Now That Gas Is More Than $4 a Gallon, How Much Can an EV Save You?

For years, there’s been a reliable cost equation for electric vehicles: You’ll spend a little more up front to purchase the EV compared to a traditional internal-combustion engine automobile, but you’ll recoup that money gradually via the savings from charging your car instead of buying gasoline.

But how much does EV charging really save you compared to filling a gas tank?

A quick survey of Reddit threads indicates no clear consensus from drivers. In one corner, new EV owners say they’re saving hundreds of dollars a month by charging at home. In the other, skeptics claim that pricey public superchargers and the cost of installing a home charger can quickly erase any supposed savings.

The deeper we burrowed down the Reddit rabbit hole, the more we found that not all Americans are ready to join the EV revolution. We heard the same message in a CNET survey from summer 2024, which found 43% of US adults have concerns about purchasing EVs. About 21% of respondents cited charging costs as a negative factor. 

That’s why we asked industry experts the big question: Is it cheaper to charge an electric vehicle than fueling a gas-powered car? The verdict is in and based on current US averages, EV charging wins out. 

The price of gasoline is volatile and, in some areas, expensive. Electricity also varies in price, but “it’s significantly cheaper” than gasoline, said Anastasia Boutziouvis, solution product manager at ChargePoint, a company that operates the world’s largest network of EV charging stations in North America and Europe. That means recharging an EV likewise will usually be considerably less expensive than topping off a gas-powered car’s fuel tank.

“Generally, I find that charging an EV is less expensive than filling up a gas-powered car even in my neck of the woods, California, where we have the second-highest energy rates in the US,” said Antuan Goodwin, CNET’s 17-year auto and EV expert. “That’s probably because California also has the highest gas prices in the US, as well.”   

Now that military actions in the Persian Gulf have caused gasoline prices to spike rapidly, the cost savings for EV charging have grown even larger. Though gas prices may not stay above $4 forever, we’ll show you the math on how much cheaper charging an EV is compared to a car with an internal combustion engine.

We do the math: Comparing EV charging to filling a gas tank

When considering the costs of fueling or charging an electric car versus a gas car, the differences are stark and fairly obvious. EVs are propelled by electricity that is stored in batteries, which need to be recharged. 

Gas-powered cars or those outfitted with internal combustion engines are fueled by burning gasoline. 

Using averages from government data sources and AAA fuel prices, we did the math and charted the monthly charging and fueling costs side-by-side. 

These calculations use US driving averages for both EVs and ICE cars in data points such as fuel economy, miles driven, cost of electricity and gasoline, power needed for the average EV and more. You could drive a lot more (or less) and, accordingly, see your fuel costs vary remarkably.

EV charging vs. fuel costs: A real-life example

To ground the averages in something more concrete, here is a real-world example from a CNET reader who tracks every mile and every kilowatt with impressive detail. It offers a useful look at how charging and fueling costs play out over thousands of miles in the same household.

We received this data from Chris Centers of San Jose, California, who reached out after running his own long-term cost comparison between a Rivian R1T and a Jeep Renegade Trailhawk. He shared his charging records, odometer logs and maintenance receipts so we could verify the numbers.

Even with California’s high gas prices, high electricity rates and the added cost of relying on public charging instead of cheaper home charging, the Rivian still comes out meaningfully cheaper per mile for this owner. In this particular case, the EV is roughly 25% to 30% less expensive to operate than the gas SUV over the same driving conditions in the same household, according to Centers.

EV charging costs vs. fuel costs (US averages)

*Calculations based on an average of 1,250 miles of distance covered in one month

*Based on US averages using these data sources:

Using US averages, we calculated the monthly cost of driving 1,250 miles in both an average electric vehicle and an average gas-powered car to create the graphic above. Here are the average US figures we used to do the math.

Using US averages, we found the monthly cost of charging an EV to be $73 versus $188 to fuel a car with an internal combustion engine. That means the average savings for EV charging is $115 per month or $1,380 per year.

Using the same figures above, here’s a yearly cost comparison:  

Again, prices for gasoline and electricity vary by location — so your actual savings may be more or less. For example, outlier states like Hawaii (39.8 cents per kWh) and California (30.3 cents per kWh) are far above the national average of 17.5 cents per kWh that we used in our math above. 

The type of car or EV you have also plays a factor in cost savings. A Tesla Model 3 and a Ford F-150 Lightning — while both EVs — won’t have the same power efficiency. 

Monthly cost of charging an EV

The cost to fuel or charge an EV depends on several factors, but the cheapest way to do it is to charge your EV at home, during off-peak hours. In other words, charging your EV overnight with an at-home charging setup is likely the least costly way to recharge, and in some areas, may only cost a dollar or two — a fraction of the price of a gallon of gas.

Boutziouvis said that “at a high level, what we’re seeing is that the costs are about one-half or one-third of the costs of a gas-powered car” in terms of getting a “full tank,” so to speak.

She said it can cost a few dollars, on average, to recharge an EV. Assuming that you’re charging your EV at home using your own charger, the price of doing so really boils down to what you pay for electricity. “It’s totally based on local utility rates, and those vary across the US,” she said. 

Overall charging cost may also depend on whether you have a fixed-rate or variable electric rate, or how your chosen energy plan outlines its time-of-use rates throughout the day.

