The big question
"Will an EV actually save me money?" I hear this all the time. The honest answer is: it depends. But I can help you figure out what it depends on.
Important note: This article focuses on fuel/energy costs only. Total cost of ownership includes insurance, maintenance, depreciation, taxes, and more. For that full picture, check out the ownership calculator.What affects the cost
Electricity prices
How much you pay to charge varies a lot:
- Where you charge: Home is cheapest. Public fast chargers cost the most.
- Time of day: Off-peak rates can be 50% cheaper than peak rates.
- Your tariff: Some providers have special EV rates that are worth looking into.
Current averages (late 2025):
- US residential average: around $0.18/kWh (EIA data)
- EU household average: around €0.29/kWh (Eurostat data)
- Public fast charging US: around $0.35-0.40/kWh (AAA data)
- Public fast charging UK: 50-75p/kWh (Zapmap data)
Your rate could be higher or lower. Check your actual bill.
Fuel prices
Petrol and diesel prices are all over the place. We've all seen those wild price swings that make it hard to plan.
Current averages (late 2025):
- US regular gasoline: around $3.10-3.20/gallon (EIA data)
- EU petrol: varies widely by country, €1.50-2.00/L is common
How much energy you use
EVs typically use 15-20 kWh per 100 km (24-32 kWh per 100 miles). Petrol cars average 6-8 litres per 100 km (29-39 MPG US / 35-47 MPG UK). But these numbers change based on:
- How you drive
- Weather
- Car size and weight
- City vs highway
Some example scenarios
These are just examples to show how much pricing matters. Your numbers will be different.
Scenario 1: Home charging with average rates
Tesla Model 3 (US):- Uses about 26 kWh/100 mi (including ~10% charging loss)
- US average rate: $0.18/kWh
- Cost per 100 miles: $4.68
- Gets about 34 MPG
- US average gas: $3.15/gal
- Cost per 100 miles: $9.26
The EV is about 50% cheaper on fuel in this scenario.
Scenario 2: Home charging with off-peak rates
If you have a time-of-use tariff and charge overnight, savings get even better.
Tesla Model 3 (US):- Uses about 26 kWh/100 mi
- Off-peak rate: $0.08/kWh (available in many areas overnight)
- Cost per 100 miles: $2.08
That's 78% cheaper than the petrol car. Off-peak charging is where EVs really shine.
Scenario 3: Public fast charging only
Tesla Model 3 (US):- Uses about 26 kWh/100 mi
- Public fast charger average: $0.38/kWh
- Cost per 100 miles: $9.88
- Gets about 34 MPG
- US average gas: $3.15/gal
- Cost per 100 miles: $9.26
With public fast charging only, it's basically a wash. The EV advantage disappears.
Scenario 4: EU home charging
Tesla Model 3 (EU):- Uses about 16.5 kWh/100 km (including charging loss)
- EU average rate: €0.29/kWh
- Cost per 100 km: €4.79
- Uses about 7 L/100 km
- Petrol at €1.80/L
- Cost per 100 km: €12.60
The EV is about 62% cheaper on fuel here. Higher fuel prices in Europe help the EV case.
Try it yourself
The scenarios above are just examples. Use the fuel cost calculator with your actual electricity rate, fuel price, and consumption numbers. That's the only way to know what applies to you.
The real takeaway
If you charge mostly at home with reasonable electricity rates, EVs are usually significantly cheaper to run on fuel. If you rely on public charging, the advantage shrinks dramatically and can disappear entirely. Either way, this is just fuel costs. The full financial picture includes purchase price, insurance, maintenance, depreciation, road taxes, and charger installation if you need one. That's a bigger calculation. The ownership calculator can help with that.