Is charging at home really that much cheaper?

Yes — typically 2–5× cheaper per mile than gas, depending on your electricity rate and the car. Public fast charging is closer to gas pricing in some markets.

Do EVs make sense for road trips?

For most trips, yes — but you'll pay more per mile on fast chargers than at home. Plan stops around chargers and you'll still come out ahead overall.

How long does an EV battery last?

Most modern EV batteries are warrantied for 8 years or 100,000 miles and commonly last well beyond that with normal use.

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EV & Car Costs

EV vs Gas: The Real Cost Per Mile

The CostWise Team September 4, 2025 8 min read

EVs almost always win on fuel cost per mile — but by how much depends on your local electricity rate, your car's efficiency, and whether you charge at home or on the road.

Here's the math, plus the few cases where the gap shrinks.

Table of contents

1. The formula
2. Home charging vs public DC fast charging
3. When the gap shrinks
4. Real-world examples
5. Common mistakes in EV cost comparisons

The formula

EV cost per mile = (kWh per mile) × (electricity rate). Gas cost per mile = (gallons per mile) × (gas price). Plug in your actual numbers — averages can mislead.

Home charging vs public DC fast charging

Home charging at a typical residential rate is dramatically cheaper than gas. Public DC fast charging can cost 2–4× more per kWh, narrowing the gap on long trips.

If you primarily charge at home, your effective fuel cost can drop by 60–80% versus gas.

When the gap shrinks

A few scenarios where EVs lose some of their fuel-cost advantage:

Very high local electricity rates (some coastal markets)
Heavy reliance on DC fast chargers
Cold-weather range loss
Towing or sustained highway speeds

Real-world examples

A driver in a state with $0.12/kWh electricity, driving a 3.5 mi/kWh EV, pays roughly $0.034 per mile at home. The same person in a gas car at 28 mpg and $3.50/gallon pays $0.125 per mile — nearly 4× more. Over 12,000 miles a year, that's about $1,090 in fuel savings.

Now move that same driver to a market with $0.32/kWh electricity and frequent reliance on $0.45/kWh DC fast chargers. The cost-per-mile gap shrinks dramatically, and on long road trips, a fast-charging EV can actually cost more per mile than an efficient hybrid.

A third example: a ride-share driver in a moderate climate who charges overnight at home almost always sees the strongest ROI from an EV. High annual mileage amplifies even small per-mile savings into thousands per year.

Common mistakes in EV cost comparisons

The biggest mistake is comparing your current gas car's real-world cost against an EV's best-case home-charging scenario. To be fair, compare like with like — typical home charging vs typical gas pricing, and worst-case fast charging vs premium fuel.

Another mistake is ignoring depreciation, insurance, and tire wear. EVs are heavier and often eat tires faster. Insurance can be higher due to repair complexity. None of this erases the fuel savings — but it changes the total cost of ownership picture.