Electric Vehicle Savings Calculator
EV savings calculator
Electric vehicles have become considerably more popular in recent years, both for their benefits to the environment as well as the potential fuel savings of owning one long term. If you're in the market for an EV, you may be wondering how much money you could save by switching from gas to electricity. Use our EV savings calculator to find out.
How does an EV savings calculator work?
Our EV savings calculator compares the fuel and energy efficiency of both vehicles to determine how much money you could save for every mile traveled.
Here is the information you’ll need to calculate your savings, as well as details on how to interpret the results.
Variables
- Cost per gallon of gas —Check the prices where you usually fill up and enter the current cost of the fuel grade you typically use.
- Gasoline miles per gallon (MPG)—Many modern vehicles display the average fuel efficiency on the instrument cluster, but if this is not an option, you can calculate the MPG yourself. For instance, if your tank holds 10 gallons, and you traveled 250 miles before needing to refuel, then 250 miles / 10 gallons = 25 MPG.
- Cost per kWh of electricity—Check your utility bills or view the rates at your local charging station for an accurate figure.
- Electric vehicle miles/kWh—Research the specs of the EV you're considering for its average energy efficiency, measured in miles per kWh. The more efficient the vehicle, the farther you can travel on a single charge and the more money you can save.
RESULTS
- Cost per mile (gasoline)—This is how much you spend to travel one mile in your current gas-powered vehicle.
- Cost per mile (electric)—This is how much you would likely spend to travel one mile in an electric vehicle.
- Savings per mile with EV—This is the amount you would save on every mile traveled if you switched from your current gas vehicle to an electric vehicle. Simply multiply this by the average number of miles you travel each month to see how much you could save monthly.
Considering an EV loan?
If a new EV like a Tesla or other model is right for you, Mountain America Credit Union is here to help. With our competitive EV loan options, you can transition to a more sustainable vehicle quickly and affordably.
Try our EV loan calculator
The advantages and disadvantages of EVs
Like any vehicle, EVs have their pros and cons. Here are some things to consider when switching.
Advantages of electric vehicles
- Lower operating costs—With fewer moving parts to maintain and lower energy costs (electricity is usually more affordable than gas), EVs are generally cheaper to operate in the long run.
- Environmental benefits—Zero tailpipe emissions help reduce your carbon footprint. You can further reduce your environmental impact, and save money, by investing in a home solar power system and use that to charge your EV.
- Tax incentives—The federal government, as well as many state and local governments, offer rebates and other incentives for EV purchases.
- Fuel savings—As our EV savings calculator shows, electricity is generally cheaper than gasoline, so you will likely see significant savings as time goes on, especially if gas prices rise.
Disadvantages of electric vehicles
- Higher upfront cost—EVs tend to have a higher initial purchase price than comparable gas cars because the technology is newer. However, this can be mitigated by various tax incentives, and as technology advances, the price gap is expected to narrow.
- Limited charging infrastructure—EV charging infrastructure is still developing in most areas, so until it's more established, drivers may not find as many conveniently located charging stations as they would gas stations.
- Range anxiety—Some lower-end EV models have a more limited range on a single charge, which can be concerning if you want to take longer trips.
- Charging time—Charging an EV takes longer than refueling a gas-powered vehicle. Fast chargers can recharge many EVs in about 30 minutes, but with standard chargers, it can take a few hours.