The cost of EV charging at home vs. public EV charging 

Another critical aspect that EV owners need to consider is the difference in costs between charging at home versus charging in public. If you don’t have a charger or the ability to charge your EV at home, you’ll need to do it somewhere else. There are public charging stations in many places, such as retail parking lots. Here’s an in-depth guide to where you can charge for free.

At-home charging tends to be cheaper, although there can be upfront costs when installing an EV charger and possibly upgrading your home’s electrical system. AAA added a price tracker for public EV charging to its fuel prices coverage, and the current average cost as of Sept. 2, 2025, is 36.5 cents per kWh, more than double the cost of charging at home.

Home charging costs 

As noted, the costs of charging at home depend on what you pay for electricity, which will vary depending on where you live. Electricity tends to be more expensive in Hawaii, New England and California and less expensive in western and Midwestern states, such as North Dakota, Utah and Washington. The nationwide average is just over 17.5 cents per kilowatt hour.

Another thing to keep in mind is that some states with deregulated energy markets — more commonly known as energy choice markets — may have additional incentives available to EV drivers. Some states “offer really cool plans where they’ll give you [EV] charging for free,” said Boutziouvis. She also mentioned certain energy providers may offer incentives that are “almost like a cellphone plan, with unlimited charging for $20 per month” or something similar. 

Another way to save money is to use smartphone apps to schedule EV charging during off-peak hours or when electricity rates are the cheapest (usually overnight).

Driving electric can give you a degree of control over your operating costs, said Goodwin. 

“I can save money by charging at home or pay more for the convenience of fast charging on longer trips,” he said. “Or you go to the extreme of investing in solar or home energy storage for even more flexibility and energy independence in the long run — versus combustion cars where I’m simply at the mercy of gas prices.”

Public charging costs

As for public charging, Boutziouvis said there are “different ways to price it,” as most public charging stations are independently owned and pricing is therefore up to the owner. Tesla is a notable example. It has its own fleet of charging stations, and in addition to the cost of electricity, it charges 50 cents per minute in “idle fees” to encourage you to drive away and free up chargers for other users.

Aside from Tesla chargers, other stations typically charge either a flat rate, a fee based on consumption or a fee based on the amount of time an EV driver uses the charger, Boutziouvis said. The costs are determined by local electricity rates plus any applicable fees or markup that the charger’s owner implements. 

There are two “levels” or types of charging to know about, which are AC and DC — or level 2 and level 3 charging (more on this below). Effectively, DC charging is much faster and likely more expensive at a public charging station. “DC charging could be $10 to $30 per session,” Boutziouvis said, and takes 20 or 30 minutes to recharge a battery from 0% to 80%. Conversely, “AC public charging could be a couple of bucks,” she said.

“Two to three hours gets you enough range to get back on the road,” said Goodwin. “A true full charge at level 2 could take six to 12 hours, depending on your car and the charging station.” This is why Goodwin recommends the practice of fully charging your EV overnight at home. “That’s usually the cheapest, most convenient option.”

Put another way: The faster the charger, the more expensive it’s going to be. 

There are more ways to save on electric driving costs that require some planning, says Goodwin. “Taking advantage of off-peak charging at home if you’re able, capitalizing on free EV charging at work or while shopping and maximizing local incentives are great starting points.”    

The cost of level 2 vs. level 3 charging

The difference between level 2 and level 3 charging mostly involves speed and the amount of electricity moving through a charger and into an EV’s battery. 

Level 2 charging 

Level 2 charging “is what you’d find in your house,” said Boutziouvis, and usually delivers between 7 and 11 kilowatts to an EV’s battery. That might get the typical EV 30 or 40 miles of range if they charge for a couple of hours. Given that the charging is slower, it may cost a few dollars to charge your EV at a level 2 public charging station.

Level 3 charging 

Level 3 or DC fast-charging, on the other hand, delivers between 50 and 350 kilowatts within the same timeframe. Given that many, if not most, EV homeowners charge at home and overnight, it’s typically not practical to have a level 3 charging setup at home, so these chargers are generally found in public locations. Given that they’re faster, it may cost between $10 and $30 to charge at one, said Boutziouvis.

The costs of EV home charging equipment 

Charging your EV at home may be the cheapest way to refill the battery, but getting a charger hooked up can be a relatively big expense. 

The cost really hinges on whether your at-home electrical setup can handle the addition of a charger. If not, you may need an electrician to replace your electrical panel (the breaker box is likely located in your basement or garage). That can be expensive depending on where you live and other factors. 

Assuming you don’t need an upgrade, Boutziouvis said a charger installation could cost around $700. The costs may vary depending on how far away from your electrical panel the charger is. More distance means higher costs, as more materials are required. If you do need an upgraded electrical setup, a new electrical panel can cost a few thousand dollars.

There may also be some utility discounts and incentives. Duke Energy, for instance, provides a one-time credit of more than $1,100 per charger in some areas.

A good rule of thumb is that if you plan on shopping around for a charger, check with multiple companies, check with your utility for credits and rebates and explore all applicable tax incentives to ensure you get the best deal.

Read more: Best Home EV Chargers for 2026

How we do the math: Gas costs vs. EV charging costs