Compare the fuel cost per mile of an electric vehicle and a gas car. Gas is price ÷ MPG; EV is kWh-per-mile × electricity price. Side by side, the cheaper-to-drive option is obvious.
The example
$3.50/30 MPG vs 0.30 kWh × $0.15.
| A | B | |
|---|---|---|
| 1 | Vehicle | $/mile |
| 2 | Gas | $0.117 |
| 3 | EV | $0.045 |
The formula
The formula:
How it works
How it works:
- Gas cost per mile =
gas_price / MPG. - EV cost per mile =
kWh_per_mile × electricity_price(efficient EVs use ~0.25–0.35 kWh/mi). - Multiply each by annual miles for the yearly fuel cost.
- The gap funds the EV’s often-higher purchase price — feed it into the break-even recipe.
Electricity price swings the answer. Home charging at $0.15/kWh makes an EV far cheaper per mile; expensive public fast-charging can erase the advantage. Use the rate you’ll actually pay — and remember fuel is only part of TCO. The per-mile gap is the input to a full break-even against the price premium.
Try it: interactive demo
Gas: price & MPG. EV: kWh/mi & $/kWh.
Variations
Annual fuel cost
Either vehicle:
Savings per mile
The gap:
MPGe equivalent
EV efficiency:
Pitfalls & errors
Real electricity rate. Home vs public charging differ hugely — use your actual cost.
Fuel isn’t everything. Compare full TCO, not just cost per mile.
kWh/mi varies. Cold weather and speed raise an EV’s consumption.
Practice workbook
Frequently asked questions
How do I compare EV and gas cost per mile in Excel?
How do I get annual fuel savings?
What's MPGe?
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