Gas vs. electric: when does an EV pay for itself?

Pick a gas car and an electric car, add how much more the EV costs up front, and see the year it catches up.

Gas car

Electric car

State

Miles per month1,000 mi

Extra upfront cost of the EV$5,000

After any discounts or incentives you qualify for

The Model Y earns back its $5,000 extra cost in about 9.9 years in Texas.

RAV4 fuel$997/ year41 mpg

Model Y charging$494/ year25.7 kWh/100 mi

You save with the EV$503/ year

Extra upfront cost plus fuel or charging, added up year by year

RAV4 (gas)Model Y (electric)

Uses each car's median EPA version (RAV4 AWD Limited & XSE; Model Y Standard RWD (19in Wheels)) and home charging at Texas's average rate.

Miles ÷ EPA combined mpg × your state's average price for the fuel grade EPA rated the car on.

Miles × EPA kWh per 100 miles × your state's average home electricity rate. EPA ratings already include charging losses.

Extra upfront cost ÷ yearly energy savings. Insurance, maintenance and resale value aren't included yet.