TORONTO/VANCOUVER — Canadians are once again facing higher costs at the pump. But a new Clean Energy Canada report and online calculator finds they don’t have to—and that switching to clean energy could save them hundreds of dollars per month.
While the math on buying an EV was already impressive, it just got even better for two reasons: the $5,000 federal EV rebate returning in February and international events driving up gasoline prices.
Back in January, for example, the Chevy Equinox EV would have saved drivers $22,000 compared to the gas Chevy Equinox over 10 years of ownership. But with the new incentive and March 20 gas prices, savings have now increased to $34,000—a $12,000 difference. Critically, the EV earns back its higher upfront cost with fuel savings after just two years and four months of driving, compared to five years previously.
This is just one finding mined from Clean Energy Canada’s new report, Back in the Race, which compares the ownership costs of various EVs against their gas equivalents alongside the lifetime costs of other household clean technologies, such as heat pumps, induction stoves, and efficient hot water tanks.
Our study also finds that heat pumps save money in many scenarios across Canada, especially compared to oil and conventional electric heating. But in provinces where we compared it to natural gas, heat pumps range from cost-saving in B.C., to comparable in Ontario, to a clear cost in the Prairies. Since we last ran these numbers in 2024, certain policy changes have altered the math on heat pumps: namely, the loss of a federal and some provincial incentives and the elimination of the consumer carbon price.
For the future of clean heating in Canada, it’s crucial that governments help close this reopened price gap, and it is likewise important that Canadians better understand that the benefits of clean technologies are not all cost-related.
Indeed, in a first-ever national survey of 3,800 Canadian heat pump owners released by Clean Energy Canada last month, 91% of respondents said they would recommend a heat pump to a friend or neighbour. The most common benefits cited: better cooling, lower bills, improved comfort, and more evenly distributed heating.
EVs are by far the greatest driver of cost savings, however, and that’s true across Canada. Swapping out a gas car and SUV for their electric equivalents, for example, would save households over $350 per month in Alberta to more than $500 a month in Quebec, where electricity is cheapest and provincial rebates are offered. These savings were based on average 2025 gas prices of $1.42 per litre and would be even greater now.
Alongside the new report, Mycleanbill.ca—Clean Energy Canada’s easy online tool for households—has been updated to include new resources and a more interactive breakdown of upgrades and costs based on custom inputs like province, housing type, and number of vehicles.
KEY FACTS
- EVs save typical drivers about $23,000 to $32,000 over 10 years of ownership (based on average 2025 gas prices of $1.42 per litre).
- The return of a $5,000 federal EV rebate combined with higher gas prices improved the cost calculus for EVs by around $12,000 between January and March.
- Chinese EVs don’t need federal rebates to be cost competitive (they don’t qualify for them either), while currently unavailable European EVs (which would qualify) could add appealing options for consumers.
- Even with the carbon price and key incentives gone, heat pumps are still cost-savers when switching from conventional electric and oil heating—but only in certain cases when switching from natural gas. They also offer benefits beyond cost worth considering.
- Entirely electrifying a household (the home and vehicles) results in significant climate emission reductions compared to using conventional technologies in Vancouver (a 97% reduction), Toronto (93%), and Montreal (99%).
RESOURCES
Report | Back in the Race
Calculator | Mycleanbill.ca
Survey | Heat Pump Owners Have Their Say
