Soaring gas prices have been a constant concern since the war on Iran started in February. But many electric vehicle owners are insulated from the pain at the pump.
Yet, is it worth it to buy an electric vehicle, especially after federal tax credits ended last year? There are many online resources to research whether to purchase an EV. But what are some general pros and cons of owning one? (Learn about hybrid vehicles here.)
Is charging an EV cheaper than filling your gas tank?
According to Consumer Reports, “the cost of charging an EV is almost always hundreds of dollars less per year than the fuel costs for a similar gas-powered vehicle.” But charging costs depend on the price of electricity and gasoline where you live and the type of EV and battery.
Consumer Reports has a car comparison tool that shows how gas and electricity costs will add up over five years based on vehicle type.
In Chicago, gasoline prices are generally high. For example, the average price for regular gas hit $5.05 on Tuesday and $6.86 for diesel. The national average was $4.29.
Meanwhile, residential electricity prices in Chicago averaged $14.91 per kilowatt-hour in October, while the average national rate was $17.41, according to data website Power Outage. Electricity rates vary according to the electric company, plan and time of day.
The cost of charging an EV is determined by multiplying the electricity rate by battery capacity, said Chicago EV, a company that installs chargers.
For example, a Tesla Model 3 has a 50 kWh battery. If the local electricity rate is $0.15 per kWh, then a full charge would cost $7.50, according to Chicago EV. The Tesla Model 3’s range is about 240 miles on a full charge. So it costs just over 3 cents per mile to drive.
Compare that to about 32 miles per gallon for a standard Toyota Corolla, which translates to 15 cents per mile if gas is $5 per gallon.
Federal tax credits are gone, but are there other financial incentives?
The One Big Beautiful Bill Act signed by President Donald Trump ended federal EV tax credits of up to $7,500 in September 2025. Last year, EV sales spiked ahead of the deadline, then fell to 6.5% of U.S. car sales in the third quarter, according to Cox Automotive.
Meanwhile, sales of hybrid EVs sharply increased this year. Nearly 25% of all vehicle sales in the third quarter were electrified, including hybrid EVs and plug-in models, said Cox.
But Illinois still offers EV rebates ranging from $2,000 to $4,000 depending on income, as well as $1,500 for electric motorcycles. The latest cycle for the rebate program began Aug. 1 and will be open until Dec. 31 or until funds run out, according to the Illinois Environmental Protection Agency. The program started in 2022 under the state’s Climate and Equitable Jobs Act.
Eligible Illinois residents who buy an EV that costs less than $80,000 from a licensed Illinois dealer may qualify for a rebate.
In addition, ComEd, the Chicago-area electric utility, offers rebates on Level 2 home charging stations for eligible residents. Maximum rebates range from $750 to $2,000 depending on income. ComEd’s rebate program started in 2024.
EV charger installation costs vary, but buying and installing a Level 2 home charger in Illinois can cost roughly $1200 to $2,500, according to local contractor Reliant Electrical. Older homes might need wiring upgrades that could add thousands more.
Is it more expensive to buy an EV than a gas-powered car?
Yes. The average price for a new EV was $56,126 in July, according to Cox Automotive. That was, on average, $6,477 more than a new conventional gas-powered vehicle. For used EVs, the average price was $37,832 as of July.
Tesla led U.S. sales of EVs, followed by Rivian, Hyundai, Toyota and Cadillac.
Automakers may also offer rebates and discounts, so check with them.
What kind of range do EVs have?
Today, electric vehicles typically have ranges of 200 to 300 miles on a full charge, according to auto insurer Insure on the Spot.
Car and Driver tested 10 EVs driving at 75 miles per hour. Their range varied from 280 miles for a Rivian to 410 miles for a Lucid Air and 400 miles for a Chevrolet Silverado.
Longer road trips require planning to map charging stations along the route. Fast charging stations can replenish an EV’s battery to about 80% in roughly 30 minutes, said Insure on the Spot. But keep in mind that cold temperatures, like those Chicago winters, can temporarily reduce an EV’s range by 20% or more.
Is it hard to charge an EV? Where can you charge them around Chicago?
For those without home chargers, finding charging stations requires planning. Several websites and apps have maps of EV charging stations in the Chicago area, such as ChargeHub and the city of Chicago. Other apps include PlugShare, GRID.com and EVgo.
As of October 2024, Chicago had 860 public EV charging stations with 4,829 charging ports, according to the city’s Department of Transportation. Chicago had fewer chargers per vehicle than the country, state and county. In Cook County, there were nearly 49,000 EVs, as of this August, according to Illinois data.
Getting an EV charger in a condo or apartment building requires approval from the building manager or landlord. In the five-year period from 2020 to 2024, 75% of new Chicago apartment buildings offered EV charging, said ChargeHub. They are more common in newer residential buildings in neighborhoods such as River North, West Loop, Fulton Market and Gold Coast.
Is it more expensive to insure an EV?
Generally, yes. Insuring EVs can cost 10% to 20% more than conventional gasoline cars because they are more expensive to fix or replace after an accident, according to Insure on the Spot. But many EVs have advanced safety features that might qualify owners for insurance discounts.
Are EVs cheaper to maintain?
Generally, yes. EVs have fewer moving parts and don’t need oil changes. EV maintenance and repair costs are about 40 percent lower than comparable gas vehicles, said the Natural Resources Defense Council.
What are the environmental and health impacts of EVs?
EVs help cut air pollution. In Cook County, on-road transportation accounts for 58% of total greenhouse gas emissions, according to the City of Chicago. But EVs don’t emit tailpipe emissions, making them cleaner compared to gasoline or diesel vehicles, especially if charged with renewable energy such as solar.