Electric vehicles often cost more upfront but can save money on fuel over time. This calculator compares annual gas and charging costs, shows 5- and 10-year totals including the EV price premium, and estimates how long it takes to break even on the higher purchase price.
How to use this calculator
- Enter your expected annual mileage.
- Enter gas price and your gas vehicle's fuel economy in mpg.
- Enter electricity cost and EV efficiency in kWh per 100 miles.
- Enter how much more the EV costs compared to a similar gas model.
- Review operating costs, multi-year comparison, break-even point, and recommendation.
Formula
Annual fuel cost equals miles divided by mpg times gas price. Annual charging cost equals miles divided by 100 times kWh per 100 miles times electricity cost. Break-even years equals the EV price premium divided by annual operating savings when the EV costs less to run.
Example
At 12,000 miles per year with $3.50/gallon gas at 28 mpg and $0.15/kWh at 30 kWh/100 mi, the gas car costs about $1,500/year in fuel vs $540/year to charge the EV. With an $8,000 price premium, the EV breaks even in roughly 8.3 years.
Frequently asked questions
- What is EV efficiency in kWh per 100 miles?
- It is how many kilowatt-hours the EV uses to travel 100 miles. EPA ratings for many EVs fall between 25 and 35 kWh/100 mi depending on model and driving conditions.
- Are tax credits included?
- No. Federal or state EV incentives are not included. Subtract any rebate from the price premium for a more accurate break-even estimate.
- Does this include maintenance savings?
- No. EVs often have lower maintenance costs (no oil changes, fewer moving parts), which could make the EV even more favorable than shown here.