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EV vs gas cost in New Jersey: $833 a year saved at 12,000 miles
With New Jersey electricity at 23.98¢/kWh and regular gasoline at $4.31/gal, a typical EV (0.3 kWh/mile, charged 80% at home) costs about 8.5¢ per mile to run versus 15.4¢ per mile for a 28 mpg gas car. That beats gas by $833 a year at 12,000 miles. New Jersey ranks #39 of 51 (50 states + DC) for annual savings and #41 for lowest residential electricity price.
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What the New Jersey numbers say
- Electricity: New Jersey residential average is 23.98¢/kWh year-to-date through July 2026, 32% above the U.S. average of 18.19¢. It is up 8.7% from the same period in 2025. Latest single month (July 2026): 25.19¢.
- Gasoline: $4.31/gal (EIA regional series: Central Atlantic (PADD1B)), up $1.25 from a year ago. The U.S. average is $4.28.
- Cost-equivalent MPG: a gas car would need about 51 mpg to cost the same per mile as this EV in New Jersey.
- If prices move: at 20% cheaper gas ($3.45) the yearly EV saving would be $464; at 20% higher electricity (28.78¢) it would be $695.
What this leaves out: purchase price, tax credits, insurance, maintenance, depreciation, home charger installation, time-of-use rates and cold-weather range loss. Your utility's own rate may differ from the state average. See the methodology.
Cost to run common things in New Jersey
- Space heater (1,500 W): $0.36 per hour
- Electric blanket (200 W): $0.38 per 8-hour night
- Window air conditioner (1,000 W): $0.24 per hour
- Electric clothes dryer: $0.72 per load
- Dishwasher: $0.24 per load
- Refrigerator: $108 per year
- Gaming PC (300 W under load): $0.07 per hour
- EV home charging (per 100 miles): $7.19 per 100 miles
Heating this winter? In New Jersey a heat pump costs about $28.11 per million BTU of heat vs $15.02 for a gas furnace and $46.90 for propane. Heat pump vs furnace in New Jersey.