Is induction cheaper to run than an electric stove?

Yes, by roughly 15–20% for the same cooking, because far less heat is wasted heating the cooktop and the room.

At the default usage on each page, electric stove costs about 1.2× as much to run as induction cooktop — $66.94 against $54.22 a year.

Why induction cooktop wins, and when it does not

• Induction transfers about 85% of its electricity into the pan against roughly 70% for a radiant electric element.
• It heats the pan directly, so the cooktop surface and the surrounding air stay much cooler — which also lowers summer cooling costs.
• It only works with magnetic cookware. If a magnet does not stick to the pan base, none of this applies.

What the difference is worth where you live

The 1.2× above holds at any price: both an induction cooktop and an electric stove scale with whatever you pay per kilowatt-hour. The money does not. Choosing induction cooktop over electric stove saves about $12.72 a year at the U.S. average, and $36.56 a year in Hawaii at 52.72¢ — against $9.09 in Nevada, the cheapest jurisdiction in the country. Swapping electric stove for induction cooktop is worth 4.0× as much in Hawaii as in Nevada, so what you pay per kilowatt-hour decides this more than the wattage on either label.

Both figures use each appliance’s typical wattage and default usage at the U.S. average of 18.34¢ per kilowatt-hour, and exclude fixed charges, taxes and time-of-use rates. Change the wattage, usage or state on either appliance’s own page to compare them on your terms, or read how to check a running-cost figure before trusting any of them.