times more.

That price split is the single biggest variable in EV running costs. Home Level 2 charging (a 240-volt circuit, often on a NEMA 14-50 outlet) is where the 4.7¢/mile math holds. DC fast charging is for road trips, not daily driving, and it changes the per-mile cost dramatically.

Notice the bottom-right number. At 42¢/kWh, an EV that fast-charges for everything sits at about 12.0¢ per mile, which is basically the same as the 11.4¢ gas car. The EV advantage lives almost entirely in home charging.

Your state matters too. The cheapest states to charge include North Dakota (about 10.9¢/kWh), Idaho (about 11.4¢), Wyoming (about 11.5¢), Utah (about 11.6¢), Nebraska (about 11.7¢), and Washington and Louisiana (about 11.9¢). The most expensive are Hawaii (about 41¢), California (about 31.8¢), Massachusetts (about 30.5¢), Connecticut (about 29.5¢), and Rhode Island (about 28¢).

How much do you save on fuel per year?

At 12,000 miles a year, a home-charged EV saves about $800 a year in energy versus a 28 mpg gas car. The EV uses about $564 of electricity; the gas car burns about $1,371 of fuel. The gap is the per-mile difference (11.4¢ minus 4.7¢) multiplied by miles driven.

Drive more and the savings scale up. The math is linear, so heavy drivers benefit most and low-mileage drivers least. Here's how it plays out at three common annual distances.

A quick reality check on the assumptions: these use 16.5¢/kWh, 3.5 mi/kWh, $3.20/gallon, and 28 mpg. Swap in a thirstier gas car (say 22 mpg) and the savings jump. Swap in a pricier local electricity rate and they shrink. That sensitivity is exactly why national averages only get you so far.

Do EVs really cost less to maintain?

Yes. EVs typically cost about 40% less to maintain than comparable gas cars. An electric drivetrain has far fewer moving parts, so it skips oil changes, spark plugs, timing belts, exhaust and emissions systems, and most transmission service.

Two mechanical facts drive the savings. First, there's no internal combustion engine, so the entire oil-change and engine-service cycle disappears. Second, regenerative braking uses the motor to slow the car and recover energy, which means brake pads and rotors wear far more slowly. Many EV owners go well past 100,000 miles on original brakes.

EVs aren't maintenance-free, though. You still pay for tires (they can wear a bit faster because EVs are heavier and torquey), cabin air filters, wiper blades, brake fluid, and 12-volt battery replacements. Tires are the line item most likely to surprise new EV owners.

• Gone on an EV: engine oil and filter changes, spark plugs, timing belts, exhaust and emissions repairs, most transmission service.
• Still there: tires, cabin filters, wiper blades, brake fluid, coolant service, 12V battery, alignment.
• Reduced by regen braking: brake pad and rotor wear, sometimes by half or more.

Put a rough dollar figure on it. If a gas car averages about $1,200 a year in maintenance and repairs over five years, a 40% cut is roughly $480 a year saved, or about $2,400 across five years. Treat that as a ballpark; real numbers swing with the model and how you drive.

What's the 5-year total cost of ownership?

Over five years and 60,000 miles, a home-charged EV saves roughly $6,000 in running costs versus a 28 mpg gas car: about $4,000 in fuel plus about $2,000 in maintenance. Whether the EV wins overall then depends on its purchase price and how you charge.

Total cost of ownership (TCO) has two halves. The running costs favor the EV clearly. The purchase price often favors the gas car, at least up front. Here's the running-cost side over five years at 12,000 miles a year, using the same canonical assumptions.

So on running costs alone the EV is roughly $6,400 cheaper across five years. That is the pot of money that has to cover any price premium on the EV. If the EV costs more than $6,400 extra to buy, it hasn't broken even yet at this mileage. If it costs less extra, you're ahead from day one.

How long until an EV pays back its higher price?

Break-even depends on the price gap divided by yearly savings. If an EV costs $6,000 more than a comparable gas car and saves about $1,300 a year in fuel and maintenance, it breaks even in a bit under 5 years. A smaller gap or higher mileage shortens that; a bigger gap or a low rate lengthens it.

The formula is worth memorizing: break-even years = price premium ÷ annual running-cost savings. Using about $1,287 a year in combined savings at 12,000 miles (fuel plus 40% lower maintenance), here's how different price gaps land.

Two things move break-even in your favor. Higher annual mileage widens the fuel gap, so a 15,000-mile-a-year driver breaks even faster than a 10,000-mile one. And if the EV is at price parity or cheaper than the gas equivalent, which is increasingly common on used EVs, you save from the first mile.

When does an EV not save money?

An EV can fail to save money in three situations: very high local electricity rates, unusually cheap local gas, and heavy reliance on DC fast charging. Any one of these can erase the per-mile advantage; combine two and a gas car can be cheaper to fuel.

Start with rates. In Hawaii (about 41¢/kWh), the Model Y costs about 11.7¢ per mile to charge at home, right on top of the 11.4¢ gas car. California, Massachusetts, Connecticut, and Rhode Island all sit in the high-20s to low-30s per kWh, which shrinks the gap to pennies. If you also have cheap gas nearby, the math can flip.

Now add fast charging. If you can't charge at home and lean on public DC fast charging at about 42¢/kWh, you're paying roughly 12.0¢ per mile, more than the gas car. No-home-charging apartment dwellers are the group most likely to see an EV cost more to fuel than gas.

• High-rate state (Hawaii, California, the Northeast) plus cheap local gas: the fuel gap can vanish.
• No home charging, mostly public DC fast charging at about 42¢/kWh: about 12.0¢/mile, above the gas car.
• Very low annual mileage: real savings are small, so a price premium takes many years to recoup.
• A gas car that's already paid off and reliable: keeping it can beat buying anything new.

The honest takeaway: EVs win on cost for most drivers who charge at home and drive average or above-average miles. They win least for high-rate, fast-charging-dependent, low-mileage drivers. Run your own numbers before assuming either way, because the averages hide a lot of spread.

Common questions

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