According to the U.S. Environmental Protection Agency, an average all-electric car requires $3.74 worth of electricity to travel 100 miles. A comparable conventional car costs $13.36.

This is based on assumptions of average fuel and electricity costs, and your actual difference may of course vary. Otherwise, this means everyone stands to save money, and on average this is $9.62 out of every 100 miles.

For someone who drives 12,000 miles per year, a conventional car driver would average $1,603 in fuel costs versus an EV driver who’d pay $449 for electricity.

This equals $1,154 saved per year, and – not accounting for rising gasoline prices almost certain to happen – it equals $5,771 saved in five years.

For more info on this analysis, you can consult the Alternative Fuels Data Center or visit an online government-sponsored conversion site to calculate costs.