Your total cost per gallon may be lower with E85, but, there are a couple things that need to be done to make it run the higher alcohol and volume.
On average, a shot of E85 has to be 30% higher than gasoline in order to get the proper combustion. So you'll need to get larger injectors. Without boost, I would say maybe step up to around 340cc or so.
The fuel pump will be able to handle the flow, the ECM will ramp it up, but a larger flow pump will help keep electrical overload to a minimum, so something like a DW265, should suffice. (I think I have one sitting here at the apartment.)
Fuel hoses may need to be updated, may not. It depends on the condition at present.
The alcohol leaves deposits and allows water to react with the metals in the tank, so the level sensors will be effected over time, but Techron added to the tank generally cleans the deposits and the level sensors will work again. I need to pull mine out and physically clean them after 20k in.
Then there is a tune. You have to alter the injector latency to match the new injectors, you have to change the fuel and ignition map to accommodate the higher volume and higher octane. You'll see an increase in power, but without dual maps, one for gasoline and one for E85, you'll need to stick with the E85 once you go in to it. Because once you change the injector size, you'll even need a tune for gasoline. Ed at Fast Performance Tuning told me one time that he knows a guy that has a trigger on his Subie to swap the fuel maps with a flick of a switch. He apparently did a physical action that the Flex Fuel cars are programmed to do. You see, the Flex Fuel cars have alcohol sensors in the fuel system to evaluate the amount of alcohol and it changes its map accordingly without setting rich or lean codes.
With E85 the car will also have cleaner emission out the tailpipe.
It comes down to how much do you want to spend to switch?
Injectors will run about $350-400, Fuel pump another $250-350, tune will average $250-600 depending on how many maps you want and then you have the small stuff like the fuel hoses that may need to be replaced. Tactrix cable is necessary in order to retrieve the ROM and reflash with the changes and it runs about $180 I think???
You can't just put E85 in the tank. It won't run too good, or at all; too lean.