Electric vehicles generally use energy more efficiently than gasoline vehicles, but that does not automatically make every EV cheaper to own. Purchase price, depreciation, insurance, charging and annual mileage can all change the result.
Current U.S. energy-price snapshot
The U.S. Energy Information Administration reported a national average regular gasoline price of $4.085 per gallon on August 24, 2026.
EIA’s June 2026 data shows an average U.S. residential electricity price of 18.34 cents per kWh.
Both prices vary substantially by state, so local prices provide a better personal estimate.
30 MPG gasoline example
At $4.085 per gallon:
$4.085 ÷ 30 MPG = about 13.6 cents per mile
At 12,000 miles per year, that equals approximately $1,634 in gasoline.
28 kWh/100-mile EV example
At 18.34 cents per kWh:
28 × $0.1834 ÷ 100 = about 5.1 cents per mile
At 12,000 miles per year, that equals approximately $616 in electricity.
The example EV therefore saves roughly $1,018 per year in energy.
Energy is not the full ownership cost
A complete comparison should also consider purchase price, depreciation, insurance, maintenance, financing, charger installation, public charging and applicable state fees or incentives.
Compare with your own prices
Sources
U.S. Energy Information Administration Weekly Retail Gasoline Prices and Electric Power Monthly.
Prices are dated U.S. benchmarks and may change. Enter your local prices for a personal comparison.