The simple answer to that popular question is this: A small fortune—especially if you understand the best times to charge at home.
It is often the first question people ask when they consider making the switch from an internal-combustion (ICE) vehicle to an electric vehicle (EV): How much will I save? The complicated answer includes the cost of purchasing an EV and the various rebates and grants that might be available in your area, which can significantly reduce the cost of EV ownership.
For this article, we'll stick with the simple answer based on what you will save purely at the pump.
Finding the best charging rates
Like gas prices, electricity rates vary based on where you live, the time—during the day or night—that you charge, and where you charge—at home or at a public charging station.
For this comparison, our EV is charged at home using an AC charger such as Spark's 40A NEMA, and 48A or 80A hardwired residential chargers. Spark's AC chargers come with an industry-leading 5-year warranty as well as Spark's innovative AC App that helps users optimize charge times—our app is designed to help you charge your EV when rates are at their lowest to maximize savings and minimize electrical costs both at home and abroad.
The least expensive electricity rates are found during off-peak hours, specifically overnight. Overnight charging from home gives you the most flexibility in electricity rates, and can also be the most convenient, which is why purchasing a residential EV charger is a priority for most EV owners.
Fuel Operating Cost Comparison
The following comparison is based on a typical 45-mile (approximately 72 km), daily commute for 20 workdays a month. We have used average Canadian (Toronto and Ontario) fuel and electricity rates to calculate the following:
ICE Scenario
- Fuel efficiency: ~8 L per 100 km (average for a compact/mid-size car)
- Daily fuel use: 72 km → 5.76 L
- Gas price: ~137.9 ¢/L (Toronto average, June 16 2025) (toronto.citynews.ca, GasWizard)
- Daily fuel cost: 5.76 L × $1.379 = $7.95
- Monthly (20 days): $7.95 × 20 = $159
EV Scenario
- EV efficiency: ~0.20 kWh/km → 72 km/day = 14.4 kWh/day
- Charging rate (ULO overnight): 2.8 ¢/kWh
- Daily electricity cost: 14.4 kWh × $0.028 = $0.40
- Monthly cost: $0.40 × 20 = $8.00
That's a 95 percent savings per month based on home charging at night. Your average will vary based on your local rates, but it's clear to see the potential benefits of driving an EV that you charge at home.
What about peak-period charging?
If you cannot charge at night, the savings are still considerable. Even at a mid-peak electricity rates (12.2 ¢/kWh), the monthly cost to charge your EV would be roughly $35–$40 — still significant savings compared to the $151 paid at the pump. (energyshop.com, theguardian.com, hydroone.com, londonhydro.com)
If you are considering an EV, you likely already know about the many environmental benefits. What's better than contributing to a cleaner environment while also saving considerable fuel costs and reducing your monthly budget? That's a win-win for the planet and your pocketbook.
For more information on Spark's full-line of innovative residential AC chargers backed by our industry-leading 5-year warranty, click here.
References:
Gas Wizard (Toronto) : Reports a regular gas price of 138.9 ¢/L on June 16, 2025
Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry : Shows May 2025 pump prices in Toronto at 136.3 ¢/L, offering provincial context
Ontario Energy Board / Hydro One / Toronto Hydro:
Ultra-Low Overnight (ULO) : 2.8 ¢/kWh nightly (11 p.m. – 7 a.m.)
Mid-Peak (TOU) : 12.2 ¢/kWh
London Hydro rate sheet : Confirms ULO overnight at 0.028 $/kWh, mid-peak 0.122 $/kWh, off-peak 0.076 $/kWh, on-peak 0.284 $/kWh
ICE Compact / Mid-Size Car (~8 L/100 km):
Natural Resources Canada Fuel Consumption Guide, provides combined fuel efficiency ratings for typical compact to mid-size gasoline vehicles around 8 L/100 km
EV (~0.20 kWh/km):
Wikipedia – Energy efficiency in transport reports that a Tesla Model 3 uses about 15 kWh/100 km, which is 0.15 kWh/km
Other mainstream EVs (e.g. Nissan Leaf, Chevrolet Volt) typically fall in the 15–20 kWh/100 km range (i.e., 0.15–0.20 kWh/km)