Electric car vs gas car
See if an electric car saves you money. Enter your miles, gas price and electric rate to get yearly savings and payback time. Free, no sign-up.
5-year net savings
+$740
$1,890 charging savings minus $1,150 net upfront installExample calculationYes, Level 2 home charging pays back in 37 months
Cutting public fast-charging trips from 35% to 5% of your 12,000 annual miles and boosting home charging efficiency from 80% to 90% saves $378/yr. Your $1,150 net install pays for itself in 37 months (3.0 years) and nets +$740 over 5 years.
Net upfront install
$1,150
$1,400 gross minus $250 rebateAnnual charging savings
+$378/yr
$621/yr L2 vs $999/yr baselinePayback period
37 mos (3.0 yrs)
Break-even on $1,150 net installL2 vs L1 efficiency gain
+$46/yr
90% L2 vs 80% L1 wall efficiencySide-by-side annual and 5-year charging breakdown
| Cost or energy item | 120V Level 1 + public | Home 240V Level 2 |
|---|---|---|
| Upfront hardware & 240V electrician cost (net of rebate) | $0 | $1,150 |
| Share of miles charged at public stations | 35% (1,273 kWh) | 5% (182 kWh) |
| Annual public charging spend ($0.46/kWh) | $585 | $84 |
| Home wall electricity pulled (after 80% vs 90% efficiency) | 2,955 kWh | 3,838 kWh |
| Annual home electricity spend ($0.14/kWh) | $414 | $537 |
| Total annual charging cost | $999 | $621 |
| 5-year cumulative total cost (upfront + 5 yrs charging) | $4,995 | $4,255 |
5-year cumulative payback trajectory
See how annual public-charging and efficiency savings pay down the upfront 240V installation cost:
| Horizon | Cumulative baseline cost | Cumulative Level 2 total | Charging savings to date | Net gain after install |
|---|---|---|---|---|
| Year 1 | $999 | $1,771 | $378 | -$772 |
| Year 2 | $1,998 | $2,392 | $756 | -$394 |
| Year 3 | $2,997 | $3,013 | $1,134 | -$16 |
| Year 4 | $3,996 | $3,634 | $1,512 | +$362 |
| Year 5 | $4,995 | $4,255 | $1,890 | +$740 |
How this calculator works
A 120V Level 1 cord adds roughly 3 to 5 miles of range per hour. When you drive 40 to 60 miles on back-to-back days or run weekend errands, a 120V outlet often cannot recover the battery before Monday morning, pushing drivers to $0.40 to $0.55/kWh public DC fast chargers for 25% to 50% of their energy. Installing a 240V Level 2 charger adds 25 to 35 miles of range per hour, letting you shift almost all daily charging back to $0.12 to $0.16/kWh home off-peak power.
Why 240V Level 2 uses less electricity from the wall than 120V Level 1
Every hour your EV is actively charging, its onboard AC-to-DC converter, battery management computers, and coolant pumps draw 250 to 400 watts of overhead power. Because a 120V Level 1 session takes three to four times longer than a 240V Level 2 session, SAE and Idaho National Laboratory testing shows Level 1 averages roughly 80% wall-to-battery efficiency (and drops into the 70% range in freezing weather), compared with 89% to 92% efficiency for Level 2.
Frequently asked questions
When is a 120V Level 1 outlet enough on its own?
If you drive under 30 miles per day, park in an attached garage for 12+ hours every night, and almost never visit paid public chargers, a Level 2 charger saves only $35 to $55 per year in charging efficiency. In that case, a 240V install is a convenience upgrade rather than a money-saver.
Why do electrician quotes for a 240V EV charger vary from $500 to $3,000?
Distance from the breaker panel and spare amperage capacity drive the price. A circuit run of 5 feet next to a modern 200A panel in an unfinished garage often costs $450 to $800. Running conduit 60 feet from a basement panel on the opposite side of the house or upgrading a full 100A panel can push installation to $2,000 to $3,500.
Can I avoid a $2,500 service panel upgrade on a 100A panel?
Often yes. Setting a hardwired EVSE to 24A or 32A instead of 48A, using a UL-listed dryer circuit splitter, or installing an EVSE with an automatic dynamic load-management meter clamp lets most 100A homes charge overnight without replacing the main service panel.
Benchmark sources and dates
Starting assumptions are example benchmarks, not binding quotes. Change any input to match your own bills or offers.
| Assumption / Input | Starting value | Source | Checked |
|---|---|---|---|
| Level 2 EVSE charger hardware and 240V electrician installation cost | $450 charger hardware + $950 electrician installation ($250 utility/tax rebate) | U.S. Department of Energy Alternative Fuels Data Center Charging Infrastructure | 2026-04-01 |
| Residential off-peak electricity rate | $0.14/kWh | U.S. Energy Information Administration Electric Power Monthly | 2026-04-01 |
| Public DC fast and commercial Level 2 charging rate | $0.46/kWh | National Renewable Energy Laboratory EV Charging Pricing Benchmarks | 2026-04-01 |
| Level 1 (120V) vs Level 2 (240V) wall-to-battery charging efficiency | 80% Level 1 vs 90% Level 2 efficiency at 3.3 mi/kWh | SAE International and Idaho National Laboratory EVSE Charging Efficiency Study | 2026-04-01 |