True Cost of EV Ownership in Canada 2025: Complete Analysis
Beyond the sticker price: calculate the real cost of owning an electric vehicle in Canada including electricity, maintenance, insurance, and depreciation.
NextGreenPath
EV Expert
True Cost of EV Ownership in Canada 2025: Complete Analysis
The sticker price of an EV only tells part of the story. Here's a detailed analysis of the REAL cost of ownership in Canada.
Components of Ownership Cost
1. Purchase Price (After Incentives)
| Province | $50,000 EV | After Rebate |
|---|---|---|
| Prince Edward Island | $50,000 | $45,000 |
| Manitoba | $50,000 | $45,000 |
| New Brunswick | $50,000 | $45,000 |
| Quebec | $50,000 | $46,000 |
| British Columbia | $50,000 | $50,000* |
| Ontario | $50,000 | $50,000 |
| Alberta | $50,000 | $50,000 |
*Program suspended in 2025
2. Electricity Costs by Province
Cost to drive 20,000 km/year:
| Province | Rate (¢/kWh) | Annual Cost |
|---|---|---|
| Quebec | 7.8 | $380 |
| Manitoba | 10.3 | $500 |
| British Columbia | 12.9 | $630 |
| Ontario (night) | 7.6 | $370 |
| Ontario (average) | 13.0 | $635 |
| Alberta | 17.5 | $850 |
| Nova Scotia | 18.0 | $880 |
Quebec and Ontario (night charging) are the cheapest!
3. Comparison: Electricity vs Gasoline
For 20,000 km/year:
| Fuel | Consumption | Price | Annual Cost |
|---|---|---|---|
| Electricity (Quebec) | 4 kWh/100km | $0.078/kWh | $380 |
| Electricity (CAN average) | 4 kWh/100km | $0.13/kWh | $635 |
| Gasoline (8L/100km) | 1,600 L | $1.65/L | $2,640 |
Annual savings: $1,600 to $2,260
4. Maintenance
EVs have far fewer moving parts:
| Service | Gas Car | EV |
|---|---|---|
| Oil changes | $150/year | $0 |
| Transmission | $100/year | $0 |
| Brakes | $100/year | $40/year |
| Tires | $250/year | $300/year* |
| Battery coolant | $0 | $50/year |
| Annual total | $600 | $390 |
*EVs are heavier, slightly faster tire wear
Annual savings: ~$210
5. Insurance
EVs typically cost 10-15% more to insure:
| Type | Average Annual Premium |
|---|---|
| Compact gas car | $1,400 |
| Compact EV (Model 3, Ioniq 6) | $1,600 |
| EV SUV (Model Y, ID.4) | $1,800 |
Additional cost: ~$200/year
Note: Some insurers offer EV discounts (TD, Desjardins)
6. Depreciation
Depreciation is the biggest hidden cost:
| Vehicle | New Value | After 5 Years | Depreciation |
|---|---|---|---|
| Toyota Camry | $35,000 | $17,500 | 50% |
| Tesla Model 3 | $55,000 | $30,250 | 45% |
| Chevrolet Bolt | $38,000 | $15,200 | 60% |
| Hyundai Ioniq 6 | $55,000 | $27,500 | 50% |
Teslas retain their value better than most EVs.
Complete Calculation: 8 Years of Ownership
Scenario: Quebec, 20,000 km/year
| Category | 2025 Honda Civic | 2025 Tesla Model 3 |
|---|---|---|
| Purchase price | $30,000 | $54,990 |
| Provincial rebate | $0 | -$4,000 |
| GST/QST | $4,500 | $7,600 |
| Net price | $34,500 | $58,590 |
| Fuel/electricity (8 years) | $21,120 | $3,040 |
| Maintenance (8 years) | $4,800 | $3,120 |
| Insurance (8 years) | $11,200 | $12,800 |
| Depreciation | -$15,000 | -$24,000 |
| Residual value | $15,000 | $30,590 |
| TOTAL 8-YEAR COST | $56,620 | $47,960 |
The Model 3 costs $8,660 LESS over 8 years!
Factors That Improve the EV Equation
1. The More You Drive, the More You Save
| Annual Mileage | 8-Year Savings |
|---|---|
| 10,000 km | $4,000 |
| 20,000 km | $8,600 |
| 30,000 km | $13,200 |
| 40,000 km | $17,800 |
2. Home Charging vs Public Charging
| Charging Type | Cost/100 km |
|---|---|
| Home (Quebec night) | $2 |
| Home (Ontario night) | $2 |
| Public L2 | $4-6 |
| DC fast charger | $8-12 |
Tip: 90% of charging should be done at home.
3. Province with Rebates
PEI, Manitoba, and NB offer $5,000 rebates — that changes everything!
Factors That Hurt the EV Equation
1. No Home Charging Option
If you depend on public chargers, your charging costs triple.
2. Province with Expensive Electricity
In Nova Scotia or Alberta, savings are reduced.
3. Low Mileage
If you drive less than 10,000 km/year, an EV takes longer to pay off.
4. Buying an EV That Depreciates Fast
Avoid lesser-known brands (some Chinese models, first-generation vehicles).
Most Economical EVs in Canada
Best Overall Value
Best Entry Price
Our Custom Calculator
Every situation is different. Use our EV vs Gas calculator to get:
Conclusion
Is an EV cheaper than a gas car in Canada?
In most cases, YES — especially if:
The upfront investment is higher, but long-term savings are real and substantial.
Use our [calculator](/) to see YOUR personalized savings.
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