EV Savings Calculator

Calculate how much you can save by switching to an electric vehicle compared to a gasoline-powered car. Enter your vehicle details below, and see the savings in real-time!

Annual Savings

Fuel Savings: $0

Total Annual Savings: $0

Why Switch to an Electric Vehicle?

Switching to an electric vehicle (EV) offers numerous financial and environmental benefits. The most obvious savings come from fuel costs, but there are also significant savings on maintenance and repair expenses. Additionally, many governments offer incentives and tax rebates for EV buyers.

How Does the EV Savings Calculator Work?

The EV Savings Calculator compares the annual cost of driving a gasoline-powered vehicle to the cost of driving an electric vehicle. It takes into account the price of gasoline, the efficiency of the gasoline vehicle, the efficiency of the electric vehicle (measured in miles per kWh), and the cost of electricity in your area. By comparing these factors, the calculator provides an estimate of how much you can save annually by driving an EV.

How Are Savings Calculated? (Example)

The savings are calculated by comparing fuel and maintenance costs between gasoline-powered vehicles and electric vehicles. Here's an example:

Example: Suppose you drive 15,000 miles per year, and gasoline costs $5.00 per gallon. Your gasoline car gets 25 MPG, and your electric vehicle gets 3.5 miles per kWh. Electricity costs $0.25 per kWh. You also save $500 per year in maintenance with an EV.

Steps:

  • Gasoline vehicle fuel cost per year: (15,000 miles ÷ 25 MPG) × $5.00 = $3,000
  • Electric vehicle energy cost per year: (15,000 miles ÷ 3.5 miles/kWh) × $0.25 = $1,071.43
  • Fuel savings: $3,000 - $1,071.43 = $1,928.57
  • Total savings: $1,928.57 + $500 (maintenance savings) = $2,428.57

In this example, switching to an electric vehicle would save you $2,428.57 annually!

What Factors Affect EV Savings?

The biggest factors influencing how much you can save by switching to an EV include:

  • The price of gasoline in your area
  • The efficiency of your current gasoline vehicle
  • Your electricity rate (price per kWh)
  • The efficiency of the electric vehicle you choose
  • Maintenance costs (EVs typically require less maintenance)