New Jersey EV charging vs. gas costs
New Jersey's average residential electricity rate is 23.53¢/kWh,above the national average by 25%. Gasoline averages $3.84/gallon, above the national average by 1%. That ranks New Jersey #40 of 51 for cheapest electricity and #32 for cheapest gas.
Cost per mile in New Jersey
Charging an EV at 3.5 mi/kWh on New Jersey's 23.53¢/kWh residential rate works out to about 6.7¢ per mile. A gas car at 28 MPG paying $3.84/gallon pays about 13.7¢ per mile — roughly 2.0× as much per mile driven.
Example: 12,000 miles a year in New Jersey
A gas car at 28 MPG driving 12,000 miles a year in New Jersey spends about $1,646 on gasoline. An EV at 3.5 mi/kWh charging at home over the same distance spends about $807 on electricity — a difference of $839 a year, or about $4,195 over five years.
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Frequently asked questions
Is it cheaper to drive an EV or a gas car in New Jersey?
In New Jersey, an EV charging at home costs about 6.7¢ per mile, versus about 13.7¢ per mile for a 28 MPG gas car at the state's $3.84/gallon average. The EV is cheaper to fuel per mile.
How much can an EV save per year in New Jersey?
Driving 12,000 miles a year, an EV owner in New Jersey spends about $807 on home charging versus $1,646 on gasoline — a saving of roughly $839 per year, or $4,195 over five years.